Moody’s and Fitch expect reinsurance rate increases

Moody’s and Fitch expect reinsurance rate increases

Moody’s and Fitch expect reinsurance rate increases

Ratings agencies Fitch Ratings and Moody’s Investors Service are predicting a rise in reinsurance rates, but both said that the majority of reinsurer rating outlooks remain stable, due to their strong capitalisation. Fitch said it expects reinsurance rates to increase as a result of the significant catastrophe events in the third quarter of 20177, particularly on US catastrophe exposed lines…

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…

More insurers pulling support for coal industry

More insurers pulling support for coal industry

More insurers pulling support for coal industry

AXA has announced that it is quadrupling its green investments target to €12bn by 2020; the French insurance group committed to reach €3bn in green investments by 2020 and has already hit that target. But AXA is also making €3bn of additional divestments from carbon-intensive energy producers (coal and oil sands) and has pledged to phase out insurance coverage for…

Validus revamps senior management reporting lines

Validus revamps senior management reporting lines

Validus revamps senior management reporting lines

Bermuda-based Validus has made a number of leadership appointments that are intended to enhance the development and execution of its global strategy. The appointments reflect an organisational change at Validus that results in three new reportable segments for the company: reinsurance, insurance and asset management. Kean Driscoll has been made global head of reinsurance, in addition to his roles as…

Allianz Africa makes key appointments

Allianz Africa makes key appointments

Allianz Africa makes key appointments

Darlington Munhuwani, formerly of Aon South Africa, joined Allianz Ghana on 1 December  to assume the role of CEO, responsible for non-life insurance. He succeeds Patrick Prado, who is taking on a newly-created role as CEO of Allianz Ghana Life Insurance, which will be kicking off shortly, to develop this segment in the Ghanaian market. Both announcements are pending regulatory…

Delayed payments still common at German firms, but lack of concern over Brexit: Coface

Delayed payments still common at German firms, but lack of concern over Brexit: Coface

Delayed payments still common at German firms, but lack of concern over Brexit: Coface

A new survey from credit insurer Coface has revealed that nearly 78% of Germany companies were affected by delayed payments this year, although the figure has improved six percentage points since the survey was first carried in 2016. The survey also found that 87% of respondents do not expect any significant negative impact from Brexit on receivables, with only 3.3%…

Parker Fitzgerald and HolistiCyber form cyber risk partnership

Parker Fitzgerald and HolistiCyber form cyber risk partnership

Parker Fitzgerald and HolistiCyber form cyber risk partnership

Risk management consultancy Parker Fitzgerald has formed a strategic partnership with HolistiCyber to address state-level cyber threats to banks and other financial services firms. Cyber defence company HolistiCyber was founded by cyber experts for the Israeli Defence Force’s intelligence branch. Announcing the partnership, the companies said financial institutions are facing a growing threat from cyber at a time when bank’s…

South Africans urged to manage accident risks

South Africans urged to manage accident risks

South Africans urged to manage accident risks

As many as 14,071 people died on South Africa’s roads in the December holiday season last year – a 9% increase from the12,944 deaths recorded in 2015 – according to the AA. It warned: “This upsurge in accidents and heightened risk on the roads, as well as increased alcohol-related incidents, also coincides with a tendency to let insurance payments lapse…

New claims manager for AGCS Africa

New claims manager for AGCS Africa

New claims manager for AGCS Africa

AGCS Africa has appointed Heleen Ferguson as claims manager. Previously with AIG as a commercial claims manager, she started her insurance career at Mutual & Federal (now Old Mutual Insure) in 1998. Ms Ferguson is an expert in financial lines and casualty

Liberty Specialty Markets moves UK insurer to Luxembourg

Liberty Specialty Markets moves UK insurer to Luxembourg

Liberty Specialty Markets moves UK insurer to Luxembourg

Liberty Specialty Markets (LSM) will redomicile its European headquarters to Luxembourg, to ensure its business can continue unaffected by Brexit and any potential loss of passporting rights. In July, the company said it would establish a post-Brexit EU headquarters in Luxembourg alongside its London head office. However, the firm has now announced it will move current UK-based Liberty Mutual Insurance…

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