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,…

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…

QBE sees profits rise as rates increase by 4.7%

QBE sees profits rise as rates increase by 4.7%

QBE sees profits rise as rates increase by 4.7%

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…

Growing Brexit liability risk as validity of insurance questioned: Mactavish

Growing Brexit liability risk as validity of insurance questioned: Mactavish

Growing Brexit liability risk as validity of insurance questioned: Mactavish

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 to slash 20% of book as strategic review kicks in

Swiss Re Corporate Solutions to slash 20% of book as strategic review kicks in

Swiss Re Corporate Solutions to slash 20% of book as strategic review kicks in

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 index records biggest quarterly insurance price rise of 6% in Q2

Marsh index records biggest quarterly insurance price rise of 6% in Q2

Marsh index records biggest quarterly insurance price rise of 6% in Q2

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 appoints Fumagalli head of financial lines in Europe

AXA XL Insurance appoints Fumagalli head of financial lines in Europe

AXA XL Insurance appoints Fumagalli head of financial lines in Europe

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…

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…

US firms Travelers and Berkley report rising insurance rate increases

US firms Travelers and Berkley report rising insurance rate increases

US firms Travelers and Berkley report rising insurance rate increases

US insurers Travelers and WR Berkley said rate increases are rising as they delivered solid second-quarter and half-year results. Travelers saw net income rise 6% in the second quarter to $557m. It was up 13% to $1.35bn for the first half of the year. The company’s combined ratio stood at 98.4% in Q2, from 98.1% in the same period of…

Beazley’s profits triple on back of higher than expected rate rises

Beazley’s profits triple on back of higher than expected rate rises

Beazley’s profits triple on back of higher than expected rate rises

Beazley has tripled profits in the first half of this year, on the back of higher than expected rate increases. The big Lloyd’s player saw pre-tax profits rise to $166.4m in the first half of 2019, compared to $57.5m in the same period last year. This is despite claims driving the company’s combined ratio up to 100% from 95% in…

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