India and Japan drive SCOR’s 1 April renewals growth

India and Japan drive SCOR’s 1 April renewals growth

India and Japan drive SCOR’s 1 April renewals growth

France-based international reinsurance group SCOR has reported strong growth in India and Japan at 1 April reinsurance renewals, which helped it increase SCOR Global P&C gross premiums by 5.7% overall at constant exchange rates. The group also reported a 6.6% overall increase in pricing as the market continues to harden in Asia and worldwide. Asia-Pacific represents 57% of the portfolio up…

Age of vulnerability will place risk management centre stage: Kessler

Age of vulnerability will place risk management centre stage: Kessler

Age of vulnerability will place risk management centre stage: Kessler

Dennis Kessler, chairman and CEO of SCOR, one of the biggest reinsurers in the Asia-Pacific region, believes that the arrival of the Covid-19 pandemic will usher in a new age of vulnerability and risk aversion that should finally shove the risk management community in private and public sectors to centre stage. Mr Kessler is never shy to give his opinion…

Nation states must focus on risk management to cope with pandemic risk: Kessler

Nation states must focus on risk management to cope with pandemic risk: Kessler

Nation states must focus on risk management to cope with pandemic risk: Kessler

The Covid-19 pandemic has starkly exposed the lack of preparedness and risk management capability at the national level in France and worldwide, and this must change rapidly, according to Dennis Kessler, CEO and chairman of Paris-based reinsurance group SCOR. In an interview with newspaper l’Opinion last week, Mr Kessler said states have spent too much time and effort patching up…

French non-life sector outlook stable, UK negative, says Best

French non-life sector outlook stable, UK negative, says Best

French non-life sector outlook stable, UK negative, says Best

AM Best is maintaining its market segment outlook on the French non-life insurance market at stable, but revising its outlook on the UK non-life insurance market to negative. Best pointed to the French non-life insurance market’s resilient underwriting performance against a backdrop of significant competition, modest but regular price increases in core classes of business, and good diversification by class…

Belgian state to reinsure credit insurers and maintain limits during crisis

Belgian state to reinsure credit insurers and maintain limits during crisis

Belgian state to reinsure credit insurers and maintain limits during crisis

State-owned Belgian export credit agency and private credit insurer Credendo has agreed to reinsure credit risks worth close to €60bn a year written by leading credit insurers active in the country, to maintain limits on offer to Belgian companies. The move follows news that trade credit insurers are in talks with the UK government over a possible reinsurance backstop, as…

WTW appoints de Montgolfier head of Gras Savoye

WTW appoints de Montgolfier head of Gras Savoye

WTW appoints de Montgolfier head of Gras Savoye

Willis Towers Watson (WTW) has appointed Cyrille de Montgolfier as head of its French business Gras Savoye Willis Towers Watson. Mr de Montgolfier joins WTW from insurance M&A boutique Nemrod Finance, which he has been running with two co-partners since the beginning of 2019. Based in Paris, Mr de Montgolfier will take up the role on 27 April. He will…

UK in talks over trade credit insurance backstop

UK in talks over trade credit insurance backstop

UK in talks over trade credit insurance backstop

Trade credit insurers are in talks with the UK government over a possible reinsurance backstop, following similar moves to support the sector in Germany, France and the Netherlands. In a statement, the Association of British Insurers (ABI) confirmed it is in discussions with its government about the “scope for temporary state support to ensure that businesses can continue to obtain…

Cyber insurers attempt to exclude pandemic coverage

Cyber insurers attempt to exclude pandemic coverage

Cyber insurers attempt to exclude pandemic coverage

Some insurance companies are trying to exclude pandemic coverage from cyber policies at renewal, according to a leading French broker. Speaking on a webinar organised by French risk management association AMRAE, Jean Bayon de la Tour, head of Cyber at Marsh JLT Specialty in France, said that at least two companies had tried this approach in recent weeks. One was…

No v-shaped economic ‘snap back’ from Covid-19 as geopolitical tensions split open

No v-shaped economic ‘snap back’ from Covid-19 as geopolitical tensions split open

No v-shaped economic ‘snap back’ from Covid-19 as geopolitical tensions split open

There will be no economic “snap back” from Covid-19 until late 2021 as the pandemic causes civil unrest and splits open geopolitical tensions, a Risk Advisory webinar has warned. The global economy will not see a sudden uptick in growth post-Covid-19 and is most likely to be depressed into next year, followed by a slow and gradual pickup towards the…

Ferma offers risk expertise to EC and urges it to support state-backed pandemic pools

Ferma offers risk expertise to EC and urges it to support state-backed pandemic pools

Ferma offers risk expertise to EC and urges it to support state-backed pandemic pools

The Federation of European Risk Management Associations (Ferma) has written to the European Commission’s Covid-19 coordinating response team, offering its help with the recovery and re-construction effort. It also suggests a coordinated approach to the creation of state-backed pandemic insurance pools, possibly supported by an EU backup later via the European Stability Mechanism (ESM). Ferma president Dirk Wegener points out…