Risk managers warned to expect disruption in specialty lines

Risk managers warned to expect disruption in specialty lines

Risk managers warned to expect disruption in specialty lines

European risk managers do not need to brace themselves for a dramatic overall market hardening during 1 January renewals as a result of the recent slew of hurricanes, according to Jeff Moghrabi, division president, continental Europe at Chubb. But the insurer warned that Chubb expects rates to firm for catastrophe-exposed risks. The recent natural catastrophes will inevitably put further pressure…

Global insurers’ profitability to hit six-year low: AM Best

Global insurers’ profitability to hit six-year low: AM Best

Global insurers’ profitability to hit six-year low: AM Best

The global reinsurance industry is facing a six-year low in profitability with an industry combined ratio of 110% comparing unfavourably to a five-year average of 91%, according to a new briefing from ratings agency AM Best. Hurricanes in the US and Caribbean, Mexican earthquakes and other natural catastrophes during the third quarter are likely to wipe out global reinsurers’ profits…

Less is more to ensure BI claims certainty, says Swiss Re

Less is more to ensure BI claims certainty, says Swiss Re

Less is more to ensure BI claims certainty, says Swiss Re

A broadening of coverage in business interruption (BI) insurance due to price pressure and competition is leading to concerns about claims certainty, according to Swiss Re Corporate Risk Solutions (SRCS). The BI proportion of Property Damage claims continues to grow and in some cases eclipses physical loss to assets by more than double. It is not uncommon for BI losses to…

Insurers could face $1bn bill as Las Vegas gun attack victims file lawsuits

Insurers could face $1bn bill as Las Vegas gun attack victims file lawsuits

Insurers could face $1bn bill as Las Vegas gun attack victims file lawsuits

Victims of the Las Vegas shooting at the beginning of last month are suing the Mandalay Bay hotel, its owner MGM Resorts International and concert promoter Live Nation, for failing to put in place adequate protection. Reports claim that insurers could be in line for $1bn in payouts linked to the attack, which was carried out by a lone gunman…

Chubb launches new unit for Asian SMEs

Chubb launches new unit for Asian SMEs

Chubb launches new unit for Asian SMEs

Chubb has announced the formation of a new business unit to meet the risk management needs of small and medium-sized enterprises (SMEs) in Asia Pacific. The small commercial division will focus “on delivering a sustainable value proposition to SMEs through innovative products, tailored distribution strategies and convenient sales platforms”, said Chubb in a statement. Chubb has also made three executive…

Cat-hit lines to see up to 25% rate increases: Talanx

Cat-hit lines to see up to 25% rate increases: Talanx

Cat-hit lines to see up to 25% rate increases: Talanx

Natural catastrophes cost Talanx Group €1bn in the first nine months of this year, mainly affecting its industrial lines business written through HDI Global and P&C reinsurance under Hannover Re, as it reported net income of €444m for the period, from a €636m nine-month figure in 2016. Talanx said it expects to close the year with a revised net income…

AGCS posts small Q3 loss

AGCS posts small Q3 loss

AGCS posts small Q3 loss

Allianz has reported a 17% drop in third-quarter operating profit to €2.5bn, as the German group’s large corporate unit – Allianz Global Corporate & Specialty (AGCS) – slid into the red after it bore the brunt of catastrophe losses. Allianz said despite the cat losses, the group is still on track to hit its full-year earnings and P&C combined ratio targets. AGCS saw its…

Verisk acquires UK claims solutions company

Verisk acquires UK claims solutions company

Verisk acquires UK claims solutions company

US data analytics firm Verisk has acquired injury claims solutions company Rebmark Legal Solutions in the UK. Verisk said the acquisition will provide its UK clients with access to software and systems to save time, capture data, improve accuracy and eliminate inefficiencies in the claims process. “Rebmark’s solutions aid claimant and defendant lawyers, barristers and claims handlers with the preparation…

Willis Towers Watson appoints new head for North Asia P&C insurance

Willis Towers Watson appoints new head for North Asia P&C insurance

Willis Towers Watson appoints new head for North Asia P&C insurance

Evariste Yeung has been appointed to lead Willis Towers Watson’s (WTW) property and casualty (P&C) division in north Asia. Mr Yeung will be based in Shanghai and will report to Richard Collis, managing director for WTW’s insurance consulting and technology business in Asia-Pacific. In what is a newly created role, he will be responsible for developing the broker’s north Asia…

China and Asia poised to take the lead on insurtech: WTW report

China and Asia poised to take the lead on insurtech: WTW report

China and Asia poised to take the lead on insurtech: WTW report

Insurance penetration in Asia-Pacific may be as little as a third of the global average but it could lead the world when it comes to the development of the insurtech market. This is the finding from a report issued by global broker Willis Towers Watson (WTW), its Third Quarter Insurtech Briefing. Much has been made of the disruptive potential of…

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