Insured global disaster losses rise 42% in 2016

Insured global disaster losses rise 42% in 2016

Insured global disaster losses rise 42% in 2016

Insured losses from global disasters increased by 42% in 2016 to $54bn from $38bn, according to Swiss Re Institute’s sigma report. Although in line with the ten-year average, the bill was the highest annual total since 2012, driven largely by natural catastrophe losses from earthquakes, storms, floods and wildfires. Total economic losses from natural catastrophes and man-made events in 2016…

Stable German reinsurance buying trends underpinned by natural catastrophe exposures

Stable German reinsurance buying trends underpinned by natural catastrophe exposures

Stable German reinsurance buying trends underpinned by natural catastrophe exposures

Germany’s largest cedants are buying more reinsurance, partly to cover their exposures to natural catastrophes, but continue to maintain high retention ratios, according to AM Best. According to the last full-year data available, Germany’s 20 largest cedants collectively posted a 13.1% increase in non-life reinsurance ceded while at the same time gross premiums written rose by 6.7%. As a result,…

Europe’s new regime on insurance distribution: Germany adopts controversial approach to implementation

Europe’s new regime on insurance distribution: Germany adopts controversial approach to implementation

Europe’s new regime on insurance distribution: Germany adopts controversial approach to implementation

Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (recast) (IDD) sets a new European legal framework for insurance distribution. The IDD has to be implemented in the member states by 23 February 2018, and first steps are being taken in this direction. On 21 November 2016, the German Federal Ministry…

‘Balanced Book’ strategy pays dividends for HDI Global in soft market

‘Balanced Book’ strategy pays dividends for HDI Global in soft market

‘Balanced Book’ strategy pays dividends for HDI Global in soft market

HDI Global SE, the industrial insurance arm of German group Talanx, has reported a significant improvement in underwriting results, combined ratio and profits for 2016 despite continued soft markets and the low interest rate environment. The insurer has also promised to continue its push into international markets this year. Deputy chairman of the board of management at Talanx and CEO…

Eurozone stability dips in 2016

Eurozone stability dips in 2016

Eurozone stability dips in 2016

Eurozone countries have reported the first dip in economic stability for three years, according to a set of 20 indicators measured by Allianz for its Euro Monitor report. The overall rating of eurozone countries, measured on a scale of one to ten, fell slightly from 6.7 points to 6.5 points in 2016. Allianz said that although the stability score is…

Lloyd’s Argenta Holdings acquired by Hannover Re

Lloyd’s Argenta Holdings acquired by Hannover Re

Lloyd’s Argenta Holdings acquired by Hannover Re

Hannover Re, the third-largest reinsurer in the world, is to acquire the UK holding company Argenta Holdings plc. Argenta owns the Argenta Syndicate Management (ASML) and Argenta Private Capital Ltd (APCL) as well as a pro rata share of the Lloyd’s syndicate Argenta Syndicate 2121. The parties have agreed to maintain confidentiality regarding the purchase price. APCL currently supplies almost…

Insurers face $1bn-plus bill for February cat losses

Insurers face $1bn-plus bill for February cat losses

Insurers face $1bn-plus bill for February cat losses

Five severe US weather events during February are set to land insurers with a bill of more than $1bn for the month, according to Aon Benfield’s Impact Forecasting. February closed with a series of 60 tornadoes that touched down in the midwest, southeast and mid-Atlantic, which are estimated to cause several hundred millions of dollars in claims. California recorded three…

Watch those accumulations or profits will be damaged: Puls

Watch those accumulations or profits will be damaged: Puls

Watch those accumulations or profits will be damaged: Puls

The vast majority of international insurers have done surprisingly well to deliver reasonable profits to investors during the stubbornly soft and hyper competitive market of the past few years. Admittedly, catastrophic losses have not been particularly high and most insurers and reinsurers in the international market are still boosting their combined ratios and profits with reserve releases, albeit at a…

Storm Egon losses to top €200m

Storm Egon losses to top €200m

Storm Egon losses to top €200m

Storm Egon, which hit parts of France and Germany last month, is estimated to cost insurers €212m, according to data from Zurich-based PERILS. The insurance industry loss database firm said the windstorm is the first to break the €200m mark for two years. The storm brought high winds, heavy rain and snowfall to northern and central France and central and…

AGCS exceeds 100% combined ratio as group reports higher profits

AGCS exceeds 100% combined ratio as group reports higher profits

AGCS exceeds 100% combined ratio as group reports higher profits

Allianz Global Corporate & Specialty (AGCS) reported reduced revenues in 2016, as the German firm insisted upon profitability over volume. Oliver Bäte, Allianz group CEO, told analysts during a conference call that “re-underwriting initiatives”, mainly in specialty lines, had impacted the top line. The combined ratio at AGCS crept over 100% to reach 101.6%. This compared with a group combined…

1 2 3 36