Global rates rise for second quarter but European market remains soft

Global rates rise for second quarter but European market remains soft

Global rates rise for second quarter but European market remains soft

Global commercial insurance rates have risen for the second consecutive quarter, up 0.9% on average, driven by increases in property business and finpro lines, according to Marsh. However, overall pricing continues to fall in continental Europe, even though the rate of decline slowed again, the broker’s global insurance market index shows. The rise in global commercial insurance pricing was driven by…

GDPR fines insurable in just two European countries: Aon report

GDPR fines insurable in just two European countries: Aon report

GDPR fines insurable in just two European countries: Aon report

Fines under the EU’s General Data Protection Regulation (GDPR) will only be insurable in two European countries, according to analysis by Aon and law firm DLA Piper. In 20 of the 30 countries analysed, fines – which could be as high as €20m or 4% of a group’s global turnover – will not be insurable. Only companies in Finland and…

Mapfre global risks premium income wilts at Q1

Mapfre global risks premium income wilts at Q1

Mapfre global risks premium income wilts at Q1

Revenues fell 7.6% at Mapfre to €7.3bn at the Q1 stage, on the back of premiums worth €6.2bn, down 7.2%. Net earnings came to €187m (-9.3%). The Eurasia regional area produced premiums of €541m (-7.8%) in the first quarter, affected by the significant depreciation of the Turkish lira, which has fallen by 16.1% during the past year. Turkey contributed €151m,…

European Risk Frontiers survey already throwing up surprising results – take part!

European Risk Frontiers survey already throwing up surprising results – take part!

European Risk Frontiers survey already throwing up surprising results – take part!

Our annual european risk Frontiers survey of Europe’s leading risk managers, sponsored again by HDI Global, is this year being expanded to include a wider range of risk professionals by adding snap polls at industry events and online Q&As with our readers. This approach has already produced some interesting results that we believe will pose serious questions for the insurance…

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…

China tops TMF Group’s latest Financial Complexity Index

China tops TMF Group’s latest Financial Complexity Index

China tops TMF Group’s latest Financial Complexity Index

The most complex nation in terms of financial compliance is China, according to the latest Financial Complexity Index 2018 from TMF Group, largely driven by the continued embedding of the Golden Tax System, which aims to introduce stricter monitoring and enhanced data sorting and transparency. The Cayman Islands was the least complex jurisdiction out of the 94 jurisdictions covered by…

Sompo launches specialty unit in Spain

Sompo launches specialty unit in Spain

Sompo launches specialty unit in Spain

Bermudan insurer Sompo International (SI) is setting up a European specialty insurance underwriting unit in Barcelona, Spain to underwrite management liability, professional indemnity and financial institutions business. The new operation will expand to other lines in due course and is being formed as part of SI’s continued push into Europe. In November last year, SI said it would establish a…

Igrea in discussion with market to ‘significantly improve’ claims handling

Igrea in discussion with market to ‘significantly improve’ claims handling

Igrea in discussion with market to ‘significantly improve’ claims handling

Spanish risk management association Igrea believes there is significant room to improve claims-handling services and is pressing ahead with a campaign to tackle the issue on behalf of corporate buyers. Igrea’s president, Augusto Pérez Arbizu, has urged underwriters to engage in discussions with the association on claims handling, particularly to improve the speed at which coverage is affirmed and ensure…

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Turbulence in political risk – particularly Brexit negotiations, trade protectionism and the North Korea missile crisis – will continue into 2018 and feature high on the agenda of multinationals, Marsh said on publishing its Political Risk Map 2018 with BMI Research. In Europe, the political risk landscape continues to be dominated by the UK’s exit from the European Union and…

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