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…

AGCS appoints CUO for speciality business

AGCS appoints CUO for speciality business

AGCS appoints CUO for speciality business

Allianz Global Corporate & Specialty (AGCS) has appointed Henning Haagen as chief underwriting officer of specialty. Mr Haagen, who is currently regional head of specialty and northeast zone executive for AGCS North America, will take on the role from March 2020. AGCS said it will announce his replacement at a later date. Mr Haagen will relocate from New York to…

Aviation losses line up further insurance price hikes in 2020, warns Gallagher

Aviation losses line up further insurance price hikes in 2020, warns Gallagher

Aviation losses line up further insurance price hikes in 2020, warns Gallagher

Large losses anticipated for 2019 will drive further rate hardening for aviation insurance buyers in 2020, according to analysis from broker Gallagher. In a market overview, Peter Elson, CEO of aerospace at Gallagher, said 2019 could be one of the most expensive years on record for aviation insurers once figures are finalised. He said all segments were affected and the…

Airports face up to climate change risk

Airports face up to climate change risk

Airports face up to climate change risk

Climate change is now one of the top risks faced by airports, according to a poll held at the Willis Towers Watson Airport Risk Community (ARC) annual conference. It found that 86% of the audience believe airports are exposed to climate risk, while 48% said flooding is the main weather risk. The failure of critical IT systems came top of…

AGCS aviation report warns of new risks in ‘safer skies’

AGCS aviation report warns of new risks in ‘safer skies’

AGCS aviation report warns of new risks in ‘safer skies’

Costly repairs and bird strikes are among growing trends in aviation claims, according to in-depth analysis of more than 50,000 aviation losses during the past five years by Allianz Global Corporate & Specialty (AGCS), which has warned against complacency despite fewer fatal accidents in recent years. In a new report entitled Aviation Risk 2020: Safety And The State Of The…

Majority of Swiss Re Corporate Solutions’ cutbacks to take place next year, says CFO

Majority of Swiss Re Corporate Solutions’ cutbacks to take place next year, says CFO

Majority of Swiss Re Corporate Solutions’ cutbacks to take place next year, says CFO

Swiss Re Corporate Solutions (SRCS) will make the majority of its cutbacks in badly performing business during 2020, with gross written premiums likely to increase a touch this year, according to the firm’s CFO John Dacey. At the end of July, SRCS announced it is pulling back from several underperforming classes that will see gross written premium reduce by about…

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