Axis, Markel and Lancashire report mixed results

Axis, Markel and Lancashire report mixed results

Axis, Markel and Lancashire report mixed results

Axis, Markel and Lancashirehave posted mixed second-quarter and half-year results, as they grapple with varying degrees of Covid-19 underwriting and investment losses. Axis reported net income of $112m for the second quarter, from $166m during the same period of 2019. Operating income was $72m, compared to $137m in the prior year period. The company’s combined ratio improved to 94.7% from…

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…

Marsh JLT Specialty boosts renewable energy team

Marsh JLT Specialty boosts renewable energy team

Marsh JLT Specialty boosts renewable energy team

Marsh JLT Specialty has boosted its renewable energy team with the appointment of Joanne Silberberg as Canadian renewable energy leader and Dan Gumsley as account manager in the renewable energy team. Marsh said the appointments come as it further expands in the global renewable energy sector. Ms Silberberg, who joined Marsh in 2004, takes up the newly created role having…

Covid-19 and climate to drive fundamental shift in power risks

Covid-19 and climate to drive fundamental shift in power risks

Covid-19 and climate to drive fundamental shift in power risks

Covid-19 and climate change will fundamentally change the risk profile of power generation companies, according to the latest power market review from Willis Towers Watson (WTW). The Covid-19 pandemic has introduced unprecedented challenges for the global power sector from workplace and supply chain disruption. This has implications for machinery breakdown and business interruption exposures, according to WTW. Its report says…

Leading insurers to stop insuring Adani coalmine after early project cover reports

Leading insurers to stop insuring Adani coalmine after early project cover reports

Leading insurers to stop insuring Adani coalmine after early project cover reports

AXA XL, HDI Global and Liberty Mutual will not provide future insurance to Adani Group’s controversial Carmichael coalmine in Australia, after reports emerged that they supplied early project cover, according to The Guardian newspaper. The moves come after the three insurers and Aspen Re were named as providing “early works project insurance” at the mine, in a file seen by Guardian Australia.…

Hard power market has ‘truly arrived’: Willis

Hard power market has ‘truly arrived’: Willis

Hard power market has ‘truly arrived’: Willis

The power sector faces a “truly” hard insurance market as insurers continue to demand price increases, restrict capacity and tighten terms and conditions, according to a report from Willis Towers Watson (WTW). It says a hard market has “truly arrived” for the global power industry following two decades of almost continuous market softening. The report says pricing for non-loss making,…

Energy losses spike over last two years as resilience lags risk, warns Marsh JLT

Energy losses spike over last two years as resilience lags risk, warns Marsh JLT

Energy losses spike over last two years as resilience lags risk, warns Marsh JLT

Eight of the largest energy losses on record took place in the last two years, according to a new report by Marsh JLT Specialty that warns resilience in the sector lags risk. In a new report recording the 100 largest losses in the hydrocarbon industry during the past 45 years, Marsh JLT Specialty says: “The past two years have contributed…

Marsh JLT boosts renewable energy team

Marsh JLT boosts renewable energy team

Marsh JLT boosts renewable energy team

Marsh JLT Specialty has boosted its renewable energy team with the creation of new regional roles. Oliver Holme has been appointed to the newly created role of UK and US offshore wind leader. Mr Holme previously worked as lead risk and insurance specialist for a Danish utility. He will relocate to Boston from London early in 2021 and he will…

Blanket management decisions stopping upstream energy from ‘re-softening’, says WTW

Blanket management decisions stopping upstream energy from ‘re-softening’, says WTW

Blanket management decisions stopping upstream energy from ‘re-softening’, says WTW

The energy insurance market remains two-paced, with upstream conditions likely to be “re-softening” if insurance companies were not making blanket management decisions to refuse rate decreases, according to Willis Towers Watson’s (WTW) Energy Market Review 2020. But things remain tough for downstream buyers, it adds. The broker also warned that environmental social and governance (ESG) risks will combine with the…

‘Savage’ upstream energy conditions threaten capacity exists, warns Marsh JLT Specialty

‘Savage’ upstream energy conditions threaten capacity exists, warns Marsh JLT Specialty

‘Savage’ upstream energy conditions threaten capacity exists, warns Marsh JLT Specialty

Marsh JLT Specialty has warned that “savage” conditions facing upstream energy firms are likely to be made worse by insurance capacity withdrawals. In its latest energy report, the broker says the crisis facing upstream energy companies – fuelled by Covid-19 and a collapse the in oil price – is worse than any in living memory. While reduced output could be…

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