Leading reinsurance brokers have given a mixed message on the April 1 reinsurance renewals that came on the back of a spate of disasters in 2011, but agree that by the June and July renewal period rates will not be as soft as they were at the turn of the year.
Former chief executives of German telecommunications company Telekom have agreed to a settlement with their former employer in which they will each pay €600,000.
German freight forwarders, or logistic companies, fear that motor third party liability premiums for trailers may rise dramatically due to a decision of Germany’s Federal Court of Justice (IV ZR 279/08). “We expect significant price increases,” said Alex Schindler, head of the law and insurance division of German freight forwarders association BGL.
The nuclear crisis in Japan has fuelled pressures in France over the security of the country’s extensive network of nuclear plants and could delay the construction of a latest generation nuclear reactor.
CRE’s annual pan-European risk & insurance manager survey, supported again this year by XL Insurance, is underway. It comes as European risk and insurance managers are increasingly worried about the rising proportion of risk faced by their corporations that cannot be transferred at an affordable rate or with adequate conditions.
Commercial Risk Europe has launched an annual survey of Europe’s leading brokers of corporate risk. The survey aims to find out what they believe are the key services that risk managers need from their brokers, both today and in future, and how they should be delivered to help customers manage and transfer risks most effectively.
Airline passenger numbers are expected to rise globally by an average of 10% in 2011, following a downturn in numbers since the financial crisis. As a result insurance premiums rose by an average of 4% at 2010/11 renewals, according to Aon Risk Solutions.
Improving profitability driven by premium rises and better risk selection by Italian insurance companies has persuaded credit rating agency Fitch Ratings to revise its ratings outlook on the Italian non‐life market to stable from negative.
The European Union has imposed import controls on food and animal feed from areas of Japan potentially affected by the troubles at the Fukushima nuclear plant, to further limit any potential risk to its food chain.
Insured losses from natural catastrophes stood at $43bn in 2010, an increase of more than 60% on 2009, according to latest figures from Swiss Re’s sigma study. Worldwide economic losses reached $218bn, over three times the $68bn figure for the preceding year.