H1 £20bn insured disaster losses almost half the ten-year average, finds Swiss Re

H1 £20bn insured disaster losses almost half the ten-year average, finds Swiss Re

H1 £20bn insured disaster losses almost half the ten-year average, finds Swiss Re

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…

German risk managers face tough property renewal with HDI as fire losses mount

German risk managers face tough property renewal with HDI as fire losses mount

German risk managers face tough property renewal with HDI as fire losses mount

German insurance managers should not expect relaxed property renewals with HDI Global at coming renewals, as its parent company Talanx sent a clear message during the Hanover-based group’s half-year results that its combined ratio is not good enough and efforts to sort out the book need to be redoubled…

European heat and drought to cost agriculture sector billions, says Munich Re

European heat and drought to cost agriculture sector billions, says Munich Re

European heat and drought to cost agriculture sector billions, says Munich Re

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…

Mapfre restructures global risks business

Mapfre restructures global risks business

Mapfre restructures global risks business

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…

Insurers need to ‘rethink’ sharing economy transfer options, says Lloyd’s

Insurers need to ‘rethink’ sharing economy transfer options, says Lloyd’s

Insurers need to ‘rethink’ sharing economy transfer options, says Lloyd’s

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…

US storms drive nat cat losses in active June

US storms drive nat cat losses in active June

US storms drive nat cat losses in active June

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…

Ironshore’s European business moves to sister company Liberty Specialty Markets

Ironshore’s European business moves to sister company Liberty Specialty Markets

Ironshore’s European business moves to sister company Liberty Specialty Markets

Liberty Specialty Markets (LSM) will acquire the European insurance business of Ironshore Europe following a renewal rights agreement between the two companies, which are both part of Liberty Mutual. Ironshore’s European business – which includes contingency, construction, fine art and specie, liability, marine and personal accident lines – is currently written in Cologne, Zurich and Rotterdam. These offices will no…

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