Aviation rates harden but industry profits hang in the balance for 2020, says Gallagher

Aviation rates harden but industry profits hang in the balance for 2020, says Gallagher

Aviation rates harden but industry profits hang in the balance for 2020, says Gallagher

Covid-19 could act as a catalyst for future rate increases in aviation insurance and accelerate the upwards trend already in play, according to a market briefing from Gallagher. Aviation rate increases are expected to continue into 2021, the broker said, and pressure on capacity will strengthen insurers’ resolve. The aviation insurance bottom line, however, hangs in the balance. “It is…

AGCS announces major shakeup to ‘rebuild’ profitability

AGCS announces major shakeup to ‘rebuild’ profitability

AGCS announces major shakeup to ‘rebuild’ profitability

Allianz Global Corporate & Specialty (AGCS) is embarking on a major ‘New AGCS’ global transformation programme to “rebuild” profitability, which will see a regional shakeup, a new head of multinational, appointments from AIG, AXA and ARGO, and put technical underwriting before growth. The move follows news last month that S&P has revised its outlook on AGCS from stable to negative.…

Aviation rates set to rise from Covid-19 but cover available

Aviation rates set to rise from Covid-19 but cover available

Aviation rates set to rise from Covid-19 but cover available

The cost of aviation insurance is set to rise further as Covid-19 changes the underlying risk and insurers seek minimum premium levels, but the market looks set to continue providing adequate capacity and cover. With airlines and airports gradually restarting operations as coronavirus lockdown measures ease, the industry is emerging with a very different risk profile than was the case…

Aviation risk in uncharted territory as Covid-19 takes toll

Aviation risk in uncharted territory as Covid-19 takes toll

Aviation risk in uncharted territory as Covid-19 takes toll

Risk managers in the aviation sector face a radically different risk landscape as they try to come to terms with the impact of Covid-19 and as the world’s fleet tentatively gets back into the air. The aviation sector has entered uncharted territory, according to Andrew Metcalfe, svp for aviation at Sompo International Insurance. “There has never been a situation where…

DAC Beachcroft hires Stovold from Clyde & Co as aviation partner

DAC Beachcroft hires Stovold from Clyde & Co as aviation partner

DAC Beachcroft hires Stovold from Clyde & Co as aviation partner

Law firm DAC Beachcroft has appointed Alex Stovold as aviation partner in its London global insurance practice. Mr Stovold joins from Clyde & Co, where he was a partner. He will begin his new role in July. “This appointment is another significant step in the continued growth of our market-leading global insurance offering to meet the needs of our clients,”…

Covid-19 unlikely to change course of aviation rates, says Gallagher

Covid-19 unlikely to change course of aviation rates, says Gallagher

Covid-19 unlikely to change course of aviation rates, says Gallagher

Broker Gallagher has said Covid-19 is unlikely to change the course of the aviation insurance market, with hardening conditions set to continue throughout 2020 driven by the frequency and severity of recent claims. The next round of renewals are expected to continue on higher rates. But Gallagher said the recent ratings trend will be “somewhat clouded by the huge reduction…

Willis sets up aviation community risk group

Willis sets up aviation community risk group

Willis sets up aviation community risk group

Willis Towers Watson (WTW) has launched a data and risk strategy group called A Class for its aviation clients. Set up as a community group for aviation operators in light of the current coronavirus pandemic, it will build data, knowledge and solutions to help them analyse and mitigate risks. A Class will feature a data platform to strengthen aviation buyers’…

Marsh JLT Specialty appoints global head of aviation

Marsh JLT Specialty appoints global head of aviation

Marsh JLT Specialty appoints global head of aviation

Garrett Hanrahan has been appointed as global head of aviation, Marsh JLT Specialty. He will succeed Simon Harker, who is retiring after 44 years in the industry. The appointment will take effect from 15 April this year. According to Marsh, in this role Mr Hanrahan will oversee Marsh JLT Specialty’s global aviation practice, which advises many of the world’s leading…

Coronavirus spikes in Europe as Italy places northern towns on lockdown and global pandemic fears mount

Coronavirus spikes in Europe as Italy places northern towns on lockdown and global pandemic fears mount

Coronavirus spikes in Europe as Italy places northern towns on lockdown and global pandemic fears mount

The impact of Covid-19 hit Europe hard over the weekend, as the Italian government in particular took drastic action to try and halt a fast-rising number of cases in the country. The Italian authorities placed several northern towns on lockdown as there were reports of up to 150 cases in the country by Sunday evening, up from the World Health…

Greenberg says simple maths means market hardening will continue as Chubb delivers strong results

Greenberg says simple maths means market hardening will continue as Chubb delivers strong results

Greenberg says simple maths means market hardening will continue as Chubb delivers strong results

Chubb’s Evan Greenberg believes that simple maths means the insurance market will continue to harden for some time, as the insurer saw average rates increases of 10% for international retail business and 8.5% in North America during Q4, which helped the company deliver an impressive set of results. Mr Greenberg said rates increased at an “accelerated pace” in each quarter…

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