Hurricane Sally brings floods to US states
21 September 2020
Hurricane Sally is likely to cause significant losses for the US National Flood Insurance Program after dumping torrential rain over Alabama and the Florida Panhandle, AM Best says...
International
Aon-WTW chiefs hail a ‘once in a generation combination’
21 September 2020
The merger of Aon and Willis Towers Watson is a “once-in-a-generation combination” that will create an entity with the skills and resources to meet clients’ rapidly complex needs in a post-COVID world...
Pandemic prompts more insurers to collaborate with Big Tech
21 September 2020
The post-COVID landscape could see increased collaboration among insurers, insurtechs and Big Tech, Capgemini says in a new study...
Demand for reinsurance up a bit, Aon says
21 September 2020
Slight increases in demand are likely through January reinsurance renewals as insurers face heightened risk and volatility and pressure from rating agencies, Aon’s latest Reinsurance Market Outlook says...
Zurich adds climate change to its risk advice service
21 September 2020
Zurich has expanded its natural hazards risk advisory service to include climate change to help businesses better prepare and support customers to become more sustainable...
Mining losses ‘significantly reduced’ in 2020
21 September 2020
The property loss record for mining appears to be improving, Willis Towers Watson says, rebounding after a series of “disastrous losses” in the previous two years...
Swiss Re steps up its internal carbon levy
21 September 2020
Swiss Re has introduced a triple-digit internal carbon levy of $US100 per tonne of carbon dioxide to support transition to a low-carbon economy and net-zero emissions in its operations by 2030...
Moody’s cuts reinsurers’ outlook to negative
14 September 2020
Moody’s has cut the reinsurance sector outlook to negative from stable despite the best pricing environment in over a decade, as the industry faces low interest rates and uncertainty around ultimate pandemic-related losses...
UK industry braces for BI test case judgment
14 September 2020
The judgment on the UK’s COVID-19 business interruption test case should be handed down tomorrow...
Pandemic sends Lloyd’s into first-half loss
14 September 2020
Lloyd’s sank into a pre-tax loss of £438 million for the six months to June, as £2.4 billion in pandemic claims after reinsurance recoveries took a toll on earnings...
Swiss Re sees further price rises across all lines
14 September 2020
Swiss Re has forecast prices will continue to rise in the next renewals season as adverse risk and interest rate trends are exacerbated by the coronavirus pandemic...
COVID demonstrates need to pool big risks: Munich Re
14 September 2020
Munich Re says state-backed pools should be created to cover future pandemics and says more focus is needed on other major risks such as cyber threats and climate change...
UK insurance fraud jumps
14 September 2020
A police officer and an employee at a claims management firm featured among 107,000 fraudulent insurance claims detected in the UK last year...
2020 global premium growth will be ‘flat at best’
14 September 2020
Global insurance premium growth will be flat “at best” as nearly every country in the world experiences economic recession or decline caused by the COVID-19 pandemic, the New York-based Insurance Information Institute says...
Storms dominate August cat losses
14 September 2020
Nine tropical cyclones made landfall in August, leaving a trail of damages in the region of at least $US20 billion ($27 billion), according to Aon’s latest monthly Global Catastrophe Recap report...
Global supply chain rejig ‘a bonanza for insurance’
14 September 2020
A restructuring of global supply chains will boost global insurance earnings by around $US63 billion over five years, Swiss Re estimates...
‘Growing list’ of BI court rulings back US insurers
07 September 2020
A growing number of US court decisions are coming down on the side of insurers in disputes over coronavirus-related business interruption cover, the Insurance Information Institute says...
Big houses ‘main driver of rising hurricane bills’
07 September 2020
US hurricane seasons are costlier than before because more Americans are living in coastal states and building bigger and more expensive homes, the Insurance Information Institute says...
Lloyd’s reopens London Underwriting Room
07 September 2020
Lloyd’s has reopened its London Underwriting Room, with daily capacity reduced to 45%, face masks mandatory in common areas and social distancing rules in place...
AM Best says hardening rates offset COVID for reinsurers
07 September 2020
Hardening pricing conditions are creating opportunities for insurers, while catastrophe, specialty lines and some US casualty lines have been showing improvements in pricing and coverage terms, AM Best says...