Hardening in the mining insurance market is accelerating, as large losses and capacity withdrawals make for challenging renewals, according to Willis Towers Watson (WTW). While not yet a true hard market, the tide has turned for property and casualty mining risks, making it harder for some mining companies to purchase the cover they desire, according to the broker’s Mining Risk…
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,…
Marsh reports that warranty and indemnity (W&I) claim notifications are up 293% across Europe, the Middle East and Africa (EMEA) between 2016 and 2018, with the cover gaining in popularity and notifications as a proportion of policies placed rises. In its Transactional Risk Insurance Claims Study, Marsh also finds a reduction in the time taken to settle W&I claims. In…
Insurers across the 14 countries of the CIMA (Francophone Africa) region are promising to use credit insurance products to help SMEs cope with insolvency risks. The International Insurance Institute has urged African companies to use credit insurance-surety products to help their customers deal with insolvent customers. CIMA has been searching for an insurance-led solution to the problem that small businesses…
QBE reported cash profit after tax up 35% to $520m in the first half of this year, helped by lower claims, improved investment and average group-wide premium increases of 4.7%. Gross written premium (GWP) rose 1% to $7.6bn, with the firm’s net profit after tax up 29% to $463m compared with the same period in 2018. The group reported an…
Mactavish said companies, including directors and officers, face a growing threat of being sued for failing to prepare for no-deal Brexit and warned many related insurance claims could be rejected. The insurance governance firm said companies face “major” liability risks over failing to adequately prepare for Brexit. Many investors, suppliers and other stakeholders will sue a company if it is…
Swiss Re Corporate Solutions (SRCS) is pulling back from several underperforming classes that will see its gross written premium reduce by around 20% as Swiss Re’s primary insurer attempts to turn around its troubled business. The firm reassured analysts and customers that it will build upon its recent investment to become a lead carrier in areas of focus, and deliver…
Marsh revealed during its second-quarter results call that average global commercial insurance prices rose nearly 6% in Q2. This is the biggest increase the firm’s Global Insurance Market Index has recorded since it began tracking in 2012, and marks the seventh consecutive quarter of rising prices. Marsh & McLennan Companies (MMC) president and CEO Dan Glaser told analysts the 6% jump follows…
AXA XL Insurance has appointed Simona Fumagalli as head of international financial lines, Europe. In her new role, Ms Fumagalli will be responsible for developing AXA XL Insurance’s financial lines underwriting strategies and product offering in the region. In addition, she will remain in her current position as country leader for Italy until a successor has been appointed. Ms Fumagalli…
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…