FM Global sees growing concern over flood BI

FM Global sees growing concern over flood BI

FM Global sees growing concern over flood BI

Business interruption concerns are driving bigger investments in flood mitigation by large corporates, according to Thierry Masurel, manager, Paris operations at FM Global in France. In a year that has seen some of the biggest storms and flooding in living memory hit parts of the US and Caribbean, large companies are becoming more aware of business interruption following flood, Mr…

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…

Risk transfer market says primary rate rises on the way

Risk transfer market says primary rate rises on the way

Risk transfer market says primary rate rises on the way

As insurers and reinsurers predict rates rises in the primary market, a leading broker doesn’t believe there will be a market-wide hardening in Europe but does expect focused adjustments. Hamish Roberts, director of business development at broker JLT Specialty, said: “From a European perspective, I don’t think there will be an arbitrary cross-peril, cross-class adjustment made by reinsurers. It will…

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…

AIR’s California wildfires estimate increases four-fold

AIR’s California wildfires estimate increases four-fold

AIR’s California wildfires estimate increases four-fold

AIR Worldwide has increased its insured loss estimate for October’s Californian wildfires to between $8bn and $10bn, up from $2bn–$3bn stated previously. The catastrophe modelling firm said the revised figure reflects new information about policy terms and a revaluation of replacement values for high-value homes. AIR’s loss estimate covers damage to residential and commercial properties, as well as motor and…

NFIP reauthorisation to 2022 passed by House of Representatives

NFIP reauthorisation to 2022 passed by House of Representatives

NFIP reauthorisation to 2022 passed by House of Representatives

Risk management society RIMS has called on the US Senate to follow the lead of the House of Representatives this week and reauthorise the National Flood Insurance Program (NFIP) before it expires on 8 December. Reauthorisation under the proposed House bill would extend the NFIP until 2022. Welcoming the decision by the House of Representatives on Tuesday, RIMS vice-president Robert…

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…

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…

Zurich predicts rate increases

Zurich predicts rate increases

Zurich predicts rate increases

International insurance group Zurich expects recent catastrophe losses to drive rate increases across its business, which have otherwise have experienced only flat to decreased pricing in 2017. In a trading update on Thursday, Zurich’s chief financial officer George Quinn said: “I am pleased with the development of our businesses in the year to date, particularly against a challenging industry backdrop…

1 2 3 26