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...The industry traditionally “reflects history as a way to predict the future”, Case added. “It’s not enough in the context of climate, or cyber or generative AI.”...
...“We don’t believe we fully understand the risks associated with these offshore insurance companies,” said Natalie Winterfrost, a professional trustee and former chair of the investment committee at The Society...
...Fast-growing private capital managers such as Apollo have in recent years pushed aggressively to create higher earning assets for insurance companies....
...The syndicate, announced by industry veteran Richard Brindle’s Fidelis Partnership, aims to take in $180mn of premiums in the second half, and $450mn in 2025....
...This part of the insurance industry has been hit by four consecutive years of outsized losses from extreme weather....
...“The role of reinsurance, particularly offshore reinsurance, is making [it] even harder to regulate an already opaque life insurance sector,” he added....
...“The fact that insurance grew here as an industry and as a business, it means that there is so much history and expertise, experience, skills, knowhow that is fostered here in the UK . . . and I would, as...
...Questions over the dark fleet’s insurance are a long-standing industry concern, with doubts over the ability and willingness to cover the costs of a large spill such as the Exxon Valdez disaster or the Braer...
...Associated British Foods, which also owns food brands Ovaltine and Ryvita, posted a 37 per cent increase in pre-tax profit to £881mn for the six months ending March 2, up from £644mn a year earlier....
...Reinsurers have contributed to affordability problems, industry experts say, by charging much more for the cover they provide to primary insurers and tightening their terms....
...Millions of homeowners worldwide are now, however, paying a de facto carbon price, according to industry experts. Home affordability is already a problem in many countries....
...In January, industry data based on policies sold, rather than comparison quotes, showed the average premium paid for insurance was £627 in the final quarter of last year, up one-third on the same period...
...The bright minds of the insurance industry are used to sizing up big global risks, from systemic cyber attacks to natural disasters....
...The rising cost of home insurance and motor insurance has exacerbated cost-of-living pressures on households....
...According to an index from insurance broker Marsh, global commercial insurance rates rose in the final three months of last year, the 25th straight quarter of increases....
...The chief executive of FTSE 100 group Admiral, one of the biggest UK car insurers, said its motor insurance prices had peaked, signalling the end of a surge in premiums across the industry that sent the...
...Now the UK industry is lobbying for a light-touch regulatory regime to attract captive insurers. This is a test of the government’s commitment to support financial services....
...insurance profits as a proportion of revenues — of more than 10 per cent, its target....
...In its statement, Ageas said it was “confident in the underlying attractiveness and future opportunities” of the UK personal insurance sector, despite a difficult time for the industry, which has faced high...
..., which is a significant provider of home, motor and life insurance, and has more than 18mn customers worldwide....
...Demand for private medical insurance in the UK is expected to rise this year, according to industry executives and independent analysts, as the junior doctors’ industrial action shows no sign of ending and...
...That risk is not being factored in to insurance premiums. “The costs associated with flooding are essentially getting socialised, or transferred to taxpayers generally,” Gourevitch says....
...This has already occurred in home insurance relating to climate, with US states including Florida providing cover for homeowners who are unable to get it; the UK’s Flood Re is a joint government and industry...
...But the FCA said that only 6 per cent of the premiums were being paid out in claims, making Gap insurance hugely profitable in comparison with mainstream insurance products....
...A hard market, in industry parlance, is a period of rising prices where supply falls significantly behind demand....
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