French reinsurer CCR Re has raised €300m after completing its first bond issue, which was five times oversubscribed. CCR Re said the proceeds will be used to strengthen solvency and for corporate developments, including support for its Streamline business plan. The Tier 2 subordinated bond issue was placed with more than 150 investors in France, Europe and Asia. The issued…
AM Best has maintained its stable outlook for the German non-life insurance market, after the sector’s conservative investments held it steady as Covid-19 shook financial markets globally. AM Best said insurers’ exposure to financial market instability is limited, although Germany’s insurers will record lower premium income in the wake of the pandemic. Growth in Germany’s non-life insurance market in 2020…
US cat losses in the second quarter of 2020 will run 25% higher than the ten-year average, analysts at Credit Suisse have predicted, with the first two months of the quarter already reaching $17bn. It said civil unrest in the US will drive much of the increased loss and analysts said insurers could foot a bill as high as $1bn.…
Chubb has proposed a model to cover future pandemic risks for businesses in the US, with the insurance industry and government sharing the risk. Under its Pandemic Business Interruption Program put to the US government, there would be two approaches – one for small businesses with up to 500 employees and a separate scheme for larger firms. Both schemes exclude…
Insurance Europe has called for the European Commission to remove the definition of environmental, social and governance (ESG) preferences of policyholders in its consultation on amendments to Solvency II and the Insurance Distribution Directive (IDD) concerning sustainability risk. Insurance Europe said clarification of sustainability preferences should be dealt with in the regulatory technical standards of the Sustainable Finance Disclosure Regulation,…
Global insurance premiums will stage a full recovery next year after the impact of Covid-19, says Swiss Re in a new Sigma report, with the pandemic raising risk awareness levels and demand for protection. Rates are expected to harden in commercial lines and take non-life insurance premiums above pre-crisis levels, Swiss Re says, adding that emerging economies led by China…
The UK’s terrorism threat level sits at substantial, where an attack is likely, said Pool Re in its first update since the terror attack in Reading last month. The reinsurer also warned that attacks may have been shelved during the Covid-19 pandemic but as restrictions are lifted, there could be an increase in the risk of terrorism incidents. “The frequency…
CNA Hardy has told policyholders with Covid-19 business interruption (BI) claims that it will await the decision in the Financial Conduct Authority’s (FCA) test case and put their claims on hold until the outcome is known. Although the insurer is not part of the FCA’s test case, which is seeking clarity from the High Court on non-damage BI policies or…
Veolia’s Oliver Wild has been named as AMRAE’s new president, taking over the reins from Brigitte Bouquot after five years. Mr Wild, risk, insurance and internal control coordination director at Veolia, was first appointed to the AMRAE board as director in May 2016. Ms Bouquot, who is president of the Permanent Scientific Committee and administrator of Thales insurance companies, will…
Covid-19 claims will cost Chubb $1.37bn in the second quarter of 2020, with total cat losses for the period nearer $1.81bn. Chubb said the bulk of Covid-19 losses at $605bn were from entertainment and commercial business interruption policies, as well as accident and health products including travel insurance. A further $553m of its Covid-19 losses is booked to liability products,…