Insurers brace for ‘record’ losses from Texas deep freeze
01 March 2021
The devastating winter storms that blanketed Texas last month could end up being the largest claims event in the state’s history, according to the Insurance Council of Texas...
International
Industry builds up capital base amid favourable investor sentiment
01 March 2021
Insurers have been able to raise capital with relative ease, reflecting partly the absence of better investment opportunities elsewhere, according to a report from AM Best...
US insurers play ‘pivotal’ role in economy
01 March 2021
The Insurance Information Institute has produced a report outlining the critical role property and casualty insurers play in supporting the US economy...
Munich Re expects ‘smaller scale’ COVID impact this year
01 March 2021
Munich Re says the business remains on track for a €2.8 billion profit this year as was forecast in December, projecting financial consequences from COVID-19 would be on a “considerably smaller scale” compared to last year...
FCA urges BI response as court finalises details
22 February 2021
The UK Financial Conduct Authority has urged insurers to move ahead with business interruption claim settlements as the Supreme Court distils its recent judgment into a set of declarations...
New Orleans court backs insurers on BI
22 February 2021
A New Orleans court has ruled in favour of insurers in a business interruption case brought by a local restaurant against Lloyd’s underwriters...
Allianz takes $2 billion COVID hit
22 February 2021
Allianz says COVID-19 impacted its balance sheet to the tune of €1.3 billion last year, sending its operating profit down 9%...
AIG COVID losses pass $1 billion
22 February 2021
AIG says its full-year COVID-19 losses for 2020 came to $US1.1 billion as the pandemic impacted business, particularly travel...
Swiss Re says 'worst is over’
22 February 2021
Swiss Re says the worst of the coronavirus’ impact on its earnings is over after pandemic-related claims blew out to $US3.9 billion on business interruption, cancelled events and higher mortality last year...
Europe’s cyclone Victoria losses reach $545 million: Perils
22 February 2021
An extratropical cyclone which affected the British Isles and north-west Europe a year ago caused insurance losses of €350 million, Zurich catastrophe data company Perils says in a final estimate...
Reputational salvation is silver lining in insurers’ bitter BI pill, analyst says
15 February 2021
The UK Supreme Court’s ruling on business interruption cover will hit profits at insurers in the short-term, but it is likely to bolster insurance penetration rates at SMEs in the longer run and is far less damaging than not paying out, GlobalData says...
California earthquake anniversary spurs calls for action
15 February 2021
The 50th anniversary of one of California’s deadliest earthquakes has spurred calls for action to reduce risks in the seismically active state...
Storm Filomena brings huge losses to Spain
15 February 2021
Low-pressure system ‘Filomena’ brought the wintriest conditions for decades to Spain in January, with severe snowfall causing multi-billion-dollar economic losses, Aon’s latest edition of its monthly Global Catastrophe Recap report says...
COVID, cat losses dent Zurich’s P&C earnings
15 February 2021
Zurich says its property and casualty arm suffered a 28% decline in business operating profit to $US2.08 billion last year, as pandemic-related impacts and higher catastrophe losses took a toll on earnings...
UK brokers back government’s plan for state-backed indemnity scheme
15 February 2021
The British Insurance Brokers’ Association has expressed support for a government plan to look into an indemnity insurance scheme for building practitioners...
Xceedance goes into partnership with Paris insurtech
15 February 2021
US insurance consulting firm Xceedance has announced a partnership with Akur8, a Paris-based insurtech that specialises in using artificial intelligence to deliver pricing solutions to insurers...
US insurance outlook better than feared
08 February 2021
US Property and Casualty premium growth will rebound this year as a hard market in commercial lines augments growth from an economic recovery, the Insurance Information Institute and Milliman say in a new report...
UK consults on Flood Re scheme changes
08 February 2021
The UK has opened a consultation on changes to the Flood Re program that was launched in 2016 to assist property owners in high-risk areas to obtain affordable cover...
Aon in ‘strong position’ as December earnings surge 40%
08 February 2021
Aon says the business has started the year strongly, powered by a 40% rise in fourth-quarter net income to $US524 million from the corresponding period of 2019...
Chubb says new year off to a good start after strong Q4
08 February 2021
Chubb says early indications are promising this year after its fourth quarter net income more than doubled to $US2.42 billion, from $US1.17 billion a year earlier...