More countries face the threat of terrorism in 2020 than last year, with multinationals increasingly at risk from right-wing extremists, finds Aon’s latest terrorism and political violence risk map. The map, produced in partnership with Risk Advisory, also shows that the risk of civil commotion is on the rise in advanced economies and is being exacerbated by Covid-19. Aon’s overall…
Global insured property losses from disasters totalled $31bn in the first half of 2020, below the ten-year average of $36bn but up 24% on the $23bn recorded in the same period last year, according to Swiss Re. Natural catastrophes accounted for $28bn of the insured loss total in H1, with most claims from secondary perils, finds the Swiss Re Institute’s…
AXA is considering the sale of its Singapore business and other operations to help raise funds, sources have reportedly told news agency Bloomberg. Bloomberg reports that the French insurer has appointed an adviser to help with the potential sale, according to an anonymous source. AXA’s Singapore operation offers both life and property and casualty insurance, and secured a reported €615m…
The Africa Centres for Disease Control and Prevention (Africa CDC) and African Risk Capacity (ARC) have launched two Covid-19 modelling tools for Africa: Covid-19 Potential Outcomes Scenarios and Covid-19 Spread Simulation Tool for Africa. The aim is to help African Union member states evaluate the potential magnitude of Covid-19 in their countries and make a decision on an appropriate response…
Africa Trade Insurance Agency (ATI) has posted a record eighth consecutive year of growth to hit total gross assets of more than $6.4bn and $27.7m in profits. The agency’s annual general meeting (AGM) also approved three new membership applications, including one from a AAA-rated non-African country, collectively expected to yield about $47m in new capital. In addition to these new…
South Africa’s fourth-largest non-life insurer Guardrisk is the first South African insurer reported to have settled business interruption (BI) claims related to the impact of Covid-19, reaching agreement with up to 700 small business clients that were fighting its decision to reject their BI claims. Guardrisk was recently taken to court by Café Chameleon CC, where the insurer lost its…
South Africa’s Financial Services Conduct Authority (FSCA) has confirmed that Dube Tshidi has been appointed by Tito Mboweni, the minister of finance, to perform the functions of the commissioner. The designation is effective from 6 August 2020 for a three-month period until 5 November 2020, or until a commissioner is appointed and assumes office – whichever occurs sooner.
Chubb has appointed Paul Krump as vice-chairman of global underwriting and claims, with John Lupica named president of North American insurance. Mr Krump is currently executive president of Chubb Group and president of North America commercial and personal insurance. In his new role, Mr Krump will oversee high-level underwriting policy and claims across Chubb’s P&C insurance product lines. Mr Krump…
Karen Clark & Company (KCC) estimates insured losses from Hurricane Isaias of about $4bn in the US and $200m in the Caribbean. The company said the estimate includes privately insured wind and storm surge damage to residential, commercial and industrial properties, as well as automobiles. It does not include US National Flood Insurance Program (NFIP) losses. The insured loss figure…
Average commercial insurance price increases of 31% in the UK and 15% in continental Europe during the second quarter contributed to a global increase of 19%, with property and financial and professional (finpro) lines leading the accelerating market hardening, according to the latest figures from marsh. The year-on-year increases were the biggest since the broker’s Global Insurance Market Index was…