The Geneva Association warns of huge cyber and healthcare insurance protection gaps

The Geneva Association warns of huge cyber and healthcare insurance protection gaps

The Geneva Association warns of huge cyber and healthcare insurance protection gaps

Insurance protection gaps for cyber and healthcare risks are more acute than the much-discussed natural catastrophe shortfall, according to new research by The Geneva Association. The insurance and risk management thinktank called for further research into the cause of such underinsurance and more effort to boost protection. The Geneva Association’s new Understanding and Addressing Global Insurance Protection Gaps study finds…

Above-average 2018 Atlantic hurricane season predicted

Above-average 2018 Atlantic hurricane season predicted

Above-average 2018 Atlantic hurricane season predicted

New research from the University of Colorado predicts that the Atlantic hurricane and storm season will be just above average this year. Seven hurricanes are forecast for 2018, above the median of 6.5 based on years 1981 to 2010. The number of hurricane days is forecast to total 30, compared to the average of 21.3. The number of major hurricanes…

US winter storms hit $3bn in March: Impact Forecasting

US winter storms hit $3bn in March: Impact Forecasting

US winter storms hit $3bn in March: Impact Forecasting

US winter storms are estimated to have caused $3bn in economic losses last month, with insurers picking up two thirds of the bill, according to Aon Benfield’s Impact Forecasting. Publishing its monthly global catastrophe report, Impact Forecasting said winter storms caused travel delays and damage, killing ten people, while March also recorded the US’s first tornado for a record 306…

Insurers expect gradual turn in French and European market

Insurers expect gradual turn in French and European market

Insurers expect gradual turn in French and European market

Insurers at this year’s Les Rencontres de l’AMRAE believe large losses and rising interest rates should bring about a steady correction in the commercial insurance market. Last year’s near record natural catastrophe losses were expected to result in rate increases at the January renewals, especially for catastrophe-exposed or loss-affected accounts. However, excess capital continues to persist and changes to market…

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…

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