AXA CS sees revenues up 2% to €2.3bn but earnings halved

AXA CS sees revenues up 2% to €2.3bn but earnings halved

AXA CS sees revenues up 2% to €2.3bn but earnings halved

While total revenues were up 2% last year to €2.3bn, AXA Corporate Solutions saw underlying earnings fall by 59% to €50m. The hit to earnings was mainly a result of heavy nat cat losses, which totalled €80m in 2017 as Hurricanes Maria, Irma and Harvey, as well as earthquakes in Mexico and wildfires in California, took their toll. This dented AXA Corporate Solutions’ profits…

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…

Counting the cost of 2017’s huge nat cat losses

Counting the cost of 2017’s huge nat cat losses

Counting the cost of 2017’s huge nat cat losses

Last year’s natural catastrophe losses were the highest ever recorded, according to some market observers, while others place them very near the top, leaving the risk transfer industry, and potentially its customers in the long run, counting the cost of a heavy Atlantic hurricane season. Heavy hurricane losses contributed to an annual insured loss record of $135bn in 2017, according…

Double-digit rate hikes for US cat-exposed commercial property programmes: Willis

Double-digit rate hikes for US cat-exposed commercial property programmes: Willis

Double-digit rate hikes for US cat-exposed commercial property programmes: Willis

Commercial property insurers in North America are looking for double-digit rate hikes on catastrophe-exposed insurance programmes, following last year’s record natural catastrophe-related losses, according to Willis Towers Watson. But the potential for widespread market firming is being dampened by abundant risk transfer capacity in the form of traditional and alternative capital. In its latest property market update, Willis Towers Watson…

AGCS results dented by nat cats but group performance solid

AGCS results dented by nat cats but group performance solid

AGCS results dented by nat cats but group performance solid

Allianz Global Corporate & Specialty (AGCS) saw operating profit more than halve to €156m in 2017 and its combined ratio climb 3.7 points to 105.2%, as heavy nat cat losses struck. While Allianz’s wider P&C operation also suffered last year, as operating profit fell by 7.5% and the combined ratio decreased by 0.9 points to 95.2%, the group’s overall numbers…

Ferma plans moves to boost cyber insurance

Ferma plans moves to boost cyber insurance

Ferma plans moves to boost cyber insurance

Ferma is planning guidance on buying cyber insurance to help risk managers obtain cover that better reflects their needs. Following the publication of its cyber risk management and governance guide in June 2017, Ferma envisages publishing guidance later this year on purchasing cyber insurance. The report would be intended as a tool to help risk managers compare different cyber insurance…

January storm losses in Europe match annual total for 2017

January storm losses in Europe match annual total for 2017

January storm losses in Europe match annual total for 2017

Insured losses from European windstorms this January, causing an estimated bill of more than $2bn, have already matched total insured windstorm losses in the region for the whole of 2017, according to Aon Benfield’s Impact Forecasting monthly global catastrophe report. Windstorms Friederike, Eleanor and Carmen struck parts of Europe last month. Friederike was the most severe storm, killing at least…

World Bank secures $1.36bn earthquake cat bond

World Bank secures $1.36bn earthquake cat bond

World Bank secures $1.36bn earthquake cat bond

The World Bank has arranged a catastrophe bond to cover $1.36bn of earthquake risk in four countries. Secured by Aon Securities, the deal is said to be the second largest cat bond on record and the largest sovereign risk transfer since the emergence of insurance-linked securities. Aon Securities said the bond mitigates balance sheet risk carried by the World Bank…

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…

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