LONDON (Reuters) – Hedge funds are muscling their way into the market to share the cost of cleaning up after natural catastrophes, but sceptics are questioning whether they will stick around ahead of the next “big one” as underwriting returns fall.
Hedge funds have long been big buyers of insurance-linked securities such as catastrophe bonds, which pay high yields until a disaster hits and make up more than 10 percent of the $570 billion global reinsurance market.
LONDON (Reuters) – Insurer Standard Life (SL.L: Quote, Profile, Research, Stock Buzz) reported strong net inflows in the third quarter but said that changes in British pension rules cut sales of key products and made the outlook uncertain.
The government’s Budget changes in March mean that British savers will be given more access to their pension pots, with no obligation to buy an annuity, with further changes this month making it easier for over-55s to withdraw money from their pension schemes.
LONDON, Oct 23 (Reuters) – U.S. insurer Epic said on
Thursday it had launched Ebola indemnity cover for U.S.
healthcare and emergency workers.
At least 4,877 people have died in the world’s worst
recorded outbreak of Ebola, mainly in West Africa. Three cases
have been diagnosed inside the United States and the spread of
the disease has prompted some insurers to exclude Ebola from
(Reuters) – As fear of Ebola infections spreads to developed economies, U.S. and British insurance companies have begun writing Ebola exclusions into standard policies to cover hospitals, event organizers and other businesses vulnerable to local disruptions.
As a result, new policies and renewals will become costlier for companies opting to insure business travel to West Africa or to cover the risk of losses from quarantine shutdowns at home, industry officials told Reuters.
Oct 21 (Reuters) – Insurers worldwide are going to have to
pay up to a record $800 million to cover the damage done by
attacks on airplanes this year, driving prices up and drawing
rivals into the market.
The hefty bill dwarfs the $60-$90 million in income insurers
received last year to cover the incidents, which have included
the downing of Malaysia Airlines’ MH17 passenger jet in Ukraine,
and could mean some bow out of the market if the price increases
are not enough to stay profitable.
LONDON, Oct 17 (Reuters) – Financial services group Old
Mutual’s wealth arm said on Friday it would buy money
manager Quilter Cheviot from European private equity house
Bridgepoint, strengthening its focus on richer customers.
The 585 million pound ($941 million) purchase brings Old
Mutual Wealth’s assets under management to 92 billion pounds
($148 billion), a rise of more than 20 percent.
LONDON, Oct 11 (Reuters) – Leading companies offering
medical evacuation services are balking at flying Ebola patients
out of West Africa for treatment abroad as the cost and the
complexities of the deadly epidemic grow.
Several airlines have cut flights to the region and there
are reports of countries not allowing air ambulances to make
refueling stops, further complicating the so-called medevac
option many companies provide for staffers in risky regions.
LONDON (Reuters) – Leading companies offering medical evacuation services are drawing a line at flying Ebola patients out of West Africa for treatment abroad as the cost and the complexities of the deadly epidemic grow.
Several airlines have cut flights to the region and there are reports of countries not allowing air ambulances to make refueling stops, further complicating the so-called medevac option many companies provide for staffers in risky regions.
BERKHAMSTED, England, Sept 29 (Reuters) – Writer Graham
Greene’s novel set in a leper colony in the Belgian Congo would
make a great film, the producer of the 1999 film of Greene’s
“The End of the Affair” said.
Stephen Woolley told the annual Graham Greene festival this
weekend that he would like to produce “A Burnt-Out Case,” the
story of an architect named Querry who moves from Europe to the
colony to escape fame and women.
LONDON, Sept 24 (Reuters) – An insurance trade body said on
Wednesday it may appeal a British competition watchdog’s
decision not to tackle the high costs of replacement cars in
motor insurance policies, which it said created unnecessary
costs for customers.
Its comments came after the Competition and Markets
Authority (CMA) said it could not find a solution to the problem
that the amount which insurers have to pay for temporary
replacement cars is far greater than the cost.