Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Global insurance prices rose 20% in Q3, with increases of 34% in the UK and 15% in continental Europe, according to Marsh’s latest index, which saw the biggest jump since it began tracking figures back in 2012. The broker said it expects this rising trend to continue into 2021. Marsh’s third-quarter Global Insurance Market Index shows that all regions around…

Average rates up between 11% and 30% in Q2 as gap between supply and demand grows: Aon

Average rates up between 11% and 30% in Q2 as gap between supply and demand grows: Aon

Average rates up between 11% and 30% in Q2 as gap between supply and demand grows: Aon

Rates continue to harden across the global insurance market with average rises between 11% and 30% in the second quarter, according to Aon, that warns the gap between supply and demand in the EMEA region is increasingly working against buyers. The broker’s Q2 2020 Global Market Insights publication reveals that average price increases in all four regions – EMEA, North America,…

Q2 rates up 31% in UK and 15% in continental Europe, with upward pressure for 2020: Marsh

Q2 rates up 31% in UK and 15% in continental Europe, with upward pressure for 2020: Marsh

Q2 rates up 31% in UK and 15% in continental Europe, with upward pressure for 2020: Marsh

Average commercial insurance price increases of 31% in the UK and 15% in continental Europe during the second quarter contributed to a global increase of 19%, with property and financial and professional (finpro) lines leading the accelerating market hardening, according to the latest figures from marsh. The year-on-year increases were the biggest since the broker’s Global Insurance Market Index was…

AGCS announces major shakeup to ‘rebuild’ profitability

AGCS announces major shakeup to ‘rebuild’ profitability

AGCS announces major shakeup to ‘rebuild’ profitability

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.…

World Bank pandemic bonds will be triggered if virus cases escalate in developing world

World Bank pandemic bonds will be triggered if virus cases escalate in developing world

World Bank pandemic bonds will be triggered if virus cases escalate in developing world

The World Bank’s pandemic bonds, which could provide $132.5m of funds to countries within the International Development Association (IDA) and International Bank Reconstruction and Development (IBRD), will be triggered and paid out – but only if reported cases of coronavirus continue to escalate rapidly in the developing world, as cases in China and Europe show welcome signs of plateauing. Credit…

Ghana signs up to ATI in €16m deal

Ghana signs up to ATI in €16m deal

Ghana signs up to ATI in €16m deal

Ghana’s Ministry of Finance and German bank KfW have agreed a financing agreement in the amount of €Ä16m that will enable Ghana to secure its shareholding and membership of the African Trade Insurance Agency (ATI). Ghana’s shareholding in ATI enables the government to further develop the private sector, which is a key reform agenda under the Reform and Investment Partnership…

Hardening market accelerates for mining risks as renewals approach, says Willis report

Hardening market accelerates for mining risks as renewals approach, says Willis report

Hardening market accelerates for mining risks as renewals approach, says Willis report

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…

Marsh figures show jump in W&I claims across EMEA

Marsh figures show jump in W&I claims across EMEA

Marsh figures show jump in W&I claims across EMEA

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…

CIMA insurers pledge to reduce insolvency risks

CIMA insurers pledge to reduce insolvency risks

CIMA insurers pledge to reduce insolvency risks

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…

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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