Corporate Solutions weighs on Swiss Re result

Corporate Solutions weighs on Swiss Re result

Corporate Solutions weighs on Swiss Re result

Repositioning its troubled Corporate Solutions unit, heavy natural catastrophe losses and rising claims in US casualty, proved to be a drag on Swiss Re’s full-year 2019 results. Announcing a 73% increase in group net income to $727m for 2019, CEO Christian Mumenthaler said the reinsurer’s property and casualty businesses were impacted by $2.7bn in large losses from natural catastrophes and…

AXA XL CEO Hendrick departs with Chubb’s Gunter named as successor

AXA XL CEO Hendrick departs with Chubb’s Gunter named as successor

AXA XL CEO Hendrick departs with Chubb’s Gunter named as successor

AXA XL’s CEO Greg Hendrick has left the company and been replaced by Scott Gunter, previously senior vice-president of Chubb and president of the insurer’s North America commercial insurance division. Mr Hendrick has left to “pursue other opportunities” outside of the AXA Group. The shock move is effective immediately, and comes on the day AXA released its 2019 results. Mr…

AIR’s coronavirus case ranges far exceed official stats

AIR’s coronavirus case ranges far exceed official stats

AIR’s coronavirus case ranges far exceed official stats

AIR models suggest there are likely to be more coronavirus cases than official figures suggest with projections on the conservative side, but the risk modeller said it does not expect substantial transmission of the disease outside of China in the coming weeks. AIR estimates that the number of moderate cases of coronavirus in China was between 70,000 and 165,000 on…

BPL records surge in demand for credit and political risk cover within Europe

BPL records surge in demand for credit and political risk cover within Europe

BPL records surge in demand for credit and political risk cover within Europe

Demand for credit and political risk insurance (CPRI) has rocketed in Europe, with the region buying 75% more cover during the last two years through specialist broker BPL. A report by BPL says Europe is now the third-largest buyer of CPRI polices, with $5.7bn worth of business booked to the brokers portfolio at January 2020. The CPRI market has traditionally…

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…

Coronavirus could wipe out European growth in Q1 2020: S&P

Coronavirus could wipe out European growth in Q1 2020: S&P

Coronavirus could wipe out European growth in Q1 2020: S&P

Growth across the eurozone and the UK is expected to be knocked by between 0.1% and 0.2% as a result of the coronavirus outbreak in China, and could be enough to wipe out any rise in GDP during the first quarter of 2020, according to Standard & Poor’s. It also warned that Germany is most at risk from the fallout,…

The risk manager’s role in saving the planet

The risk manager’s role in saving the planet

The risk manager’s role in saving the planet

The average European risk manager may be excused for thinking that the call from Brigitte Bouquot, president of French risk management association AMRAE, for risk managers to play their part in the creation of a new social contract between politicians, business leaders and society to help tackles the world’s big problems, is overstepping the line somewhat. But we are not…

Risk managers rising to the challenge of employee benefits

Risk managers rising to the challenge of employee benefits

Risk managers rising to the challenge of employee benefits

Employee benefits have become an increasingly hot topic for corporate risk and insurance managers in recent times. This is because companies involved in the European and international economy are fast waking up to the fact that real and lasting success can only be achieved by attracting and retaining the best talent. To do this, they need to offer the best…

Back to the future

Back to the future

Back to the future

The thriving European mutual insurance sector accounts for about half of Europe’s insurance companies by number and a third by premiums. In many ways, the principles of this highly traditional European model are fit for the modern era and goals such as the sharing economy, inclusivity and sustainability. As the Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE)…