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…

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…

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 calls end of soft market in US

Willis Towers Watson calls end of soft market in US

Willis Towers Watson calls end of soft market in US

Rate increases are on the cards for US commercial insurance buyers in 2018, as a direct result of the recent spate of costly hurricanes. Although market reaction to windstorms Harvey, Irma and Maria is still evolving in the run-up to the 1 January renewals, it is likely that the hit to insurers’ earnings will put underwriters under pressure to raise…

AIG seeks double-digit property rate increase and lower limits on back of $1.7bn Q3 loss

AIG seeks double-digit property rate increase and lower limits on back of $1.7bn Q3 loss

AIG seeks double-digit property rate increase and lower limits on back of $1.7bn Q3 loss

AIG is seeking double-digit price increases for property insurance, while looking to reduce limits and buy more reinsurance as it attempts to reduce earnings volatility. Last week, the New York-based insurer reported a $1.74bn third-quarter loss, owing to $3bn in losses from Hurricanes Harvey, Irma and Wilma, as well as an $836m reserving charge. “Third-quarter [catastrophe] events will be a…

AIG posts $1.7bn Q3 loss on back of catastrophes and reserving

AIG posts $1.7bn Q3 loss on back of catastrophes and reserving

AIG posts $1.7bn Q3 loss on back of catastrophes and reserving

AIG has posted a larger than expected loss in the third quarter of 2017, after heavy catastrophe claims and a surprise reserving charge for commercial insurance. The New York-based insurance group posted a third-quarter net loss of $1.74bn, compared with income of $462m during the same period of 2016. The loss was the result of $3bn in catastrophe losses and…

Charles Taylor Adjusting appoints new director in France

Charles Taylor Adjusting appoints new director in France

Charles Taylor Adjusting appoints new director in France

Loss adjuster Charles Taylor Adjusting has appointed Glyn Symonds as director of operations in France. Based at the company’s new Marseille office, Mr Symonds will oversee Charles Taylor Adjusting’s French offices. He will identify new business opportunities in France and be responsible for claims in the country and French-speaking territories. Mr Symonds joins Charles Taylor Adjusting after a 40-year career…

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