Sarah Veysey
Business Insurance
Contact Sarah
Discover and connect with journalists and influencers around the world, save time on email research, monitor the news, and more.
| Recent: |
|
| Past: |
|
Past articles by Sarah:
'Clear and present danger' of cyber crime requires cooperative response
LONDON — Organizations in the financial and professional services sectors must collaborate to help fight cyber risks, according to a panel of experts gathered in London on Tuesday. “Cyber crime is a clear and present danger,” John McFarlane, chairman of Barclays P.L.C. and chairman of TheCityUK, told attendees at the launch of a cyber report produced by TheCityUK and Marsh Ltd. Cyber threat is a… → Read More
London market wary of secession from European Union
More than half of London market participants believe that a British exit from the European Union would be harmful for the Lloyd’s of London market, according to a survey. More than half of respondents, 57.1%, said that being outside the European Union would hurt the Lloyd’s market, while 11.6% said that being outside the European Union would severely damage the Lloyd’s market. A quarter, 25.1%,… → Read More
S&P lukewarm on prospects for continued insurer mergers
Mergers and acquisitions among global insurers likely will continue this year despite a patchy track record, according to a report by Standard & Poor's Corp. The global insurance industry accounted for about $150 billion of M&A in 2015, the report said, and deal-flow likely will continue, albeit at a slower pace, in 2016. M&A deals will be fueled by record high levels of capital in many areas of… → Read More
Insured catastrophe losses up slightly; Tianjin explosions set a record for Asia
Insured losses from natural catastrophes and man-made disasters totaled $37 billion in 2015, up slightly from $36 billion the previous year but well below the $62 billion 10-year annual average Swiss Re Ltd. said Wednesday. However, total economic losses from natural and man-made disasters dropped to $92 billion in 2015 compared with $113 billion the previous year, Swiss Re said in its latest… → Read More
Lloyd's of London profit slips; concerns remain about British E.U. exit
LONDON — Lloyd’s of London said Wednesday it made a profit of £2.1 billion ($3.04 billion) for 2015, a 30% reduction from 2014 due largely to lower investment results, and its chairman said costs are one reason why the U.K. should stay in the European Union. While the market posted gross written premiums of £26.7 billion ($38.65 billion), up 5.5% from 2014, it reported a slightly higher combined… → Read More
Aviation underwriting consortium forms at Lloyd's of London
Brit Ltd. on Wednesday said it is leading a consortium at Lloyd’s of London to underwrite commercial general aviation business.The consortium will underwrite hull risks of up to $10 million and liabilities of up to $150 million and cover a wide range of specialty risks including firefighting... → Read More
Brussels terrorism-related property losses covered by state-run pool
Damage from a series of explosions Tuesday in and around transportation hubs in Brussels, which apparently were set off by terrorists and killed dozens of people, would have insurance coverage from an 8-year-old terrorism insurance pool.Two explosions at Brussels' Zaventem airport and one at the... → Read More
Insured losses from natural catastrophes eased in 2015
Global insured losses caused by natural catastrophes in 2015 were well below average and totaled about $30.5 billion, according to a report published Tuesday by Guy Carpenter & Co. L.L.C.According to Guy Carpenter's Global Catastrophe Review 2015, the 10-year moving average for annual insured... → Read More
Chubb leads hull and liability insurance coverage in deadly Flydubai crash
Chubb Ltd. leads the hull and liability insurance coverage of the Flydubai passenger jet that crashed Saturday in Russia and killed all 62 people on board Saturday, sources said.Sources said the insured hull loss was likely to be about $48 million.A spokesman for Willis Towers Watson P.L.C.... → Read More
Risk appetite statements drive reinsurance buying trends
The adoption of formal risk appetite statements by many insurers is driving a fundamental shift in reinsurance purchasing, according to Willis Re, the reinsurance arm of Willis Towers Watson P.L.C.Willis Re surveyed 241 insurers in 48 countries and found that 64% now have a formal risk appetite... → Read More
U.K. hikes insurance premium tax to help improve flood defense
The U.K. insurance premium tax will rise to 10% from 9.5%, Chancellor of the Exchequer George Osborne announced in his budget Wednesday. This follows on the heels of a November hike in the tax to 9.5% from 6%. The tax is paid on commercial and personal lines policies. Mr. Osborne said Wednesday that the extra 0.5 percentage point rise would be used to improve the United Kingdom’s flood defenses.… → Read More
Risk managers key to managing cyber exposures
Risk managers play an integral role in ensuring that their companies adopt an enterprisewide approach to cyber security, the Federation of European Risk Management Associations told a European Commission consultation on public-private partnerships in cyber security. In its submission to the European Commission, Brussels-based FERMA said “businesses have difficulties with reaching a basic level… → Read More
Generali model approved to calculate Solvency II capital requirements
Assicurazioni Generali S.p.A. says it’s received authorization from the Italian insurance regulator to use a partial internal model to calculate its Solvency II capital requirements.Trieste, Italy-based Generali said Tuesday that the Istituto per la Vigilanza sulle Assicurazioni granted its... → Read More
Annual Aon map shows global reduction in political risk
More countries saw reductions in political risk than increases for 2016, according to Aon P.L.C.'s Political Risk Map 2016.The map, which analyzes 168 emerging markets, shows that, despite increases in economic risks prompted by low commodity prices, political and economic reforms in many emerging... → Read More
U.K. asks for input on insurance-linked securities trading platform
The U.K. government Tuesday launched a consultation process on how it can make the London market an onshore domicile for insurance-linked securities business.Interested parties have until April 29 to respond to the paper, which asks questions about the design of a trading platform that would meet... → Read More
XL Catlin to redomesticate to Bermuda
XL Group P.L.C. on Monday said it intends to change the location of its incorporation to Bermuda from Dublin. The insurer and reinsurer, which does business as XL Catlin, said the move reflects the greater concentration of Bermuda-based operations in its balance sheet since XL’s acquisition of Catlin Group Ltd. last year and Bermuda being recognized last November as having full regulatory… → Read More
Details matter when filing cyber business interruption claim
LONDON — Insurance buyers need to be able to clearly demonstrate the effect that a cyber incident has had on their business when making a business interruption claim, experts at a seminar in London Tuesday said.As well as loss of profit, buyers need to be able to show the effect an... → Read More
Uncertainty looms for Lloyd's as U.K. considers E.U. exit
A U.K. exit from the European Union would create uncertainty for Lloyd's of London and the wider London insurance market, Sean McGovern, chief risk officer and general counsel of Lloyd's, said Wednesday.In a speech to the Insurance Institute of London, Mr. McGovern said Lloyd's has been working on... → Read More
London market M&A activity expected to proceed in 2016
Mergers and acquisitions among London market insurers and reinsurers likely will continue in 2016, according to Fitch Ratings Ltd. in London. In its London Market Insurance dashboard — 2016 Outlook, Fitch said that a desire for smaller insurers and reinsurers to increase scale, “partly to reduce operating costs and improve diversification, spurred M&A activity throughout 2015 and is likely to be… → Read More
Guernsey sees increase in captives, insurers
The number of international insurance entities, including captive cells, licensed in Guernsey increased to 804 at the end of 2015 compared with 797 in 2014, according to statistics from the Guernsey Financial Services Commission. The regulator said Monday that of the 804 insurers licensed in Guernsey at the end of 2015, 242 were limited insurance companies; 64 were protected cell companies; 444… → Read More