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…

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…

UK rate increases fail to materialise, with market largely flat: Willis

UK rate increases fail to materialise, with market largely flat: Willis

UK rate increases fail to materialise, with market largely flat: Willis

UK corporate insurance buyers have avoided the hefty rate rises some predicted following record catastrophe-driven losses in the insurance and reinsurance markets last year, with the market largely flat, according to line-by-line analysis by Willis Towers Watson. However, with rate rises failing to materialise, buyers may instead face more selective underwriting as insurers focus on costs and reassess the quality…

Nat cats drive costly losses in South Africa

Nat cats drive costly losses in South Africa

Nat cats drive costly losses in South Africa

A number of large losses and natural catastrophes (nat cats), with heavy storms, floods, drought and fires, have contributed to challenging times for South African insurers. At the same time, South Africa is suffering from a weak economy driven by political uncertainty as an election year approaches. This uncertainty continues to undermine business and consumer confidence. “On the whole, we…

French market stable but rate increases more likely

French market stable but rate increases more likely

French market stable but rate increases more likely

Insurance rates in France remain stable, but interest rate rises or further heavy losses could yet see the market harden, according to brokers and insurers attending the AMRAE conference in Marseilles. While insurers have talked of the need to raise rates following heavy nat cats in 2017, French pricing has largely been the same as last year, according to Fabrice…

French risk managers see selective correction rather than knee-jerk market hardening: AXA CS

French risk managers see selective correction rather than knee-jerk market hardening: AXA CS

French risk managers see selective correction rather than knee-jerk market hardening: AXA CS

French corporate risk managers did not suffer a dramatic market hardening across the board at year-end renewals as a result of the string of huge catastrophes in 2017, according to Matthieu Caillat, CEO for France at AXA Corporate Solutions. But Mr Caillat added that underwriting became more selective and negotiations were tougher at year end, particularly in property lines and…

Primary rates up in Jan as insurers predict further hardening

Primary rates up in Jan as insurers predict further hardening

Primary rates up in Jan as insurers predict further hardening

Insurance rates have been rising for the first time in years following 2017’s heavy catastrophe losses, with insurers arguing this is likely to be the start of a longer-term market hardening. But with excess capacity still sloshing around both the primary and reinsurance markets, it may well be that any increases are dampened or shortlived. On releasing XL’s 2017 results,…

Taiwan earthquake collapses buildings and injures hundreds

Taiwan earthquake collapses buildings and injures hundreds

Taiwan earthquake collapses buildings and injures hundreds

An earthquake in the popular Taiwanese tourist city of Hualien has left four dead and more than 250 injured. The shallow quake had a magnitude of 6.4 and struck on Tuesday night, following a series of tremors earlier in the week. Roads were ripped up and at least two hotels were partially toppled by the quake, leaving many trapped inside.…

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service, expertise and capacity have proved a winning formula for GIC Re South Africa, which has seen another year of growth despite challenging times in the South African insurance sector. Deepak Prasad, managing director and CEO of GIC Re South Africa, said: “Internationally, it has been very different from one market to another this year because of the global…

The life-saving role of clinical-trial insurance in spotlight

The life-saving role of clinical-trial insurance in spotlight

The life-saving role of clinical-trial insurance in spotlight

The number of clinical trials performed worldwide has been on the increase, thanks both to growing innovation in the pharmaceutical and healthcare industries and the increasing burden of diseases needing new treatments. Clinical trials are crucial for the safety and efficacy of pharmaceutical and biological products as well as medical devices. However, there is an inherent risk in every clinical trial…

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