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…

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…

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…

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…

1 2 3 18