Stable outlook for non-life rates in EMEA after mild increase in 2017: Zurich

Stable outlook for non-life rates in EMEA after mild increase in 2017: Zurich

Stable outlook for non-life rates in EMEA after mild increase in 2017: Zurich

The limited impact of last year’s hurricanes on the price of European and international non-life insurance cover was further confirmed this morning as Zurich reported its full-year 2017 results. The insurer reported that rates were up over the year in all major regions of the world. But increases were minor and the outlook for 2018 is reasonable for risk managers…

Losses from storm Eleanor/Burglind up to €1.6bn: AIR

Losses from storm Eleanor/Burglind up to €1.6bn: AIR

Losses from storm Eleanor/Burglind up to €1.6bn: AIR

Insured losses from winter Storm Eleanor, also known as Storm Burglind, will range between €1.1bn and €1.6bn, according to estimates from catastrophe modelling company AIR Worldwide. The fifth named European storm of the winter season, which struck early this month, began in Ireland and the UK with winds of up to 100 mph. It then headed to mainland Europe, where…

Allianz acquires DAS Switzerland to become top-three legal protection player

Allianz acquires DAS Switzerland to become top-three legal protection player

Allianz acquires DAS Switzerland to become top-three legal protection player

Allianz will buy DAS Switzerland, the legal protection insurance subsidiary of German insurer ERGO Group, becoming a top-three market player in Switzerland. The sale includes DAS Luxembourg and ERGO’s legal protection branch in Slovakia. The three units generated a combined premium income of €38m in 2016. DAS Switzerland will be in addition to Allianz Suisse and its subsidiary CAP Legal…

Storm Burglind hits insurers for €300m, say reports

Storm Burglind hits insurers for €300m, say reports

Storm Burglind hits insurers for €300m, say reports

Storm Burglind is estimated to have cost insurers €300m in losses from heavy rain and wind that struck Germany hard this week, Aon Benfield told Reuters. The broker added that more properties are expected to experience flooding in the next few days. Further losses likely to come from damage to homes and properties, with winds of more than 75mph. The…

Risk management to the fore

Risk management to the fore

Risk management to the fore

The European Risk Management Awards 2017 – sponsored by Allianz Global Corporate & Specialty, Allied World, Clyde & Co, Generali, Mapfre Global Risks, XL Catlin and Zurich – organised by Ferma and Commercial Risk Europe, took place in early November. We spoke to the winners of the risk management categories about why their job is a good career, the areas…

AXA pulls insurance and investments from coal producers in climate change pledge

AXA pulls insurance and investments from coal producers in climate change pledge

AXA pulls insurance and investments from coal producers in climate change pledge

AXA has warned world leaders that the effects of global warming are not insurable, as it unveiled a raft of new corporate actions that commit it to the fight against climate change, including calling a halt to insuring or investing in new coal-based projects. The news follows similar moves by other insurers. As world leaders gathered in Paris for a…

AM Best raises Zurich’s outlook to stable

AM Best raises Zurich’s outlook to stable

AM Best raises Zurich’s outlook to stable

AM Best has revised its outlook for the non-life insurance operations of Zurich Insurance Group from negative to stable on a financial strength rating of A+. The ratings agency said the move follows “strong corrective actions” on the group’s property and casualty (P&C) operations and the expectation that these will translate into improved profitability ratios. Last year, Zurich’s P&C operations…

Aon buys Swiss personal injury broker

Aon buys Swiss personal injury broker

Aon buys Swiss personal injury broker

Aon has acquired Swiss broker Unidelta, which specialises in personal injury management. The independent broker, based in Rapperswil, was founded in 2004 by its CEO Peter Merkli. Mr Merkli will join Aon Risk Solutions Switzerland and continue as managing director of Unidelta. He will also be appointed to the management team of Aon Risk Solutions Switzerland. Unidelta’s broking director Rolf…

European supply chain risk index finds UK lagging

European supply chain risk index finds UK lagging

European supply chain risk index finds UK lagging

The UK is near the bottom of QBE Business Insurance’s index that ranks European countries’ ability to manage supply chain risks, primarily because of its poor infrastructure. The UK ranked just 12th out of 15 countries, with only Ireland, Greece and Italy lower. The Netherlands came top for managing supply chain risks, followed by Switzerland, Sweden and Luxembourg. The index…

Swiss Re reports $762m loss at Corporate Solutions and $1bn capital injection

Swiss Re reports $762m loss at Corporate Solutions and $1bn capital injection

Swiss Re reports $762m loss at Corporate Solutions and $1bn capital injection

Swiss Re has reported a loss of $468m for the first nine months of this year including a $762m loss at its Corporate Solutions business, which has needed a $1bn capital injection. Swiss Re said the capital injection underlines its commitment to Corporate Solutions and believes rate increases are on the way for both primary insurance and reinsurance buyers. Swiss…

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