Holiday illness claims – the Spanish viewpoint

Holiday illness claims – the Spanish viewpoint

Holiday illness claims – the Spanish viewpoint

As recently reported in Commercial Risk Europe, the epidemic of holiday illness claims, predominantly being brought by British tourists against UK-based tour operators while holidaying in all-inclusive accommodation in Spain, has caused considerable problems for the Spanish tourist industry. The origins of this new risk appear to be in the activities of enterprising claims management companies. They are targeting tourists,…

Irma set to cost insurance industry less than initially feared and unlikely to shift market

Irma set to cost insurance industry less than initially feared and unlikely to shift market

Irma set to cost insurance industry less than initially feared and unlikely to shift market

Insured loss estimates from Hurricane Irma are lower than initially feared, with the latest placing costs at around $25bn. Experts predict that losses from Hurricanes Irma and Harvey will not shift global insurance market pricing. Yesterday, risk analysis firm Karen Clarke & Co estimated that insured losses from Hurricane Irma will total $25bn, with $18bn of that figure resulting from…

Asia’s first Apology Bill passed

Asia’s first Apology Bill passed

Asia’s first Apology Bill passed

Hong Kong has become the first jurisdiction in Asia to enact apology legislation. The Hong Kong Legislative Council (LegCo) passed the Apology Bill on 13 July – a development with potentially far-reaching consequences for anyone involved in the management of risk or insurance, as well as those who may find themselves in litigation or resolving disputes in Hong Kong. The…

Two new US casualty regional managers for Colony Specialty

Two new US casualty regional managers for Colony Specialty

Two new US casualty regional managers for Colony Specialty

Colony Specialty, a leading excess and surplus lines carrier, and a member of Argo Group International, has made two appointments within its US casualty division. Mike York has been appointed as regional manager, north region; and Donna Pyle becomes regional manager, south region. They will both report to Tim Williams, vice-president, underwriting at Colony Specialty. Mr York will be responsible…

Chinese online insurer ZhongAn plans $1bn IPO in HK

Chinese online insurer ZhongAn plans $1bn IPO in HK

Chinese online insurer ZhongAn plans $1bn IPO in HK

China’s first online-only insurer, ZhongAn Online Property and Casualty, has been given the green light to launch an Initial public offering (IPO) in Hong Kong, which is expected to raise more than $1bn in finance. According to Reuters, the insurer was granted approval from the Hong Kong Stock Exchange for its listing and is currently assessing investor appetite for its…

Irma and Harvey to hit insurance industry’s earnings but unlikely to shift global market conditions, say experts

Irma and Harvey to hit insurance industry’s earnings but unlikely to shift global market conditions, say experts

Irma and Harvey to hit insurance industry’s earnings but unlikely to shift global market conditions, say experts

Insured US loss estimates from Hurricane Irma have fallen as the storm headed west and reduced to a category 1 storm, but the insurance industry is still expected to face a hefty bill. Industry experts say losses from Hurricanes Irma and Harvey will hit the insurance industry’s profits but are unlikely to cause a market-wide hardening. Air Worldwide said today…

Airmic and insurance industry welcome Ogden Rate reform

Airmic and insurance industry welcome Ogden Rate reform

Airmic and insurance industry welcome Ogden Rate reform

The UK government has responded to pressure from the risk and insurance industry and will reform the way it sets the Ogden Rate, a discount applied by courts in awarding personal injury compensation to allow for investment returns on large awards. UK risk management association Airmic and the wider insurance community have welcomed the outcome of a consultation on the…

No rate increases for German buyers, says Mahnke

No rate increases for German buyers, says Mahnke

No rate increases for German buyers, says Mahnke

Increased capacity within industrial insurance from new carriers means German companies will continue to enjoy current market conditions and not face rate increases, Alexander Mahnke, president of the GVNW, told delegates during his opening speech at the association’s symposium in Munich yesterday. “Rate increases are not reckoned with,” said Mr Mahnke, who is also head of insurance at Siemens. Despite…

Reinsurance market to soften further despite Harvey and tough underlying conditions

Reinsurance market to soften further despite Harvey and tough underlying conditions

Reinsurance market to soften further despite Harvey and tough underlying conditions

Ratings agencies do not expect soft global reinsurance market conditions to harden because of Hurricane Harvey or continued weak underlying operating conditions at upcoming renewals. In a series of reports published ahead of the Rendez-Vous de Septembre in Monte Carlo next week, Fitch, S&P and AM Best did not change their rating outlook on the reinsurance sector. But negative rating…

The customer is king

The customer is king

The customer is king

The decision by Allianz Global Corporate & Specialty (AGCS) to focus board member Andreas Berger on its core German and central and eastern European (CEE) markets, as well as its Mediterranean and African regions, should be good news for risk managers in the German-speaking corporate risk and insurance market. Andreas Berger’s renewed focus on Germany and CEE markets, along with…

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