Lloyd’s lifts claims efficiency
05 February 2018
Non-complex claims of up to £250,000 will be settled in a more efficient manner after the introduction last week of the Single Claims Agreement Party, Lloyd’s says…
International
California wildfires costliest in state’s history
05 February 2018
Insured losses from recent California wildfires amount to almost $US12 billion, setting a record for the state…
Chubb welcomes rate rises after Q4 earnings hit
05 February 2018
Chubb has recorded a 4.8% decline in fourth-quarter net income, as earnings took a hit from the California wildfires…
Aon income drops despite revenue gains
05 February 2018
Aon says net income from continuing operations declined to $US435 million last year from $US1.3 billion in 2016, while total revenue grew 6% to $US10 billion…
Catastrophes hit XL bottom line
05 February 2018
XL Group has reported a net loss of $US560.4 million for last year, hit by an above average year for natural disasters…
More British drivers use telematics covers
05 February 2018
The UK had about 975,000 telematics-based insurance policies last year, up 30% on 2016, according to the British Insurance Brokers’ Association…
Interruption keeps top spot on Allianz risk poll
29 January 2018
Business interruption remains the most feared threat to companies worldwide this year, the sixth straight year it has topped the annual Allianz Risk Barometer…
Cat losses among worst on record: Swiss Re
29 January 2018
Global insured catastrophe losses last year were the third-highest since Swiss Re’s Sigma records began in 1970…
Hurricanes smash payout record: Munich Re
29 January 2018
The hurricane trio of Harvey, Irma and Maria led to record payouts for the global insurance industry last year, Munich Re has confirmed…
S&P flags risk from Brexit-style events
29 January 2018
Rated insurers’ creditworthiness and performance this year will be supported by continued stable economic growth and financial conditions, according to S&P Global Ratings…
Reinsurers show resilience amid cat losses
29 January 2018
The reinsurance industry is sufficiently capitalised to weather the spate of disasters that saw insured losses hit $US128 billion last year, the third most costly in history, according to Aon Benfield…
Gallagher hails ‘excellent’ revenue, margin growth
29 January 2018
Global broker Gallagher says it is “well positioned” to exploit the industry upturn after a strong earnings performance last year…
AIG spends almost $7 billion on Validus
29 January 2018
AIG will buy Bermuda-based Validus Holdings for $US5.56 billion, in a deal it says will enhance its insurance capabilities and immediately lift earnings…
Cloud service breakdown ‘could cost $3.7 billion’
29 January 2018
Insurers may face a bill of up to $US3 billion if a cyber incident disrupts a major cloud service provider in the US for three to six days, a report from Lloyd’s and risk modeller AIR Worldwide warns…
AM Best keeps ‘negative’ outlook on reinsurers
29 January 2018
AM Best has maintained its negative outlook for the reinsurance market, citing doubts about the level and sustainability of uplifts in the operating environment…
Reinsurance capital grows despite cat losses
29 January 2018
Reinsurance capital reached $US427 billion at the end of last month, up 2% on a year earlier despite the high level of catastrophe losses in the past year, according to estimates by Guy Carpenter and AM Best…
Storms leave lasting mark on industry
29 January 2018
Atlantic hurricanes Harvey, Irma and Maria will affect industry-wide dynamics, according to AM Best…
Last year ‘third warmest on record’
29 January 2018
Global temperatures cooled slightly last year but not by much, according to the latest report from the US-based National Oceanic and Atmospheric Administration…
Capital puts brake on reinsurance price rises
29 January 2018
Reinsurance pricing has not spiked significantly despite one of the worst catastrophe years on record, with losses of about $US136 billion, Willis Re says…
Storm Eleanor bill may pass $2 billion: AIR
29 January 2018
Insured losses from Winter Storm Eleanor in Europe this month will range from €1.1-€1.6 billion, according to catastrophe modeller AIR Worldwide…