At the time of writing, July 31st 2018, there stands approximately 11 weeks between the deadline by which the United Kingdom (UK) and the European Union (EU) must reach some agreement as to what their post-brexit relationship will be. While the date of Britain’s departure from the EU is 29th March 2019 (with a proposed transition period lasting until 31st December 2020), a deal must be agreed by this October because it will require ratification in the individual parliaments of the 27 other EU member states, a process which will at its very least take 6 months.
Does Size Matter?
I may be coloring outside of the lines, but the broker landscape seems to be shrinking once again. Back in my earlier days as a broker with Chicago-based Rollins Burdick Hunter Co, the firm made strategic acquisitions – a good many in California during the early days of chip manufacturing. This made sense because the firm wasn’t going to continue growing in the transportation (mostly rail and airlines) business – we already had many of the major railways (Alexander & Alexander had a good rail group in Baltimore as well); and bus transport (Greyhound) was still a meaningful business. New areas of expertise were needed. We had to be tactical as well as strategic which brought…
Are US Health Insurers Doomed?
I never did fully understand and probably still don’t get what health insurance is all about in the United States. The term encompasses more than just insurance to help defray costs when you get sick – disability and long-term care insurance would be examples. But we will stick with health insurance here. With the alphabet soup of types of plans (HMOs, PPOs, POS, HDHP/SOs and conventional) nobody who isn’t on the sales or administration side of the business could possibly understand what’s going on. This is intentional.
Though health insurance is sometimes thought of being developed post World War II as a way to keep and attract good employees since wages were frozen and the labor market tight, the concept was first introduced around 1850 through the…
Brexit – A Bridge Too Far
Be sure to read London Insurance Market braces itself for Brexit chaos and Theresa May or Theresa Cannot, this is but one question in our United Kingdom section. In our opinion Brexit is a train wreck waiting to happen. Also, a must read from our EC3 London law firm correspondent John Small – Brexit Update2
Pioneering insurance protection for an autonomous world
By Nancy Bewlay, Global Chief Underwriting Officer, Casualty, XL Catlin
Is society ready for living in an autonomous world? Ready or not, it’s here. In fact, it’s been with us for a while. The better question for those of us in the insurance industry to ask is whether we’re ready for it. While society is getting acquainted with the advantages and the risks of piloting and adopting autonomy and its implications, we need to be ready to address the risks and liabilities associated with it.
5 Cyber Insurance Trends to Watch for in 2018
What will cyber insurance buyers face in the coming year? Here’s a snapshot of the top five trends buyers can expect, based on findings from our 2018 Marketplace Realities Report: Cyber risk.
The nation and the world watched in disbelief as yet another incident of school violence splashed across screens and news feeds.
On Wednesday, February 14, 2018, as the school day drew to an end, the gates to the parking lots of Marjory Stoneman Douglas High School – a multi-acre campus of more than 3,200 students – were open to allow buses and cars to enter. When the school opened in 1990 it was lauded for its $27 million state-of-the-art campus.
Normally, visitors checked-in through the school’s main entrance on…(subscribe to read more)
2017 Was the Costliest Year to Date – Here’s Why
“In 2017, there were 16 weather and climate disaster events with losses exceeding $1 billion each across the United States. These events included 1 drought event, 2 flooding events, 1 freeze event, 8 severe storm events, 3 tropical cyclone events, and 1 wildfire event. Overall, these events resulted in the deaths of 362 people and had significant economic effects on the areas impacted.”
According to NOAA data, 2017 became the costliest year to date, surpassing 2005, the year of Hurricane Katrina. Previously, 2005 topped the chart with $215 billion in losses. Hurricanes Harvey, Irma and Maria helped propel 2017 to a total of $306 billion in losses. Harvey created the most financial damage, resulting in nearly 41 percent of the total yearly cost, or $125 billion. Login to read more….
On December 11, 2017 The Tanzanian Insurance Regulatory Authority (TIRA) introduced new requirements relating to reinsurance arrangements for insurance companies registered to transact insurance business in the United Republic of Tanzania.
One of Several Featured articles:
Sexual Harassment Litigation Climbs to One of Top Risks for 2018
The Time Magazine people of the year were 6 women who personified the movement to highlight the prevalence of sexual harassment globally. An ABC News-Washington Post poll released on October 17, 2017 reported that more than half of all American women—54%—have experienced “unwanted and inappropriate sexual advances” at some point in their lives. And no industry is immune.
Asking Questions for Learning Lessons from the Las Vegas Mass Murder Shooting: Did Poor Communication Planning, Lack of Communication Procedures and Limited Communication Tools Technology Hamper Effective Response in the Vegas Sniper Massacre
On the night of October 1, 2017, a gunman fired hundreds of rifle rounds from his suite on the 32nd floor of the Mandalay Bay Hotel into a large crowd of concertgoers attending the Route 91 Harvest music festival near the “Las Vegas Strip,” leaving 58 people dead and 546 injured. The incident is the deadliest mass shooting committed by an individual in the United States. The sniper’s motive is still unknown.
NFIP Again Under Scrutiny, Is The Private Sector A Viable Alternative?
Recent storm activity has consumers and agents alike refocused on the need for flood insurance. The Atlantic hurricane season, which officially ends on November 30, has been particularly active most notably with back-to-back storms Harvey and Irma which may have total losses, inclusive of flood, of up to $150 billion.
The basic rule of property insurance is simple: if physical property suffers physical damage, the resulting losses are covered. But what if the property isn’t physical?
Cyber data may not be physical as we usually define it, but there’s no doubt it can be damaged and losses can result. We’ve all seen files corrupted and data lost. And we’ve all seen news stories about cyber criminals threatening the data that is the lifeblood of business in the 21st century. But the question remains: how do we insure these losses?
This summer, European Union member states will finalise implementation of the European Union’s Fourth Anti-Money Laundering Directive into their respective national laws. The Directive requires member states to update their national money laundering legislation to include the directive’s changes in certain key areas. While Anti-Money Laundering is addressed in various pieces of national legislation…
US & EU sign covered agreement
The US Department of the Treasury and the Office of the US Trade Representative on Friday September 22 signed the bilateral agreement with the European Union on Prudential Measures Regarding Insurance and Reinsurance. The two sides said that the agreement provides “benefits to EU and US insurers and reinsurers operating across the Atlantic by offering them regulatory certainty, while maintaining consumer protections.”
In a nutshell, The agreement – which is a “covered agreement” in the meaning of the Dodd-Frank Act and an agreement under Article 218 of the Treaty on the Functioning of the European Union – addresses three areas of insurance oversight: reinsurance; group supervision; and the exchange of insurance information between supervisors.
Protecting Cyber Property With Property Insurance – The basic rule of property insurance is simple: if physical property suffers physical damage, the resulting losses are covered. But what if the property isn’t physical? Cyber data may not be physical as we usually define it, but there’s no doubt it can be damaged and losses can result. We’ve all seen files corrupted and data lost. And we’ve all seen news stories about cyber criminals threatening the data that is the lifeblood of business in the 21st century. But the question remains: how do we insure these losses?