Asia sees pricing increase by 8% in first quarter of 2021

Asia sees pricing increase by 8% in first quarter of 2021

Asia sees pricing increase by 8% in first quarter of 2021

Insurance pricing in Asia in the first quarter of 2021 increased 8% year over year, down from 11%, according to Marsh’s Global Insurance Market Index. The report reveals that pricing in Asia was driven by property insurance and financial and professional lines. Property insurance pricing across Asia rose 10%, casualty insurance pricing remained generally flat, as it has for more…

European countries carry higher earthquake risk in FM Global’s updated map

European countries carry higher earthquake risk in FM Global’s updated map

European countries carry higher earthquake risk in FM Global’s updated map

Several European countries now carry a higher risk of earthquake, according to the latest interactive global threat map from commercial property insurer FM Global. The Netherlands, France, Switzerland, Italy and Israel are considered to be higher-risk earthquake zones and will see more ground movement, the map shows. It feeds soil effects and building structure data into the model to identify…

Australian commission delays Aon-Willis review

Australian commission delays Aon-Willis review

Australian commission delays Aon-Willis review

The Australian Competition & Consumer Commission (ACCC) has delayed its review of the proposed combination of Aon and Willis Towers Watson, to gather further information from the brokers, the group said on Friday, as first reported in Business Insurance. The previous date of 27 May for the “announcement of findings” had been delayed. The ACCC said it would announce a…

BLM to lead new APAC legal panel for Zurich

BLM to lead new APAC legal panel for Zurich

BLM to lead new APAC legal panel for Zurich

A new legal panel for the strategic management of large and complex claims across the Asia-Pacific (APAC) region has been appointed by Zurich. The panel will be led by BLM, which will manage a team of specialists from Global Insurance Law Connect. The panel complements existing local country panel arrangements, further consolidating longstanding relationships and allowing Zurich to execute a…

Cyber, data and regulation top three global risks for D&Os, survey finds

Cyber, data and regulation top three global risks for D&Os, survey finds

Cyber, data and regulation top three global risks for D&Os, survey finds

Cyberattack, data loss, regulation, health and safety and employment claims are the top five risks facing global directors and officers (D&Os) this year, according to a new survey by Willis Towers Watson (WTW) and Clyde & Co. The poll finds a similar story in Europe, where litigation risks comes in at number four and employment claims fall out of the…

Steadfast becomes majority shareholder in unisonSteadfast network

Steadfast becomes majority shareholder in unisonSteadfast network

Steadfast becomes majority shareholder in unisonSteadfast network

Steadfast Group, the largest general insurance network in Australasia, has increased its shareholding in Germany-based unisonSteadfast, the biggest global network of independent insurance brokers by number, up to a majority 60% stake. Commercial Risk Europe exclusively reveals the deal to create a powerful new force in the European and global broking community, as Europe’s risk and insurance managers observe Aon’s…

Insolvencies to ‘surge’ by 26% in 2021: Atradius

Insolvencies to ‘surge’ by 26% in 2021: Atradius

Insolvencies to ‘surge’ by 26% in 2021: Atradius

Insolvencies are set to jump 26% globally this year with several European countries likely to be worst hit as the fallout from Covid-19 finally impacts bankruptcies, according to Atradius. This would follow a 14% fall in insolvencies last year when governments introduced fiscal measures and bankruptcies regime changes to protect businesses from failure, said the trade credit insurer. Atradius added…

Australian floods to put pressure on reinsurance rates

Australian floods to put pressure on reinsurance rates

Australian floods to put pressure on reinsurance rates

Recent floods in Australia are set to dampen near-term earnings and further elevate the insurance industry’s loss burden from natural catastrophe events, according to AM Best. The ratings agency said the continued cession of material losses to reinsurers may result in further upward pressure on reinsurance rates, and this could ultimately lead to tightening of terms as well as pricing…

IAG estimates Australia flood loss at A$135m

IAG estimates Australia flood loss at A$135m

IAG estimates Australia flood loss at A$135m

IAG has estimated that floods in Queensland and New South Wales will cost it A$135m, tipping the insurer’s full-year nat cat claims over its $658m target to an estimated range of A$660m to A$700m. IAG said nat cat losses stood at $375m by the end of February, before the March floods. Its full-year nat cat loss estimate accounts for a…

1 2 3 25