Chubb and Marsh cover COVAX vaccine scheme for side-effect compensation

Chubb and Marsh cover COVAX vaccine scheme for side-effect compensation

Chubb and Marsh cover COVAX vaccine scheme for side-effect compensation

Chubb and Marsh have provided insurance cover for the COVAX scheme to compensate individuals for serious adverse effects from Covid-19 vaccines delivered to 92 lower-income countries. In collaboration with the World Health Organization (WHO) and Vaccine Alliance (Gavi), the insurance cover is hailed as the “first and only” vaccine injury compensation solution. The COVAX No-fault Compensation Program will provide up…

Financial firms underreport climate risks held in portfolios, finds CDP survey

Financial firms underreport climate risks held in portfolios, finds CDP survey

Financial firms underreport climate risks held in portfolios, finds CDP survey

Financial institutions must disclose and reduce emissions from their investments and portfolios if they are serious about net-zero targets, says charity CDP in a new report that claims portfolio emissions are an average 700 times higher than those produced in-house. CDP is a not-for-profit charity that focuses on global disclosures to help investors, companies, cities, states and regions manage their…

Chubb ends pursuit of The Hartford

Chubb ends pursuit of The Hartford

Chubb ends pursuit of The Hartford

Chubb’s chairman and CEO Evan Greenberg has said the company is no longer pursuing a takeover of The Hartford, but added his company wouldn’t hesitate to pull the trigger on another acquisition if the right opportunity presents itself. Speaking during Chubb’s first-quarter results call, Mr Greenberg said: “The chapter with the Hartford is closed. We have moved along.” His comments…

Aon set to get EC approval for WTW deal without further concessions

Aon set to get EC approval for WTW deal without further concessions

Aon set to get EC approval for WTW deal without further concessions

The EC is set to grant Aon conditional antitrust approval to acquire Willis Towers Watson (WTW) without further divestment concessions than those recently put forward, according to Reuters sources. Aon offered to sell some of WTW’s European businesses earlier this month to get its $30bn deal for the rival broker over the line. Following feedback from customers and rivals, Reuters…

Concern that pandemic-induced D&O claims will drive further market hardening

Concern that pandemic-induced D&O claims will drive further market hardening

Concern that pandemic-induced D&O claims will drive further market hardening

D&O risk and insurance claims are set to rise in line with a likely jump in insolvencies as governments withdraw Covid-19-related financial support and relax temporary bankruptcy rules, potentially sparking even further hardening of the D&O market, warned expert speakers at Commercial Risk’s latest event. Although they said the pandemic has yet to spark a big increase in D&O claims,…

Sale of WTW’s Spanish business good news if right buyer found, says Igrea

Sale of WTW’s Spanish business good news if right buyer found, says Igrea

Sale of WTW’s Spanish business good news if right buyer found, says Igrea

The sale of Willis Towers Watson (WTW) units in Spain to get the merger with Aon past EC anticompetition authorities is positive for Spanish insurance managers, but only if the right buyer comes along, Daniel San Millán, president of the country’s risk management association Igrea, told Commercial Risk Europe. Mr San Millán said any new owner must have a global…

Keeping an eye on the risks ahead

Keeping an eye on the risks ahead

Keeping an eye on the risks ahead

Dealing with the risks immediately facing any business while also keeping an eye on the future is all part of the day job for both risk managers and insurers, as Chris Staes, Belgium country manager for Risk Frontiers Europe sponsor HDI Global, explains. Understanding clients individually has been key to growing business in Belgium during the combination of a hardening…

Coface profits jump as insolvencies fall

Coface profits jump as insolvencies fall

Coface profits jump as insolvencies fall

Coface profits have risen sharply on an improved underwriting result, driven by lower rates of insolvency and governmental support in the pandemic. The French trade credit insurer posted net income of €56.4m in the first quarter of 2021 – a four-fold increase over the same period of 2020. The result was driven by a much-improved underwriting result, which increased 186%…

EC asks stakeholders which firm is right buyer for WTW assets: Reuters

EC asks stakeholders which firm is right buyer for WTW assets: Reuters

EC asks stakeholders which firm is right buyer for WTW assets: Reuters

The EU competition watchdog has asked risk managers and other brokers which companies would be suitable buyers of the Willis Towers Watson (WTW) assets that Aon has offered to sell to address concerns over its planned takeover of the firm, according to Reuters. Citing people familiar with the matter, the news agency said a questionnaire has been sent asking which…

Rates up 18% in Q1 but hardening stops accelerating: Marsh

Rates up 18% in Q1 but hardening stops accelerating: Marsh

Rates up 18% in Q1 but hardening stops accelerating: Marsh

Global P&C insurance rates rose by an average 18% in Q1 2021, but although this is the 14th successive quarterly rise, it marks the first fall in the pace of change for almost three years, according to Marsh figures. The broker’s most recent Global Insurance Market Index shows that the latest price rise follows an increase of 22% year-over-year in…