Market conditions for U.K. non-life insurers were difficult in 2019 as they continued to face strong competition and claims inflation, according to a report published by AM Best. Companies have had to contend with changes in the discount rate — …
The top three challenges facing London market companies are the soft market, Brexit and regulatory compliance, according to a survey of International Underwriting Association (IUA) members. In an online questionnaire, members also cited the IT/cyber revolution, the challenge of innovating …
Britain plans to alter the rate used to calculate upfront personal injury payments, the Ministry of Justice said on Thursday, a move which will reduce those payments and insurance premiums. Motor insurers’ profits were dented and insurance premiums have risen …
Despite the deterioration many reinsurers saw in the first quarter, mid-year renewals continued their downward pricing trajectory, according to Willis Re in a recent report. Indeed, underlying loss and expense ratios for many reinsurers are showing a worrying trend of …
Reinsurance rates fell for the sixth consecutive year at the June 1, 2017 renewals, according to a market commentary published by JLT Re. JLT Re cited its Risk-Adjusted Florida Property-Catastrophe (ROL) Index which fell by 5.1 percent this year. This …
A big change in the Ogden rate in the UK and higher natural catastrophe losses are dampening a wide range of Bermuda-based insurer and reinsurer results in the 2017 first quarter, Standard & Poor’s said in a new report. “Unfavorable …
U.K. car insurance premiums rose 1.8 percent in the first quarter of 2017, with motorists now paying an average of £781 ($949), which is £110 ($134), or 16 percent, higher than average premiums paid in the same period last year, …
The Travelers Companies Inc. has estimated impact of the recent decision by the UK Ministry of Justice to reduce the discount rate applied to lump-sum bodily injury payouts, known as the Ogden rate, from +2.5 percent to -0.75 percent. Travelers …
The earnings of U.K. insurers likely will be hit by reserve strengthening following the U.K. government’s announcement of a dramatic cut to the discount rate used to calculate lump-sum personal injury compensation, according to A.M. Best. Motor insurers and reinsurers …
