In its report, the insurer pointed to a growing list of pharma, food, and chemical products becoming the target of billion-dollar class action litigation, including opioids, talcum powder, indigestion remedies, and herbicide. Cancer is increasingly a feature of such cases, with scientific research, regulatory orders or voluntary withdrawal of products that may be carcinogenic as triggers.
The €1.582 billion figure, while significant, is not unprecedented. Adjusted for today’s values, it is surpassed by other major floods in Germany, including the Elbe Floods of 2002, the Summer Floods of 2013, and the Ahrtal Floods of 2021. Based on a 24-year history, flood losses of this scale are expected to occur in Germany roughly every five to six years.
Before joining Concert, Stosek worked at Hiscox USA for six years, where he held progressively senior roles, including US lead for the finance transformation program. Earlier in his career, he served as senior accountant at Trustmark Insurance for two years.
“Cyber is dynamic, so to really deliver the support needed for market growth, you have to develop your own understanding and way of evaluating risk,” Welton said. “As a business, we recognise that’s super important, so have developed the necessary technology, which, combined with our underwriting expertise, empowers clients to close protection gaps in the regions where they operate.”
Brian Thompson’s professional journey spanned over two decades, including significant contributions and leadership in the healthcare and financial industries. He served as the Chief Executive Officer of UnitedHealthcare, a position he assumed in April 2021. Under his leadership, the organization, which employs nearly 140,000 people worldwide, continued to thrive as part of UnitedHealth Group, one of the largest companies in the U.S., ranked sixth on the Fortune 500 list.
“We’ve seen that in recent events. In Italy, for example, severe convective storms in July 2023 led to a large insured loss and it was short-tail so everybody thought, ‘Okay, give it four or five months, and we’ll know the final loss amount,” he said. “However, the loss more than doubled after January 1. The initial estimates were off – and they were off maybe because the valuations of these installations and insulations [involved] were underestimated. But inflation doesn’t make it easier to estimate, it actually makes it more difficult.”
Storm clustering, a recurring feature of the European windstorm season, poses significant challenges for the insurance and reinsurance sectors. Under certain climatic conditions, storms can form in rapid succession, bringing damaging winds, heavy rainfall, and storm surges to multiple countries with minimal respite.
The partnership, signed during a ceremony in Newcastle, builds on the collaboration between NorthStandard and NNPC, which began in 2008. The agreement aims to deliver additional value to NNPC’s members and clients while strengthening its position in the Northern European coastal insurance sector.
Additionally, Davies launched two Employee Resource Groups (ERGs) in 2024: the Women’s Network, which supports women across the company, and Eco Davies, where employees can promote sustainable practices. Each ERG has a dedicated budget and an online platform for collaboration and updates.
The coverage, often referred to as “organized crime cover”, is being purchased for assets such as factories, industrial sites, warehouses, and toll roads. This type of insurance provides protection against property damage and business interruption caused by cartel-related violence, risks that are typically excluded under standard Property Damage and Business Interruption (PDBI) policies.
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