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…
Prices for continental European commercial insurance coverage increased for the third consecutive quarter, as average commercial insurance pricing rose nearly 6% globally in second-quarter 2019, according to global broker Marsh. The latest Global Insurance Market Index published by the broker reports the largest increase since the survey began in 2012, and the seventh consecutive quarter of average pricing increases in…
Global insurance industry mergers and acquisitions (M&A) have increased by 13% in the first half of 2019, the highest level since 2015, according to Clyde & Co’s Insurance Growth Report mid-year update. The first half of 2019 saw 222 completed deals worldwide, up from 196 in the second half of 2018, the biggest increase in the volume of transactions since…
AXA CEO Thomas Buberl will have been delighted to report that AXA XL – the combination of XL Group, AXA Corporate Solutions Assurance and AXA Art – had a “great” first half of 2019 with revenues up by 9% to €10.4bn, a combined ratio of 98.3% and underlying earnings of €502m from a group total of €3.6bn. Mr Buberl took…
French bank Natixis has said there is no truth to the rumour, which began circulating on Friday, that it is selling its share in French trade credit insurer Coface. In a statement, Natixis said there is “no discussion underway” to divest its shareholding. US private equity fund Apollo Global Management was reported to have made an offer for Natixis’s stake…
Severe weather events across Europe last month caused at least €1.42bn of economic damage, with insurance expected to cover about €1.24bn of the losses, according to Aon. In its latest Global Catastrophe Recap report, the broker says that weather between 10 June and 12 June resulted in large hail, strong gusts of wind and intense rainfall across multiple countries in central…
Solid growth in the global non-life insurance sector – particularly in China and other countries in emerging Asia, but also among advanced markets – saw global insurance premiums pass the $5trn mark for the first time in 2018, according to Swiss Re. This is equivalent to more than 6% of global gross domestic product (GDP). The latest sigma from Swiss…
Reform of France’s natural catastrophe insurance regime this summer now looks “optimistic”, according to legal experts. Proposals to reform the system, known as CAT NAT in France, were expected to be proposed by government during the first half of 2019. But in its recent Risk Radar report, the Global Insurance Law Connect (GILC) network says the proposals are still in discussion…
Former AMRAE president Gérard Lancner, who is credited with accelerating the professionalisation of France’s risk management association, has passed away. He died on 25 June, aged 70. AMRAE expressed “great sadness” at Mr Lancner’s death. He led the association between 2008 and 2011 – a period when AMRAE boosted its internationalisation efforts. “Gérard had great ambitions for AMRAE, which has…
Berkshire Hathaway Specialty Insurance (BHSI) has established a new office in Paris after receiving its insurance licence in France. BHSI has appointed François-Xavier d’Huart as country manager. BHSI will underwrite property, casualty, and executive and professional lines in France with immediate effect. The company said it expects to launch several other products in the months ahead. “We are pleased to continue…