OECD urges action to remove cyber-insurance barriers
27 November 2017
The OECD says insurance should be considered an essential part of nations’ cyber-security strategies, as the potential for catastrophic economic and commercial damages rises…
International
British insurers welcome insurance tax freeze
27 November 2017
The Association of British Insurers has hailed Chancellor Philip Hammond’s decision to keep the insurance premium tax (IPT) at 12% in last week’s budget…
Global reinsurer profitability may hit six-year low
20 November 2017
A catastrophe-ridden 2017 could drive global reinsurer profitability to a six-year low, according to AM Best…
Natural disasters ‘will increase until 2060’
20 November 2017
Climate change will lead to an increase in natural disasters until at least 2060, according to the World Meteorological Organisation…
US lower house approves flood program renewal as expiry looms
20 November 2017
The US House of Representatives has reauthorised the National Flood Insurance Program (NFIP), putting its extension a step closer as an expiry date nears…
Climate-conscious insurers pull $26 billion from coal industry
20 November 2017
Fifteen insurers have collectively divested about $US20 billion ($26.36 billion) in equities and bonds from coal companies, or ceased to underwrite coal projects, according to a new report…
AIR updates California wildfires bill
20 November 2017
AIR Worldwide estimates insured losses from the Tubbs, Nuns, Atlas, Redwood and Sulphur wildfires in California will be $US8-$US10.5 billion…
Talanx profit declines after catastrophe losses
20 November 2017
HDI Global parent Talanx has reported a 30% decline in nine-month earnings after warning its third quarter would be hit by hurricanes in the US and Caribbean and earthquakes in Mexico…
UN hails climate resilience and insurance program
20 November 2017
A new global partnership aims to provide insurance to millions of vulnerable people and increase resilience to climate change…
UK regulator begins wholesale broking probe
13 November 2017
The UK’s Financial Conduct Authority has started a study of competition in the wholesale insurance broker sector…
Hurricanes tipped to push up US commercial rates
13 November 2017
Commercial insurance buyers will face rate increases next year after one of the most active and financially disruptive hurricane seasons, according to global broker Willis Towers Watson…
Amazon’s customer relationships open door to disruption
13 November 2017
Amazon is well positioned to disrupt the European insurance market, potentially relegating insurers to “price-driven risk carriers” at the back end, according to data and analytics company GlobalData…
Wildfires in US and Portugal set damage records
13 November 2017
Californian wildfires that killed 43 people, injured 185 and destroyed about 8560 structures last month were the costliest insured wildfires on record, according to Impact Forecasting…
Allianz holds steady as cat claims rise
13 November 2017
Allianz says third-quarter net profit fell 17.3% to €1.6 billion as hurricanes and other natural catastrophes pushed claims higher…
Zurich expects pricing uplift
13 November 2017
Zurich’s property and casualty gross written premium hit $US25.35 billion in the nine months to September 30, up 1% on the corresponding period last year…
Cat-heavy Q3 pushes Munich Re into red
13 November 2017
A catastrophic third quarter featuring hurricanes Harvey, Irma and Maria has led to Munich Re reporting a €1.43 billion loss, down from a €685 million profit in the corresponding three months last year…
Hannover Re sees silver lining amid storm clouds
13 November 2017
Hannover Re remains upbeat despite a sharp earnings hit from recent hurricanes and earthquakes…
JLT follows organic revenue growth path
13 November 2017
JLT expects to make “sustained year-on-year financial progress” despite the series of natural catastrophes this year…
Hiscox grows GWP as rates rises emerge
13 November 2017
Specialty insurer Hiscox grew gross written premium by 12.4% in the first nine months, amid signs of rate tightening driven by the catastrophe-packed third quarter…
Ebix posts record Q3 revenue
13 November 2017
International insurance technology provider Ebix has reported record third-quarter revenue of $US92.8 million ($120.87 million), up 24.4% on the corresponding period last year…