COVID will widen protection gap: Swiss Re
31 August 2020
The insurance protection gap globally rose to a record $US1.24 trillion last year and is set to worsen further because of the pandemic, Swiss Re says in a new Sigma report...
International
Liberty sees strong demand for M&A cover
31 August 2020
Demand for mergers & acquisition insurance has risen despite the COVID-19 pandemic affecting regional deal activity in the second quarter, Liberty Global Transaction Solutions says...
US insurers win BI court rulings as more battles loom
24 August 2020
US court rulings in three jurisdictions have backed insurers in denying COVID-19 business interruption claims due to a lack of physical damage, as more cases are set to come forward...
Californians told insurance may cover fire evacuation costs
24 August 2020
Thousands of residents across California who have been ordered to evacuate due to wildfires may be eligible for cost reimbursement from their insurance company, Insurance Commissioner Ricardo Lara says...
Insurance M&A outlook stark due to ‘plague of uncertainty’
24 August 2020
The number of insurance industry mergers and acquisitions in the Asia Pacific region jumped 22% in the first half of 2020, with six completed in Australia, though coming months will be “stark,” law firm Clyde & Co says...
Heavyweights to join Aon for online renewal ‘chats’
24 August 2020
The top leaders at Aon and Aon Re, including the group’s President Eric Anderson, are inviting registrations for a series of live online “fireside chats” it has scheduled with the industry’s most senior executives ahead of January reinsurance renewals...
US flood insurance cover ‘not assured’ after September
24 August 2020
An extension of the US National Flood Insurance Program, the country’s main source of flood insurance, is not assured after it expires at the end of next month, Marsh subsidiary Torrent Technologies says...
Insurance industry’s image reaches new lows
17 August 2020
Media stories about insurers not paying out COVID-19-related claims sent sentiment toward the sector to new lows in March and April and could cause lasting damage, industrial analyst GlobalData says...
Shareholder advisers back Aon, WTW takeover deal
17 August 2020
Aon’s proposed takeover of rival broker Willis Towers Watson has won the support of two key shareholder proxy advisory firms ahead of a vote next week...
Tornadoes, floods, hail cause 49% jump in insured losses
17 August 2020
Natural catastrophes globally resulted in $US28 billion in insured losses in the first half, up 49% from a year earlier, according to Swiss Re...
Brokers with cyber expertise ‘have competitive edge’
17 August 2020
Almost half of cyber insurance policies for UK SMEs were distributed by brokers last year, indicating a big opportunity in this sphere going forward, GlobalData says...
Talanx takes ‘substantial’ virus hit; Hannover Re CFO to retire
17 August 2020
German insurer Talanx says the coronavirus pandemic has cost it €824 million in the first half, while bushfires in NSW cost it €40 million...
Asia’s July monsoon flood bill in tens of billions
10 August 2020
July monsoon flood damage in Asia topped $US20 billion, with China, Japan and India hardest hit, while in the US record heat fuelled thunderstorms and a minimal billion-dollar insurance bill, Aon’s latest Global Catastrophe Recap says...
Munich Re books 42% dive in Q2 as pandemic losses mount
10 August 2020
Munich Re has posted a steep 42% plunge in second-quarter net income to €579 million from a year earlier, as virus-related claims took a toll on the business...
Allianz first-half profit declines 29%
10 August 2020
Allianz first-half earnings fell 28.8% to €2.9 billion as the COVID-19 pandemic hit its property and casualty businesses...
AIG in the red as pandemic, US unrest rock earnings
10 August 2020
AIG says the impacts from COVID-19 “remain manageable” despite estimated losses of $US458 million from the pandemic in the second quarter...
Berkshire makes huge COVID provisions for commercial, reinsurance arms
10 August 2020
US conglomerate Berkshire Hathaway has made huge provisions for potential losses and claims from the pandemic, denting the underwriting results of its commercial insurance and reinsurance business for the second quarter...
Intangibles a ‘major blind spot’ in risk models
10 August 2020
Reputation, human capital, intellectual property and other “intangible” assets are becoming the dominant driver of value in most industries and are a major blind spot for firms not factoring this into their risk models, Lloyd’s says...
UK test case judgment possible by mid next month
03 August 2020
The UK High Court’s business interruption test case judgment could be delivered next month after hearings concluded last week...
Industry gears up for annual Dive In
03 August 2020
Registration has opened for next month’s Dive In festival, which will have over 90 diversity and inclusion events hosted in more than 30 countries including Australia...