Aon launches fuel price insurance for shipping, aviation and other firms

Aon launches fuel price insurance for shipping, aviation and other firms

Aon launches fuel price insurance for shipping, aviation and other firms

Aon has launched a new fuel insurance product for shipping and aviation clients to protect buyers against rising fuel prices. The cover, backed by credit insurance, kicks in if the cost of fuel rises above a pre-agreed amount. Buyers taking out the policy can claim the difference between the agreed price and the higher cost of fuel for every month…

Mactavish warns further hardening will leave some firms without cover

Mactavish warns further hardening will leave some firms without cover

Mactavish warns further hardening will leave some firms without cover

Mactavish expects commercial insurance rates to harden further in 2021 and could leave some buyers unable to pay for cover. The claims resolution firm said commercial insurance buyers have seen premium renewals up by as much as 800% this year in the UK and London market for certain risks, with insurance cover also undermined by changes to terms and conditions.…

AXA XL makes appointments to new regional units

AXA XL makes appointments to new regional units

AXA XL makes appointments to new regional units

AXA XL Insurance has announced new appointments for its business divisions following the recent launch of its regional operating model, which came into effect on 1 October. New appointees to AXA XL’s Asia and Europe business unit division are: –Marine Charbonnier, global programmes and captives director –Mathieu Daubin, chief underwriting officer, marine –Yannick Daucourt, chief underwriting officer, specialty –Simona Fumagalli,…

AMRAE reports extremely tough market for French buyers and warns of ‘bitter’ renewals

AMRAE reports extremely tough market for French buyers and warns of ‘bitter’ renewals

AMRAE reports extremely tough market for French buyers and warns of ‘bitter’ renewals

A new AMRAE report finds that the French insurance market is now hard pretty much across the board and warns of “rising tensions” as we enter what it predicts will be a “bitter” renewal season. A graphic included in the association’s annual State of the Market provides a worrying illustration of how gloomy the picture looks right now for French buyers. The graphic’s…

‘Supercharged’ construction PI rate rises risk forcing some firms out of business, warns Mactavish

‘Supercharged’ construction PI rate rises risk forcing some firms out of business, warns Mactavish

‘Supercharged’ construction PI rate rises risk forcing some firms out of business, warns Mactavish

Rising construction professional indemnity (PI) premiums in the UK could become financially unviable for some companies and force them out of business, warns Mactavish. It said that PI construction insurance premiums are likely to continue rising “dramatically” over the next few months, with buyers also facing growing coverage restrictions. Mactavish explained that there has been a dramatic jump in construction…

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,…

Demand for premium financing grows among larger firms in hard market

Demand for premium financing grows among larger firms in hard market

Demand for premium financing grows among larger firms in hard market

Commercial insurance buyers are increasingly turning to premium financing as they look to maintain insurance cover in a hardening market and cope with big cuts to insurance budgets, according to Premium Credit, a UK-based provider of premium finance. The trend includes risk-managed companies. Insurance premium finance (IPF) is seeing significant, increased uptake, according to Owen Thomas, chief sales officer at…

‘Turbocharged’ insurance market posing problems for construction firms, warns Mactavish

‘Turbocharged’ insurance market posing problems for construction firms, warns Mactavish

‘Turbocharged’ insurance market posing problems for construction firms, warns Mactavish

Covid-19 has “turbocharged” already rising construction insurance premiums and eroded the quality of cover, according to Mactavish. It also warned construction firms that changes to their risk profile as a result of the pandemic mean existing policies may no longer provide cover and any new policy restrictions could place firms in breach of contract. The insurance governance firm said the…

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.…

Pandemic accelerating market hardening in Europe, says Marsh

Pandemic accelerating market hardening in Europe, says Marsh

Pandemic accelerating market hardening in Europe, says Marsh

Hardening of the European insurance market is gathering pace, as the coronavirus pandemic adds to existing pressures driving price increases and capacity shortages in certain lines, according to Marsh. It added that market hardening is now touching most lines of business and geographies in Europe, and is expected to continue into 2021. “Covid-19 will in some areas exacerbate the pricing…

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