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…

MS Amlin bows out of aviation market

MS Amlin bows out of aviation market

MS Amlin bows out of aviation market

MS Amlin has ceased underwriting new and renewal aviation business – excluding war risks, which continue to be accepted by its war unit. The company announced at the end of last month that aviation, along with eight other classes of business, will “no longer form part of its future strategic direction”. Aviation is the first of the nine classes earmarked…

EU compensation rules ‘crippling’ airlines and need reform: Gallagher

EU compensation rules ‘crippling’ airlines and need reform: Gallagher

EU compensation rules ‘crippling’ airlines and need reform: Gallagher

Airline compensation laws in the European Union are “crippling” the aviation sector, with passenger damages for flight cancellations and delays of more than three hours rising 300% since 2016, according to Gallagher, which is lobbying for changes to the rules. Gallagher said EU regulation 261, first introduced in 2004, is costing airlines two or three times revenues made on flights…

Marsh JLT names aviation leaders in London and New York

Marsh JLT names aviation leaders in London and New York

Marsh JLT names aviation leaders in London and New York

Marsh JLT Specialty has boosted its aviation senior management team with four appointments in London and New York. Tony Ambrose and Martyn Holland will join the UK aviation practice in London as managing directors. Mr Ambrose will move to Marsh JLT next month from Swiss Re, where he was head of aviation. Mr Holland will join from Aon, where he…

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