UK’s ‘massive’ contract law shake-up takes effect
15 August 2016
The UK’s Insurance Act came into force on Friday, marking the biggest legislative shake-up in commercial insurance contract law for more than a century…
International
Terror threat opens new revenue stream
15 August 2016
Demand for business interruption cover and other terror-related policies will grow as companies seek to protect themselves from the flow-on effects of increased political violence, KPMG says in a new report…
Nat-cat losses drag Munich Re profit down
15 August 2016
Munich Re’s net profit fell 9% to €974 million in the quarter to June 30 as loss expenditure for major events blew out to €542 million from €207 million in the corresponding period last year…
Outlook worsens for Atlantic hurricane season
15 August 2016
The Atlantic hurricane season is still expected to be the most severe since 2012, according to an updated forecast from the US National Oceanic and Atmospheric Association…
Zurich earnings drop amid restructure
15 August 2016
Zurich says restructuring charges contributed to its first-half net profit dropping 22% to $US1.61 billion, as the Swiss-based insurer moves to simplify its operations and improve its business focus…
Talanx rides out cat losses to lift half-year profit
15 August 2016
HDI Global’s parent Talanx has posted a 28.9% rise in half-year net income, despite a spate of natural disaster losses including from the huge wildfire in Canada…
Allianz credit rating gains lift
15 August 2016
AM Best has moved Allianz’s issuer credit rating outlook to positive from stable and affirmed its financial strength rating at A+ and issuer credit rating at aa-…
Lessons from Tianjin, one year on
15 August 2016
The huge explosions that struck one year ago in Tianjin may change future thinking on accumulation risk, according to Munich Re…
Crawford doubles Q2 profit
15 August 2016
A strong international performance and the fruits of a cost-reduction plan lifted global loss adjuster Crawford & Company’s second-quarter profit to $US8.6 million – more than double the figure for the corresponding period last year…
Hurricane threat makes US ports among riskiest
15 August 2016
Six of the world’s 10 most at-risk ports are on the US coast of the Gulf of Mexico, with exposure to hurricanes the main factor in their rankings, according to catastrophe modeller RMS…
UK brokers issue plea on Brexit terms
08 August 2016
The British Insurance Brokers’ Association has written to senior UK Government figures asking them to consider 11 points affecting the industry during Brexit negotiations…
Floods cost underinsured China $43 billion
08 August 2016
China’s worst flood disaster in 18 years led to $US33 billion in economic losses, according to Impact Forecasting’s monthly Global Catastrophe Recap…
AIG Q2 performance exceeds expectation
08 August 2016
AIG has reported a better-than-expected second-quarter result, with net profit up 6% to $US1.9 billion amid lower expenses and strong underwriting results…
Europe floods sink Allianz earnings
08 August 2016
Allianz says weather-related losses, mainly from floods in Europe, are to blame for a 46% drop in second-quarter net profit…
Berkshire’s insurance operations back in black
08 August 2016
Berkshire Hathaway’s insurance underwriting business returned to profitability with a second-quarter net gain of $US337 million, following a $US38 million loss in the corresponding period last year…
Capacity outstrips rising demand for political risk cover
08 August 2016
Prices in the political risk insurance market are weakening despite an unstable global environment that is boosting demand for cover, a Risk and Insurance Management Society report says…
Mutuals maintain post-GFC comeback: Swiss Re
08 August 2016
Mutual insurers may be making a comeback after decades of declining market share, according to a Swiss Re report…
US insurers target loss-leaders for premium rises
08 August 2016
The composite rate for US commercial property and casualty insurance remained weak last month at minus 1%, but insurers are seeking to shore up prices in areas such as transportation, according to analyst MarketScout…
Willis Towers Watson post-merger profit falls
08 August 2016
Mergers between two companies usually carry some additional initial expense, and Willis Towers Watson has reported a decline in second-quarter profit based on comparison figures adjusted for a merger completed in January…
Hannover Re maintains earnings target despite Q2 profit slide
08 August 2016
Hannover Re still expects a full-year net profit of at least €950 million, despite a weak second quarter…