US commercial lines rates rise in fourth quarter, but fall again in workers’ comp

US commercial lines rates rise in fourth quarter, but fall again in workers’ comp

US commercial lines rates rise in fourth quarter, but fall again in workers’ comp

Premium rates for the fourth quarter of 2018 in the US saw increases across nearly all major commercial lines compared to the third quarter, according to the IVANS Index. Workers’ compensation, however, saw average premium renewal rate change decrease further. Commercial auto, general liability, commercial property and umbrella all experienced the greatest premium renewal rate change in the fourth quarter.…

Reinsurance capital falls but supply continues to outstrip demand, says Aon

Reinsurance capital falls but supply continues to outstrip demand, says Aon

Reinsurance capital falls but supply continues to outstrip demand, says Aon

Global reinsurer capital fell by 2% in the first nine months of 2018 according to Aon, but alternative capital is playing a greater role. Traditional capital fell by $20bn to $496bn (-4%), while alternative capital rose by $10bn to $99bn (+11%). Aon estimates that global reinsurer capital stood at $595bn at 30 September 2018, down 2% relative to the end…

European Parliament report on review of European supervisory authorities

European Parliament report on review of European supervisory authorities

European Parliament report on review of European supervisory authorities

Insurance Europe has largely welcomed the European Parliament’s Economics and Finance Committee’s (ECON) report on the review of European supervisory authorities, including the European Insurance and Occupational Pensions Authority (EIOPA). However, it said concerns remain about proposed governance changes. “We welcome several of the proposals in the report, which could make EIOPA more accountable and give it a clearer mandate,”…

Nat cats top $1bn at Swiss Re in Q4

Nat cats top $1bn at Swiss Re in Q4

Nat cats top $1bn at Swiss Re in Q4

Swiss Re said natural catastrophe losses during Q4 2018 totalled $1bn with an additional $300m from man-made events during the quarter, raising its full-year 2018 catastrophe claims to an estimated $2.9bn, before tax and net of retrocession. The Camp and Woolsey wildfires in California recorded the highest losses for Swiss Re during the last quarter of 2018, with claims expected…

Chubb makes new APAC appointment

Chubb makes new APAC appointment

Chubb makes new APAC appointment

Global insurer Chubb has promoted Glen Browne to the role of deputy regional president for Asia-Pacific and division president, southeast Asia. Effective immediately, the role covers the general management of Chubb’s activity in Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam as well as any future southeast Asian territories. Mr Browne will be based in Singapore, reporting to Paul McNamee, senior…

Reinsurance rates movement ‘muted’ at renewal: Guy Carp

Reinsurance rates movement ‘muted’ at renewal: Guy Carp

Reinsurance rates movement ‘muted’ at renewal: Guy Carp

The impact of last year’s cat losses on property rates was “muted” at 1 January reinsurance renewals, with European business even recording a 2.5% fall in rates, according to Guy Carpenter’s Global Rate on Line Index that measures the change in catastrophe premium paid year on year. The US, most affected by hurricane and wildfire losses during 2018, pushed through…