Catastrophe losses dent US insurers’ earnings
07 December 2020
US property and casualty insurers recorded a 25.2% decline in net income to $US35.5 billion for the nine months to September from a year earlier, according to data compiled by AM Best...
International
Hurricane season ends with record named storms
07 December 2020
The Atlantic hurricane season has ended after a record 30 named storms, including a new high of 12 that made landfall in the continental US...
COVID ranks as top 2021 threat to global financial stability
07 December 2020
COVID-19 tops threats to global financial stability for next year, with nearly a third of respondents to a new survey citing the pandemic as the number one risk and two thirds citing it as a top five risk...
New Swiss Re fund taps into alternative capital market
07 December 2020
Swiss Re has set up a standalone fund company aimed at the alternative capital market for natural catastrophe investment...
Aon adds digital cyber to SME offer
07 December 2020
Aon has introduced a new digital insurance offering for SME businesses...
BI insurance set for post-COVID shake-up: Fitch
30 November 2020
Business interruption insurance may be redefined in the wake of the coronavirus pandemic so that businesses can have more clarity about what they are covered against, Fitch Ratings says...
January renewals likely to be ‘lengthier, more complex’
30 November 2020
Guy Carpenter has warned the upcoming January 1 renewal season and related negotiations will likely be “lengthier and more complex” because of COVID-19 and significant adverse developments in commercial automobile and general liability...
UK High Court approves Lloyd’s Brexit response
30 November 2020
The UK High Court has given final approval for policy transfer plans developed by Lloyd’s due to Britain’s exit from the European Union...
US commercial premiums surging: WTW
30 November 2020
North American commercial insurance prices are expected to increase in every line except one next year in one of the hardest markets in decades, while uncertainty remains around final costs for insurers from the COVID-19 pandemic, Willis Towers Watson says...
Rising reputational risks offer growth opportunity
30 November 2020
Reputational risks offer a growth area for insurers as companies face heightened repercussions and improved products are developed, a report from Lloyd’s and KPMG says...
UK Supreme Court aims to rule quickly on BI
23 November 2020
The UK Supreme Court – the country’s highest court – has completed a four-day appeal hearing over business interruption policy wordings that insurers say exclude claims related to the COVID-19 outbreak...
Swiss Re sees cause for optimism as rates continue to firm
23 November 2020
Swiss Re Group says the hardening rate environment will provide it with a cushion for the fallout from COVID-19...
US insurers cop a 101.7% combined ratio
23 November 2020
The COVID pandemic and costly natural catastrophes are expected to tip the US property and casualty insurance sector into loss this year...
Insurers’ global cat losses rise to nearly $137 billion
23 November 2020
Insured average annual losses from catastrophes globally this year have risen to nearly $US100 billion from $US91.8 billion last year, according to AIR Worldwide...
Lloyd’s wants a slice of booming gig economy
23 November 2020
Lloyd’s has signalled it is ready to tap into the growing opportunities created by the booming gig economy...
Aon launches regional capital efficiency advice service
23 November 2020
Aon has created a new Asia Pacific Capital Advisory Unit following the launch of similar capital efficiency advice teams in the UK and US...
Record-setting hurricane season pushes up cat losses
16 November 2020
The most active Atlantic hurricane season in history, in which a record 11 named storms made landfall, has added billions to the October bill for natural catastrophe losses, according to Aon-owned Impact Forecasting…
COVID ‘injects uncertainty’ into marine market
16 November 2020
Global marine premiums across all sectors are relatively stable, but COVID-19 has “injected a new level of uncertainty”, the International Union of Marine Insurance says…
Zurich’s Asia-Pacific earnings fall after travel crash
16 November 2020
Zurich says its property and casualty gross written premium in the Asia Pacific dropped during January-September as demand for travel insurance was decimated…
Sharpen up or lose customers: Markel chief
16 November 2020
Insurers must “really sharpen-up” their technical capabilities or lose business, particularly in the SME space, because “the digital natives are coming,” (re)insurer Markel Corporation says…