Germany will account for around half of €1.1bn to €1.9bn Ciara/Sabine loss

Germany will account for around half of €1.1bn to €1.9bn Ciara/Sabine loss

Germany will account for around half of €1.1bn to €1.9bn Ciara/Sabine loss

Insured losses from Europe’s Storm Ciara/Sabine are estimated to total between €1.1bn and €1.9bn, with claims in Germany likely to account for half the total loss. RMS said the storm will costs insurers between €1.1bn and €1.8bn, with around 50% hitting Germany. The estimate is in line with the €1.1bn to €1.9bn forecast by AIR last week. Germany’s insurance association…

European Storm Ciara losses in €1.1bn to €1.9bn range, estimates AIR

European Storm Ciara losses in €1.1bn to €1.9bn range, estimates AIR

European Storm Ciara losses in €1.1bn to €1.9bn range, estimates AIR

The first insured loss estimate for European Storm Ciara/Sabine from AIR Worldwide ranges between €1.1bn and €1.9bn, with the majority falling in the UK, France and Germany. The storm also affected a wide area of mainland Europe including the Netherlands, Poland, Belgium, the Czech Republic, Slovenia, Sweden, Denmark and Norway, where it was named Elsa. It caused wind damage and…

IUMI proposes stronger fire safety regulations to IMO

IUMI proposes stronger fire safety regulations to IMO

IUMI proposes stronger fire safety regulations to IMO

The International Union of Marine Insurance (IUMI) has submitted its promised paper to the International Maritime Organisation (IMO), calling for changes to current safety regulations to enhance rules governing containership fires. IUMI said mandatory measures are needed to address the rising risk of fires on large containerships. Current regulations under the International Convention for the Safety of Life at Sea…

HDI Global reports 30% increase in fire book as turnaround programme pays off

HDI Global reports 30% increase in fire book as turnaround programme pays off

HDI Global reports 30% increase in fire book as turnaround programme pays off

HDI Global has achieved price increases of 30% in its core industrial fire insurance book and brought its combined ratio down from 109.1% in 2018 to roughly 101% for 2019, according to preliminary full-year figures published by parent group Talanx. The Hanover-based insurance group launched a serious restructure of its industrial fire book in the second quarter of 2018, after…

All eyes on 1 April renewals following year-end hardening

All eyes on 1 April renewals following year-end hardening

All eyes on 1 April renewals following year-end hardening

Year-end insurance renewals were challenging for many European buyers as the market hardening accelerated in the last few weeks of 2019, according to brokers and leading risk managers. Tough conditions are expected to continue through 2020, but there is hope that things will begin to settle down and the rate of change will slow. Latest figures from Marsh show that…

Companies urged to plan for coronavirus disruption

Companies urged to plan for coronavirus disruption

Companies urged to plan for coronavirus disruption

As the death toll from the coronavirus reaches 170, risk managers are being advised to plan for potential supply chain disruption and human resource issues. The past week has seen a dramatic escalation of the respiratory illness, known as 2019-nCoV, with the first confirmed cases in Europe. More than 7,700 people have now been affected in China and all deaths…

Coronavirus outbreak poses big challenges for Asia-Pacific risk managers as toll rises

Coronavirus outbreak poses big challenges for Asia-Pacific risk managers as toll rises

Coronavirus outbreak poses big challenges for Asia-Pacific risk managers as toll rises

Risk managers in the Asia-Pacific region and worldwide need to brace themselves for a difficult start to 2020 as the rapidly escalating coronavirus outbreak in China and now worldwide hits the Chinese economy, global trade and supply chains, and equity prices. This year was predicted by many risk and insurance managers to be a difficult one as political risk rapidly…

Risk managers in German financial sector must prepare for closer BaFin scrutiny in 2020

Risk managers in German financial sector must prepare for closer BaFin scrutiny in 2020

Risk managers in German financial sector must prepare for closer BaFin scrutiny in 2020

BaFin, the German insurance supervisory authority, will focus on IT and cyber risks, digitalisation, the fight against financial crime and sustainability of business models in the year ahead, according to its president Felix Hufeld. The former CEO of Marsh Germany from 2001 to 2010, he also believes that the risk-based approach to regulation, including the principle of proportionality that allows…

BaFin to investigate German insurers after finding problems with financial adequacy systems

BaFin to investigate German insurers after finding problems with financial adequacy systems

BaFin to investigate German insurers after finding problems with financial adequacy systems

The German insurance supervisory authority BaFin will this year carry out a survey of non-life and life insurers to find out whether they have adequate systems in place to spot deteriorating financial positions that may require regulatory intervention. The decision has been made because a pilot survey carried out last year among 14 life insurers and two pension funds found…

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