Aon’s revenues, including those at its Commercial Risk Solutions business, are more or less flat this quarter and year to date, with profits up a touch at group level. Aon recorded flat revenues of $2.4bn in Q3. Commercial Risk Solutions saw revenues fall by 1% to $1.bn. Its organic revenue was up 2%, buoyed by Asia. Aon said Commercial Risk…
European risk managers must focus on selling their risks to insurers and delivering the best information possible as the market heads towards a difficult year-end renewal season, advised panellists who took part in a debate on the state of the corporate insurance market during Commercial Risk Europe’s annual conference with Belrim and Narim. The panel discussion took place only two…
Swiss Re Corporate Solutions fell to a $323m nine-month loss as Covid-19 cost $678m, but its parent group was keen to stress that the turnaround at its primary insurance unit is “gathering momentum” and underlying results show improvement. Meanwhile, Swiss Re group posted a $691m let loss for the first nine months of this year, although it reduced its deficit…
Willis Towers Watson (WTW) reported a 1% revenue increase for Q3 to $2bn, which added to a total pot of $6.6bn, and an increase of 4%, for nine months. WTW said the Covid-19 pandemic weighed on its revenues in Q3, which were down 1% for organic business. It expects this impact to last for the rest of this year. WTW…
Marsh & McLennan Companies’ (MMC) risk and insurance broking business saw operating income increase by almost 20% to $333m in Q3 as Marsh and Guy Carpenter contributed to the $540m group total, which rose by 15% on last year. Marsh and Guy Carpenter recorded a 28% increase in operating income for the nine months to 30 September at $1.9bn. This…
GVNW president Alexander Mahnke has warned insurers that the sector’s already tarnished reputation will be battered even further if they continue with an all too often disproportionate, confused and clumsy approach to renewals. As German risk and insurance managers grapple with the pandemic’s ongoing impact, they also face increasingly tense and difficult renewals as capacity dries up and industrial insurers…
The German risk and insurance management association GVNW has repeated its recent call for federal government and the German insurance association (GDV) to step up efforts to extend the state-backed credit insurance scheme, which was created to protect supply chains during the Covid-19 crisis, beyond the end of this year. During his annual speech to the association’s general assembly this…
Major ratings agencies Moody’s, Fitch and Standard & Poor’s (S&P) have placed AIG’s ratings under review following the group’s announcement that it will split its life and non-life business in two. AM Best, meanwhile, has affirmed both AIG’s debt and financial strength ratings. AIG said this week it plans to split off its life and retirement business from P&C operations.…
Chubb’s CEO Evan Greenberg says commercial insurance market hardening spread to more lines and territories in the third quarter and he believes there remains a way to go before the cycle’s peak is reached. Speaking during Chubb’s third-quarter results call, Mr Greenberg said the insurer continued to experience a “strong and continuously improving” commercial P&C pricing environment in Q3. He…
Moody’s Investors Service has said the three leading trade credit insurers will remain resilient in 2020, despite a coronavirus-related drop in revenue and rise in claims. The ratings agency said that Atradius, Coface and Euler Hermes have been helped by wide economic stimulus from governments as well as direct support, but will face higher claims in the months ahead as…