German insurers insulated from Covid-19 investment shocks, says AM Best

German insurers insulated from Covid-19 investment shocks, says AM Best

German insurers insulated from Covid-19 investment shocks, says AM Best

AM Best has maintained its stable outlook for the German non-life insurance market, after the sector’s conservative investments held it steady as Covid-19 shook financial markets globally. AM Best said insurers’ exposure to financial market instability is limited, although Germany’s insurers will record lower premium income in the wake of the pandemic. Growth in Germany’s non-life insurance market in 2020…

Covid-19 heightens key risks and raises operational threat for several EU countries: Control Risks

Covid-19 heightens key risks and raises operational threat for several EU countries: Control Risks

Covid-19 heightens key risks and raises operational threat for several EU countries: Control Risks

The Covid-19 pandemic has heightened political and economic risks, with a bungled recovery and threat of economic paralysis meeting political weakness the top threats, warns Control Risks in a special edition of its Risk Map 2020. Control Risks has also raised the operational risk level for several European countries following Covid-19. This includes the UK, Spain and Germany, which all…

GVNW calls on ministry to progress state-backed pandemic pool discussion

GVNW calls on ministry to progress state-backed pandemic pool discussion

GVNW calls on ministry to progress state-backed pandemic pool discussion

The German risk and insurance management association (GVNW) has pushed the Federal Ministry of Finance to move forwards with discussions with the GVNW and representatives of the German insurance industry, to develop a state-backed insurance scheme to provide business insurance cover for pandemic risks. The GVNW, led by president Alexander Mahnke, has written again to the ministry, urging it to…

Fewer businesses report cyberattacks but costs soar, finds Hiscox survey

Fewer businesses report cyberattacks but costs soar, finds Hiscox survey

Fewer businesses report cyberattacks but costs soar, finds Hiscox survey

The cost of cyberattacks to businesses has spiked almost six-fold to an average $57,000 per event in the past year, according to a new global study from Hiscox. Total cyber losses reported by almost 5,600 companies polled rose to $1.8bn from $1.2bn. But the proportion of surveyed businesses targeted by cyberattacks also fell significantly from 61% to 39%. Some 51% of…

New deal for consumers: EU Representative Action on the home stretch

New deal for consumers: EU Representative Action on the home stretch

New deal for consumers: EU Representative Action on the home stretch

The die is cast. Consumers are set for greater rights to redress across Europe as the new legal action for the joint enforcement of consumer claims, as announced in the European Union’s New Deal for Consumers, is becoming a reality. The legislative procedure at European level, which started with the presentation of the draft directive on representative actions for the…

Pandemic accelerating market hardening in Europe, says Marsh

Pandemic accelerating market hardening in Europe, says Marsh

Pandemic accelerating market hardening in Europe, says Marsh

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…

S&P revises AGCS outlook to negative over reserving and pandemic loss fears

S&P revises AGCS outlook to negative over reserving and pandemic loss fears

S&P revises AGCS outlook to negative over reserving and pandemic loss fears

S&P Global has revised its outlook on Allianz Global Corporate & Specialty’s (AGCS) AA ratings from stable to negative, due to fears of further reserve strengthening and the impact of Covid-19 losses. While affirming AGCS’s AA ratings, S&P’s revised outlook is based on its belief that the unit will continue to see weak underwriting performance in 2020, and that plans…

HDI Global reshuffles management board with liability and German appointments

HDI Global reshuffles management board with liability and German appointments

HDI Global reshuffles management board with liability and German appointments

HDI Global has made several major changes to its management board following the departure of Frank Harting, head of industry division and corporate in Germany, with Andreas Luberichs named as his replacement and Mukadder Erdönmez appointed head of liability. Dr Erdönmez will join HDI Global in September from AXA XL, where he is head of international casualty Europe, Africa and…

Frank Bergert succeeds Tobias Braun as CEO of Thomas Miller Hamburg

Frank Bergert succeeds Tobias Braun as CEO of Thomas Miller Hamburg

Frank Bergert succeeds Tobias Braun as CEO of Thomas Miller Hamburg

Frank Bergert has replaced Thomas Miller Hamburg CEO Tobias Braun, who has left the company after eight years to “pursue new endeavours”. Mr Bergert has been involved in the company through a consultative role since it acquired Zeller Associates in October 2018. He has also been on the board of Thomas Miller Insurance Germany since that deal was completed. Hugo…

Global Insurance Law Connect adds German law firm to network

Global Insurance Law Connect adds German law firm to network

Global Insurance Law Connect adds German law firm to network

The international legal network Global Insurance Law Connect (GILC) has added the German law firm Arnecke Sibeth Dabelstein as a member of the network. GILC now has 18 members, and the European group of GILC member firms now includes France, Germany, Spain, the UK, Italy, Switzerland, Belgium, Luxembourg, Norway and Finland. Arnecke Sibeth Dabelstein has six office locations in Germany.…

1 2 3 68