AXA XL digitalises physical risk services for risk managers

AXA XL digitalises physical risk services for risk managers

AXA XL digitalises physical risk services for risk managers

AXA XL Risk Consulting has launched a new digital global risk assessment service called Risk Scanning to undertake multi-peril assessments of physical risks and company sites. The insurer said Risk Scanning combines the expertise of its risk consultants with probabilistic algorithms and data mining. Risk managers will be able to generate assessments of their company’s physical sites by region, country…

Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Global insurance prices rose 20% in Q3, with increases of 34% in the UK and 15% in continental Europe, according to Marsh’s latest index, which saw the biggest jump since it began tracking figures back in 2012. The broker said it expects this rising trend to continue into 2021. Marsh’s third-quarter Global Insurance Market Index shows that all regions around…

Coverage trade-offs needed to create pandemic pool solution, says LIIBA

Coverage trade-offs needed to create pandemic pool solution, says LIIBA

Coverage trade-offs needed to create pandemic pool solution, says LIIBA

London and International Insurance Brokers Association (LIIBA) CEO Christopher Croft said any government backed pandemic insurance solution will need a series of trade-offs to maintain the involvement of private insurers without making cover too restrictive for buyers. He also said the insurance industry has work to do to repair its reputation that has been hit by its response to Covid-19.…

Average rates up between 11% and 30% in Q2 as gap between supply and demand grows: Aon

Average rates up between 11% and 30% in Q2 as gap between supply and demand grows: Aon

Average rates up between 11% and 30% in Q2 as gap between supply and demand grows: Aon

Rates continue to harden across the global insurance market with average rises between 11% and 30% in the second quarter, according to Aon, that warns the gap between supply and demand in the EMEA region is increasingly working against buyers. The broker’s Q2 2020 Global Market Insights publication reveals that average price increases in all four regions – EMEA, North America,…

Santam to give some BI policyholders ‘urgent relief’

Santam to give some BI policyholders ‘urgent relief’

Santam to give some BI policyholders ‘urgent relief’

Risk managers in the South African hospitality, leisure and non-essential retail sector could soon receive “urgent relief” from Santam, South Africa’s largest short-term insurer, if they have a contingent business interruption (CBI) extension in their policy cover. The insurer has said it will make payments up to ZAR1bn. Back in June, a company that owns hotels and guesthouses in Cape…

Insurers face rapidly hardening reinsurance market that is set to last: Jefferies

Insurers face rapidly hardening reinsurance market that is set to last: Jefferies

Insurers face rapidly hardening reinsurance market that is set to last: Jefferies

Reinsurance rates are now rapidly firming, with prices rising 5% to 35% at the most recent renewals, according to Philip Kett, equity analyst with investment management firm Jefferies International. The analyst said in his latest note that the bank remains broadly positive on the sector, despite the need to recover some of the post-2017 losses and underlying claims inflation on…

Machine Cover to launch parametric BI pandemic product in 2021

Machine Cover to launch parametric BI pandemic product in 2021

Machine Cover to launch parametric BI pandemic product in 2021

US-based insurtech Machine Cover is developing a parametric-based insurance product that will  protect lost revenue from big economic events such as a global pandemic. The parametric product would automatically pay out when there is a significant decline in economic activity caused by a defined event. This could include a pandemic. When triggered by an agreed parametric measure, businesses would receive…

Retroactive attack on BI policies for pandemic risks would pose material threat to insurance sector: IAIS

Retroactive attack on BI policies for pandemic risks would pose material threat to insurance sector: IAIS

Retroactive attack on BI policies for pandemic risks would pose material threat to insurance sector: IAIS

The International Association of Insurance Supervisors (IAIS) has warned legislators across the world that any efforts to retroactively open up business interruption (BI) policies to excluded Covid-19 losses would create “material” solvency risks for insurers and significantly undermine their ability to pay other types of claims. The association said that if such efforts were allowed to proceed, it would threaten…

Willis develops pandemic tracker to help clients assess P&C exposures

Willis develops pandemic tracker to help clients assess P&C exposures

Willis develops pandemic tracker to help clients assess P&C exposures

Willis Towers Watson (WTW) has developed a pandemic tracker that will allow P&C clients to measure Covid-19 exposures. Launched by WTW’s risk and analytics team and integrated into its Global Peril Diagnostics tool, the new feature gives up-to-date information on confirmed Covid-19 cases around the world alongside clients’ property total insured values. WTW said it will also track any business…

S&P says EMEA and US insurers will take coronavirus claims ‘in their stride’

S&P says EMEA and US insurers will take coronavirus claims ‘in their stride’

S&P says EMEA and US insurers will take coronavirus claims ‘in their stride’

European and US insurers are likely to comfortably deal with claims from the current coronavirus outbreak, according to S&P. However, it warned that given China’s importance in a “just-in-time world”, contingent business interruption claims could arise anywhere across the globe. But the ratings agency said any claims will fall within the range of capital buffers at insurers and reinsurers in…

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