Scor hit by ‘unique combination’ of Covid and storm losses in Q1

Scor hit by ‘unique combination’ of Covid and storm losses in Q1

Scor hit by ‘unique combination’ of Covid and storm losses in Q1

Covid-19-related life reinsurance claims and natural catastrophes have dented Scor’s first-quarter 2021 results. The French reinsurer reported a 72.2% drop in net income to €45m in the first quarter of 2021, driven by a “unique combination” of Covid-19 claims development and a series of large natural catastrophes, namely Texas Winter Storm Uri. Scor’s operating result fell almost 61% to €102m.…

AMRAE worried Aon-WTW deal fallout will impact difficult renewal season

AMRAE worried Aon-WTW deal fallout will impact difficult renewal season

AMRAE worried Aon-WTW deal fallout will impact difficult renewal season

French risk management association AMRAE is worried about the impact the Aon-Willis Towers Watson (WTW) merger and any selloffs to get the deal over the line may have on the next renewal season, which already promises to be tricky for insurance buyers. During a press conference, AMRAE president Oliver Wild stressed buyers want to know they will be able to…

Risk managers fear claims difficulties to rise in hard market

Risk managers fear claims difficulties to rise in hard market

Risk managers fear claims difficulties to rise in hard market

Leading risk managers fear that claims are going to get more difficult as the hard commercial insurance market further takes hold, with particular concern that the rise in co-insurance arrangements is storing up problems. Speaking at Commercial Risk’s virtual ‘Claims Management: Adapting to new long-term risks trends’ virtual conference, Lene Ritz, chief risk officer and team lead at Energinet, told…

Ferma asks insurance industry to join forces with buyers on finding pandemic solutions

Ferma asks insurance industry to join forces with buyers on finding pandemic solutions

Ferma asks insurance industry to join forces with buyers on finding pandemic solutions

Ferma has called on the insurance industry to work with risk managers to drive a pan-European risk transfer solution for pandemic and wider non-damage business interruption (NDBI) risk, amid concerns that momentum has slowed and insurers aren’t taking the lead. Speakers at a recent OECD event, including Ferma’s president Dirk Wegener, fear that moves towards government-backed public-private-partnerships (PPPs) to tackle…

The Super League: How not to manage communication and its risks!

The Super League: How not to manage communication and its risks!

The Super League: How not to manage communication and its risks!

The failed launch of the European Super League football project is a classic example of badly assessed and disastrously ineffective reputational risk management. On 19 April, 12 leading European football clubs jointly announced an agreement to form a new football competition: the Super League. The league would be governed by the founding members including six English teams – Liverpool, Manchester…

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…

French non-life market maintains stable outlook from AM Best

French non-life market maintains stable outlook from AM Best

French non-life market maintains stable outlook from AM Best

AM Best has maintained its stable outlook on the French non-life insurance market despite commercial insurers running into problems last year. The ratings agency’s stable outlook reflects the French non-life market’s resilient operating fundamentals, which have enabled the sector to withstand the challenging macroeconomic environment, and the fact it believes the sector will be able to successfully navigate headwinds, including…

Sedgwick names Legget Ireland CEO as Hughes takes on international role

Sedgwick names Legget Ireland CEO as Hughes takes on international role

Sedgwick names Legget Ireland CEO as Hughes takes on international role

Sedgwick has appointed Ruth Leggett as CEO of its Ireland operation, where she will replace Malcom Hughes who remains with the company as executive chairman for Ireland and takes on the role of international executive director. Mr Hughes has been CEO of Sedgwick Ireland for 24 years and will remain an “integral” part of the domestic management team. He will…

Corporate vaccinations may be hard to insure

Corporate vaccinations may be hard to insure

Corporate vaccinations may be hard to insure

Private sector companies that vaccinate employees against Covid-19 will need to notify their liability insurers, while some will find medical malpractice insurance cover hard to come by. A growing number of companies are planning on vaccinating employees, or facilitating their Covid-19 jabs, in a bid to speed up a return to work, or protect those deemed at high risk. Emirates…

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