Global insurance premiums will stage a full recovery next year after the impact of Covid-19, says Swiss Re in a new Sigma report, with the pandemic raising risk awareness levels and demand for protection. Rates are expected to harden in commercial lines and take non-life insurance premiums above pre-crisis levels, Swiss Re says, adding that emerging economies led by China…
Covid-19 claims will cost Chubb $1.37bn in the second quarter of 2020, with total cat losses for the period nearer $1.81bn. Chubb said the bulk of Covid-19 losses at $605bn were from entertainment and commercial business interruption policies, as well as accident and health products including travel insurance. A further $553m of its Covid-19 losses is booked to liability products,…
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.…
Many commercial insurance buyers will face significant cuts to their insurance budgets during 2020 and into 2021 as a result of Covid-19, just as insurers crank up rate increases, warned Hugo Wegbrans, global chief broking officer at Aon. This will leave many companies facing difficult questions about insurance cover. Mr Wegbrans predicted that the commercial and specialty insurance market will…
HDI Global Specialty has boosted its management liability and financial institutions team with two hires from Neon Syndicate 2468, continuing its acquisition of staff from the insurer since US owner American Financial Group (AFG) said it would place Neon Underwriting into runoff. Charles Boorman will head HDI Global Specialty’s management liability and financial institutions unit, while Louise Parker joins as…
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…
EC3 Brokers has appointed John Collier as divisional director in an expansion of the broker’s international financial and professional lines business. He will work alongside David Purdy, fellow divisional director of the unit. Mr Collier joined EC3 Brokers on 1 April from Willis Towers Watson where he managed complex insurance programmes for large international finance firms. He brings almost 30…
EC3 Brokers has launched a specialty division, focused on cyber and casualty risks, with the appointment of Jonathan Lane to head the new unit. Mr Lane joins the broker from RFIB where he was head of financial lines, professional indemnity and cyber. He is joined by Dominic Toogood and Gary Moore. All three will report to James Murphy, head of…
Average commercial insurance rates rose by an eye-watering 21% in the UK during the first quarter and were up 8% in continental Europe, according to Marsh’s latest index, which says Covid-19 will likely impact pricing for the remainder of this year. Many of the increases were driven by financial lines, particularly D&O, but property market rises are now significant and…
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…