Insurers still facing claims from 2010 NZ quakes

Insurers still facing claims from 2010 NZ quakes

Insurers still facing claims from 2010 NZ quakes

The long tail of earthquake-related loss events has been illustrated by news that insurers are still facing claims from historic earthquakes in Canterbury, Christchurch and Kaikoura in New Zealand. Two Australian insurers, IAG and Suncorp, reported that they are still paying out several years after the events. IAG said it was being passed on cap claims from the New Zealand…

NDB scheme raises cyber liability for Australia’s companies

NDB scheme raises cyber liability for Australia’s companies

NDB scheme raises cyber liability for Australia’s companies

The imminent introduction of Australia’s notifiable data breaches (NDB) scheme is likely to dramatically increase the liability from a cyberattack for companies, according to a local insurer. The NDB scheme comes into force on 22 February and will require companies to inform both the Office of the Australian Information Commissioner as well as affected customers, in the event of a…

XL Catlin extends accident and health insurance product for Australian businesses

XL Catlin extends accident and health insurance product for Australian businesses

XL Catlin extends accident and health insurance product for Australian businesses

International broker XL Catlin has announced the extension of its Protect and Assist health and accident insurance product to cover Australian corporate customers. The policy expansion has been partly inspired by heightened security threats and the growing need for Australian businesses to meet their duty of care in the face of these threats and to protect their staff, said XL…

QBE warns over worsening combined ratio

QBE warns over worsening combined ratio

QBE warns over worsening combined ratio

Australian insurer QBE has warned investors that it now expects to report a full-year 2017 combined operating ratio (COR) of around 104%, above the target COR range of 100%–102% it outlined in October 2017. QBE will report its full-year result on 26 February 2018. QBE said that significant catastrophe activity, including Californian wildfires and December storms in Australia, coupled with…

AGCS appoints Lars Vissing as head of claims in London

AGCS appoints Lars Vissing as head of claims in London

AGCS appoints Lars Vissing as head of claims in London

Allianz Global Corporate and Specialty (AGCS) has appointed Lars Vissing as head of claims, regional unit, London. From a dual base in London and Copenhagen, Mr Vissing will lead AGCS’s claims teams in the UK, Ireland, Dubai, Russia, the Nordic region, Australia and New Zealand. Mr Vissing will begin the role in February 2018, succeeding Martin Henson who is to…

NZ companies facing rise in weather insurance premiums

NZ companies facing rise in weather insurance premiums

NZ companies facing rise in weather insurance premiums

The cost of insurance claims related to storms and floods has risen by 70% in New Zealand during the past three years and led to it being ranked as a high risk location by reinsurers, according to local broker NZbrokers. Consequently businesses operating in New Zealand should plan for a rise in any weather-related insurance premiums, said NZbrokers’ chief executive…

HDI Global makes leadership changes in Australasia

HDI Global makes leadership changes in Australasia

HDI Global makes leadership changes in Australasia

Industrial lines insurer HDI Global has announced a number of executive changes in its Australasian business. The new appointments cover property, power and energy, and marine lines. Among these changes is the departure of Kai Brueggeman, underwriting manager for property and marine in Australasia, who will leave his Australian base to take up a new international leadership role within the…

AGCS shakeup sees Browne replace Scheffel as chief regions and markets officer

AGCS shakeup sees Browne replace Scheffel as chief regions and markets officer

AGCS shakeup sees Browne replace Scheffel as chief regions and markets officer

Allianz Global Corporate and Specialty (AGCS) has announced a shakeup that will see current chief operating officer (COO) Sinéad Browne assume the board-level role of chief regions and markets officer, taking over from the retiring Carsten Scheffel. Ms Browne will take over from Mr Scheffel on 1 July 2018 and be based in London. In her new role, she will…

Allied World appoints new Australia head

Allied World appoints new Australia head

Allied World appoints new Australia head

Switzerland-based insurer Allied World has appointed Iain MacLeod as its new country manager for Australia. Mr MacLeod, who joined Allied World in 2012 as a senior vice-president, will report to Michael Garrison, president, Asia-Pacific. “Australia is a key market in the region, and Iain’s appointment will help us to execute our growth plans for the country,” said Mr Garrison. “He…

Global modelled catastrophe loss report from AIR Worldwide

Global modelled catastrophe loss report from AIR Worldwide

Global modelled catastrophe loss report from AIR Worldwide

The 1% aggregate exceedance probability insured loss (or the 100-year return period loss) from catastrophes worldwide is nearly $250bn, and the global insured average annual loss is about $80bn, according to catastrophe modelling firm AIR Worldwide’s 2017 Global Modeled Catastrophe Losses report. The 2017 report bases its global loss metrics on perils and regions currently modelled by AIR, including new…

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