AXIS Capital to book cat losses of up to $115m in Q1

AXIS Capital to book cat losses of up to $115m in Q1

AXIS Capital to book cat losses of up to $115m in Q1

Bermuda’s AXIS Capital said catastrophes and other weather-related events will cost it an estimated pre-tax net loss of $105m to $115m in the first quarter of 2021. US winter storms Uri and Viola, mainly in Texas, will cost the group an estimated $80m to $90m during the period, AXIS said. AXIS did not give net loss/profit forecasts for the quarter,…

WTW launches new software to improve commercial risk underwriting

WTW launches new software to improve commercial risk underwriting

WTW launches new software to improve commercial risk underwriting

Willis Towers Watson (WTW) has launched a platform for commercial underwriters that helps inform decision-making and pricing to improve service for clients. New software technology Radar Workbench uses internal and external data to help analyse underwriting risks in real time. WTW said it is an “out-of-the-box revolutionary analytical platform” that will modernise insurance underwriting for the benefit of commercial buyers.…

Irish regulator probes Facebook over GDPR breach as users’ data published online

Irish regulator probes Facebook over GDPR breach as users’ data published online

Irish regulator probes Facebook over GDPR breach as users’ data published online

Ireland’s Data Protection Commission (DPC) is investigating Facebook for breach of Europe’s GDPR, following reports that the personal data of 533 million accounts recently appeared online for free. Designated as Facebook’s lead regulator in the EU, the DPC said it believes “one or more” GDPR rules may have been infringed after details including phone numbers, dates of birth and other…

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…

Beazley boosts cyber offering in Germany as part of European expansion

Beazley boosts cyber offering in Germany as part of European expansion

Beazley boosts cyber offering in Germany as part of European expansion

Specialist insurer Beazley has launched enhanced versions of its Beazley Breach Response (BBR) and InfoSec cyber policies for businesses domiciled in Germany. InfoSec gives large businesses access to first-party cover for cyber risks. This includes protection for cyber extortion, data recovery costs, as well as business interruption (BI) and contingent BI for losses arising from security breaches, system failures and…

Aon offers to sell WTW’s multinational P&C portfolio in four EU countries: Reuters sources

Aon offers to sell WTW’s multinational P&C portfolio in four EU countries: Reuters sources

Aon offers to sell WTW’s multinational P&C portfolio in four EU countries: Reuters sources

Aon has offered to sell Willis Towers Watson’s (WTW) entire large multinational P&C portfolio in Germany, France, Spain and the Netherlands, as well as Willis Re and the broker’s French unit Gras Savoye to gain approval from EC competition regulators, according to Reuters sources.

Howden urges insurers to up game on intangible risk

Howden urges insurers to up game on intangible risk

Howden urges insurers to up game on intangible risk

Howden has called on the insurance industry to seriously rethink how it can help corporates transfer mounting intangible risks, which are on the rise following Covid-19. In a new report, the broker urges the industry to radically rethink its risk silo approach and come up with solutions that fit today’s interconnected threat landscape. Howden’s analysis shows that nearly 70% of…

Aon develops supply chain protection for Covid-19 vaccine

Aon develops supply chain protection for Covid-19 vaccine

Aon develops supply chain protection for Covid-19 vaccine

Aon has issued new cargo insurance cover to protect supply chains in the global Covid-19 vaccine rollout and delivery. The cover will be available to all parties in the supply chain, from pharmaceutical firms to transport and logistics companies, pharmacy chains and inoculation centres. Aon said it will donate all 2021 revenues from the new solution to a Covid-19 charity.…

Over 12,000 UK policyholders await insurer decisions on Covid-19 BI claims

Over 12,000 UK policyholders await insurer decisions on Covid-19 BI claims

Over 12,000 UK policyholders await insurer decisions on Covid-19 BI claims

Insurers have settled and paid out on 10,772 UK business interruption (BI) Covid-19 claims in the UK related to the country’s Supreme Court ruling, but more than 12,000 policyholders have yet to receive a decision three months after it was found that the claims were valid, according to new data released by regulator the Financial Conduct Authority (FCA). A total…

Insurers and corporates join new body to tackle spike in UK property claims

Insurers and corporates join new body to tackle spike in UK property claims

Insurers and corporates join new body to tackle spike in UK property claims

A surge in property insurance claims and costs in the UK will be tackled by a new industry taskforce that will initially focus on flooding claims and property flood resilience. The cross-industry body, known as the Property Damage Task Force, will bring together insurers, brokers, loss adjusters, legal specialists and corporates to look at emerging issues in property claims. The…