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...
International
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...
Property cat bond placement sets new record: Aon
08 February 2021
A record $US11 billion of property catastrophe bond limit was placed last year, up sharply from the $US5.4 billion ($7.1 billion) achieved in 2019, according to an insurance-linked securities update from Aon...
Talanx annual profit drops 27% on $2.35 billion virus hit
08 February 2021
HDI Global parent Talanx has reported a 27% drop in annual net income to €673 million as pandemic-related claims and severe losses from natural disasters reduced earnings...
Aon, WTW say ‘one firm mindset’ key after merger
01 February 2021
Aon and Willis Towers Watson have stressed that having a “one firm” mindset will be key as top appointments are confirmed for the combined company after a $US30 billion merger is completed...
UK insurers brace for BI claims after Supreme Court ruling
01 February 2021
UK insurers expect to pay out more than £1.8 billion in COVID-19 related claims for products including business interruption, the Association of British Insurers said following a Supreme Court test case judgment in favour of policyholders...
Weather-linked events dominate cat losses
01 February 2021
Hurricanes, floods, hailstorms and other severe weather-related events made up more than 90% of the $US268 billion in natural peril losses last year, an annual review from Aon says...