Australian risk managers in mining sector must prepare for tough renewal: WTW

Australian risk managers in mining sector must prepare for tough renewal: WTW

Australian risk managers in mining sector must prepare for tough renewal: WTW

The Australian mining industry continues to be a significant contributor to global mining insurance losses that reached an “atrocious” $1.3bn in 2018 after a pretty awful loss total of more than $1bn in 2017, according to Willis Towers Watson’s (WTW) latest market analysis. WTW’s Mining Industry Review finds that the loss trend continued into this year. Total losses incurred by the…

APAC nations show increasing resilience as global picture worsens: Swiss Re

APAC nations show increasing resilience as global picture worsens: Swiss Re

APAC nations show increasing resilience as global picture worsens: Swiss Re

The world economy is less resilient than it was at the time of the credit crisis and the protection gap has reached a global record high of $1.2trn, according to the latest research from Swiss Re. But there is relatively good news for the Asia-Pacific region. The Swiss reinsurance giant concludes that, in relative terms, the composite insurance resilience index…

Norwegian shipping firm latest to be dragged into Australian cartel scandal

Norwegian shipping firm latest to be dragged into Australian cartel scandal

Norwegian shipping firm latest to be dragged into Australian cartel scandal

Norway’s Wallenius Wilhelmsen Ocean is the latest international shipping firm to be charged with being involved in a cartel operation that fixed prices on the transportation of cars, trucks and buses to Australia between 2009 and 2012. In July 2015, the Australian Competition and Consumer Commission (ACCC), started an investigation into alleged anti-competitive practices in the car-carrying industry during 2009-2012.…

QBE sees profits rise as rates increase by 4.7%

QBE sees profits rise as rates increase by 4.7%

QBE sees profits rise as rates increase by 4.7%

QBE reported cash profit after tax up 35% to $520m in the first half of this year, helped by lower claims, improved investment and average group-wide premium increases of 4.7%. Gross written premium (GWP) rose 1% to $7.6bn, with the firm’s net profit after tax up 29% to $463m compared with the same period in 2018. The group reported an…

IAG reports 6% rate increase in Australia and confirms potential Indian sale

IAG reports 6% rate increase in Australia and confirms potential Indian sale

IAG reports 6% rate increase in Australia and confirms potential Indian sale

Insurance Australia Group (IAG) has reported a significantly improved net profit after tax of just over $1bn for full-year 2019 ending 30 June. This is up more than 16% over the prior year, partly driven by further price strengthening in its commercial insurance book, particularly in Australia. Commercial insurance prices written by IAG in Australia rose by 6% during the year…

Lloyd’s retraction supports strong price momentum in Asia and Pacific: Marsh

Lloyd’s retraction supports strong price momentum in Asia and Pacific: Marsh

Lloyd’s retraction supports strong price momentum in Asia and Pacific: Marsh

Asian commercial insurance prices rose by 3.5% in the second quarter of this year, following a 4% increase in the first quarter and the highest increase in five years, according to global broker Marsh. The broker says the recent traction by Lloyd’s has had an impact in both regions. Commercial insurance prices rocketed in the Pacific region by 18% in…

Japanese firm ordered to pay a further $35.5m for criminal cartel conduct

Japanese firm ordered to pay a further $35.5m for criminal cartel conduct

Japanese firm ordered to pay a further $35.5m for criminal cartel conduct

The Australian Federal Court has ordered Japanese shipping company, Kawasaki Kisen Kaisha Ltd (K-Line), to pay a fine of $35.5m for criminal cartel conduct. This follows fines already imposed by Japan, the US, China and the European Commission, with others in the pipeline. In a note issued by Australian law firm Nathan Holding Redlich, the criminal conduct for which K-Line…

Global insurance M&As at highest level since 2015, says Clyde & Co

Global insurance M&As at highest level since 2015, says Clyde & Co

Global insurance M&As at highest level since 2015, says Clyde & Co

Global insurance industry mergers and acquisitions (M&A) have increased by 13% in the first half of 2019, the highest level since 2015, according to Clyde & Co’s Insurance Growth Report mid-year update. The first half of 2019 saw 222 completed deals worldwide, up from 196 in the second half of 2018, the biggest increase in the volume of transactions since…

Marsh index records biggest quarterly insurance price rise of 6% in Q2

Marsh index records biggest quarterly insurance price rise of 6% in Q2

Marsh index records biggest quarterly insurance price rise of 6% in Q2

Marsh revealed during its second-quarter results call that average global commercial insurance prices rose nearly 6% in Q2. This is the biggest increase the firm’s Global Insurance Market Index has recorded since it began tracking in 2012, and marks the seventh consecutive quarter of rising prices. Marsh & McLennan Companies (MMC) president and CEO Dan Glaser told analysts the 6% jump follows…

Munich Re puts first-half nat cat losses at $15bn

Munich Re puts first-half nat cat losses at $15bn

Munich Re puts first-half nat cat losses at $15bn

Insured nat cat losses totalled $15bn in the first half of this year and were below the long-term average of $18m, according to Munich Re figures. The reinsurer said a total of 370 events delivered economic losses of $42bn in H1, excluding severe floods in southeast China that began in June and have reportedly caused billions of dollars in damage.…

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