AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL is reviewing its policies to tackle non-affirmative, also known as silent, cyber cover wherever possible, the insurer told Commercial Risk Europe. The company’s head of international cyber, James Tuplin, said AXA XL will then decide product by product whether and how cyber cover is included in its range of insurances. A growing number of insurers and insurance markets,…

Argo warns investors of Q2 earnings hit from reserve increases

Argo warns investors of Q2 earnings hit from reserve increases

Argo warns investors of Q2 earnings hit from reserve increases

Argo Group International, the Bermuda-based specialty insurance and reinsurance group, has announced that its results for the second quarter of 2019 will be hit by prior-year reserve increases in its London, Europe and Bermuda operations. Argo has faced a tough period in recent times as activist investor Voce Capital accused the insurer, and CEO Mark Watson in particular, of extravagant…

Insurers report further market hardening in early results

Insurers report further market hardening in early results

Insurers report further market hardening in early results

The first insurers reporting second-quarter and half-year results say rate increases are on the rise, with hardening conditions spreading to further lines and regions. The changing market in favour of insurers is helping many to deliver decent numbers. The firming market enabled Chubb to report another excellent set of quarterly and half-year results as it benefited from a “flight to…

Downstream energy insurance buyers faced ‘bruising’ Q2 rate hikes in two-paced market

Downstream energy insurance buyers faced ‘bruising’ Q2 rate hikes in two-paced market

Downstream energy insurance buyers faced ‘bruising’ Q2 rate hikes in two-paced market

Downstream energy buyers have been hit by “bruising” rate increases in the second quarter of this year, but those accessing the upstream market have incurred rises of no more than 2.5%, and in some cases none at all, according to the latest update from Marsh JLT Specialty. Median rate increases of 10% for downstream energy buyers during the first quarter…

Insurance costs to rise as two more tankers hit in Gulf of Oman

Insurance costs to rise as two more tankers hit in Gulf of Oman

Insurance costs to rise as two more tankers hit in Gulf of Oman

Two further torpedo attacks on oil tankers in the Gulf of Oman that left one vessel ablaze and both adrift are likely to drive insurance rates up and persuade marine and energy insurers to tighten conditions, according to international law firm DWF. The likely total value of goods involved in the latest attacks is about $65m, according to risk management…

Capacity shrinks in ‘bleak’ downstream market: Willis

Capacity shrinks in ‘bleak’ downstream market: Willis

Capacity shrinks in ‘bleak’ downstream market: Willis

Downstream energy buyers face tightening insurer capacity for the first time since the 2001 Twin Towers attack in New York, according to Willis Towers Watson’s Energy Market Review 2019. Coupled with heavy losses, rate increases are persisting as “the fight to survive for some insurers is now entering a decisive phase”, it adds…

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh executives have sought to allay risk manager concerns that the JLT acquisition will lead to a lack of focus, loss of talent and seriously harm competition in the sector. Speaking the day after the deal completed, they said the combined company will redouble efforts to put clients at the centre of its thinking and decision-makers close to the front line of risk…

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