Covid-19 set to extend hard market through 2021, says WTW

Covid-19 set to extend hard market through 2021, says WTW

Covid-19 set to extend hard market through 2021, says WTW

The Covid-19 pandemic and resultant economic downturn are set to extend the hard US commercial insurance market through 2021, according to Willis Towers Watson (WTW) in a report that shows buyers already face tough conditions. “The pandemic and economic downturn will very likely extend the hard market through 2021, with market discipline continuing as insurers’ losses materialise and their investment…

Aon responding to demand for balance sheet solutions to cope with virus

Aon responding to demand for balance sheet solutions to cope with virus

Aon responding to demand for balance sheet solutions to cope with virus

Aon withdrew its 2020 guidance on revenues and profits as it announced its first-quarter results on Friday, because of the uncertainty caused by the Covid-19 pandemic. The group is preparing for a likely reduction in revenues in coming quarters because of the global economic downturn caused by the virus. It assured investors that it is proactively managing its cost base…

Climate change risks cannot be ignored through Covid-19 crisis

Climate change risks cannot be ignored through Covid-19 crisis

Climate change risks cannot be ignored through Covid-19 crisis

Risk managers cannot afford to ignore climate change risks, despite the immediate Covid-19 crisis, and should be encouraging their directors and officers to maintain climate change on boardroom agendas if they are to thrive in the coming months. Experts speaking at a webinar organised by Commercial Risk warned climate change activists will be working hard despite the lockdowns, and will be…

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…

Europe’s ESG disclosures should be mandatory across the world, says DBRS

Europe’s ESG disclosures should be mandatory across the world, says DBRS

Europe’s ESG disclosures should be mandatory across the world, says DBRS

The rest of the world should follow Europe in mandating disclosures of corporates’ environmental, social and governance (ESG) risks, according to credit ratings agency DBRS Morningstar. It said global use of ESG reporting would make disclosures more comparable and standardised. Many large companies outside the EU have followed investor appetite for ESG disclosures and voluntarily publish ESG risks, but this…

Australian hailstorms to cost property insurers $670m

Australian hailstorms to cost property insurers $670m

Australian hailstorms to cost property insurers $670m

PERILS, the Zurich-based catastrophe modelling firm, has estimated the insured property loss for the hailstorms that hit the Australian states of Victoria, New South Wales, Queensland and the Australian Capital Territory on 19-21 January at A$670m. The firm explained that the hailstorms were created by a large-scale weather pattern that affected the three states along Australia’s east coast. This created…

Australia braces for more cat losses as Esther threatens to re-intensify

Australia braces for more cat losses as Esther threatens to re-intensify

Australia braces for more cat losses as Esther threatens to re-intensify

Australian citizens and insurers are bracing themselves for another week of catastrophic losses as former Tropical Cyclone Esther tracks an unpredictable path across northern Australia and could re-intensify later in the week, according to the Bureau of Meteorology which described it as “a remarkable system”. Australia is still picking up the pieces of months of devastating bushfires that will cost…

Japan, Singapore and World Bank to back cat programme for low-income Asian nations

Japan, Singapore and World Bank to back cat programme for low-income Asian nations

Japan, Singapore and World Bank to back cat programme for low-income Asian nations

The governments of Japan and Singapore, along with the World Bank, are reportedly developing a natural catastrophe protection programme for lower-income Asian countries that could be launched in the Spring of this year, according to the Nikkei Asian Review. According to the report, Myanmar and Laos will be the first to receive cover under the scheme to protect national infrastructure…

Japanese insurers come under increased pressure over coal industry support

Japanese insurers come under increased pressure over coal industry support

Japanese insurers come under increased pressure over coal industry support

The pressure on Japanese insurers and wider financial services groups to pull their backing from the climate-damaging coal sector has been intensified in recent weeks, as Japan’s environment minister Shinjiro Koizumi publicly stated that the use of public funds for the Vung Ang 2 coal-fired power-generation project in Vietnam was inconsistent with policies of the Japanese government. Mr Koizumi’s statement…

Cyber voted top business risk for first time in Allianz Risk Barometer

Cyber voted top business risk for first time in Allianz Risk Barometer

Cyber voted top business risk for first time in Allianz Risk Barometer

Cyber has been voted the biggest risk facing business globally and in Europe for the first time ever in the Allianz Risk Barometer, replacing business interruption (BI), which has held the top spot for seven years. The 2020 barometer also shows that climate change is the biggest climber globally, placing in its highest-ever position of seventh, while changes to legislation and…

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