First-half nat cat and man-made disaster losses of $20bn were well down on the $35bn ten-year average, according to preliminary Swiss Re figures. The reinsurer’s sigma numbers show that nat cats caused $18bn of insured losses in the first half of 2018, compared to a ten-year average of $35bn. Man-made disaster losses stood at just $2bn, from an average of…
Europe’s risk and insurance management community can expect no loss of appetite and capacity from the combined AXA-XL Catlin commercial insurance operations at the coming year-end renewals, AXA CEO Thomas Buberl told analysts during the group’s recent second-quarter results announcement…
The heatwaves, droughts and forest fires currently affecting swathes of Europe will cost the agriculture sector billions of dollars with entire harvests lost in some cases, Munich Re warns. According to the reinsurer, the grain harvest in Germany is likely to be down more than 10% on the long-term average as a result of the hot and dry weather. Total…
AXA is relocating its core businesses in France, including Corporate Solutions, to a single building in Paris as part of its ONE AXA transformation plan. From the beginning of September, AXA Corporate Solutions and AXA MATRIX Risk Consultants will be housed in the JAVA building in the Batignolles eco district of the French capital. Other French AXA businesses will also…
Chubb has converted two of its core businesses to Societas Europaea (SE) status, paving the way to redomicile Chubb European Group and ACE Europe Life from the UK to France at the beginning of next year and deal with Brexit…
Mapfre has reorganised its global risks business, designed to increase the capacity for large commercial risks. The insurer said Mapfre Global Risks will continue to be the business unit dedicated to global clients. “As part of this process, Mapfre Global Risks will continue to be Mapfre’s business unit specialising in providing comprehensive and innovative insurance solutions to large companies, multinational…
Willis Towers Watson has established a dedicated team of three facultative reinsurance specialists in France. Operating under the Gras Savoye Facultative brand and out of its Paris office, Amélie des Monstiers will head up the division. Willis Towers Watson said the dedicated team will reinforce its existing facultative operations and help lead its facultative strategy across France. The Paris-based team…
An updated terror model has been developed by RMS to include new and increasing threats, such as lone-wolf terrorist attacks. RMS said it expects more lone-wolf terror plots, particularly aimed at soft targets with public access such as hotels, transport hubs and night clubs with crowds of people and limited exit routes. The new model has also refined the Terrorism…
Insurers may need to go back to the drawing board to cover new risks arising from the sharing economy that typically sees peers offering services via online sites, say Lloyd’s and Deloitte in analysis of the booming sector. To address these new risks insurers must rethink traditional cover, the study by the two organisations finds. Lloyd’s head of innovation, Trevor…
Global catastrophes made June the most active month for natural disasters this year, with insurance claims led by more than $3bn of losses from eight recorded convective storms and flash floods in the US, according to Aon’s Impact Forecasting. Large hailstones, some the size of baseballs, and winds affected parts of the Rockies, Plains, midwest, southeast and northeast in the…