D&O and BI see biggest rate increases in US in second quarter – MarketScout

D&O and BI see biggest rate increases in US in second quarter – MarketScout

D&O and BI see biggest rate increases in US in second quarter – MarketScout

US commercial property and casualty (P&C) rates increased slightly in the second quarter of 2020, with the biggest increases being seen in directors and officers (D&O), professional liability and business interruption (BI). This is according to the MarketScout Market Barometer, which tracks rate movement for all industries and coverage classes, as well as by the size of the account (measured…

AXA XL appoints CEO for UK and Lloyd’s market

AXA XL appoints CEO for UK and Lloyd’s market

AXA XL appoints CEO for UK and Lloyd’s market

Sean McGovern has been appointed as CEO, UK and Lloyd’s market, at AXA XL. The insurer said he had been performing the role on an interim basis for some months and has now been confirmed on a permanent basis, subject to regulatory approval. AXA XL’s CEO Scott Gunter said: “Sean’s deep understanding of AXA XL’s business, coupled with his significant…

Civil unrest drives rise in Q2 cat losses, says Credit Suisse

Civil unrest drives rise in Q2 cat losses, says Credit Suisse

Civil unrest drives rise in Q2 cat losses, says Credit Suisse

US cat losses in the second quarter of 2020 will run 25% higher than the ten-year average, analysts at Credit Suisse have predicted, with the first two months of the quarter already reaching $17bn. It said civil unrest in the US will drive much of the increased loss and analysts said insurers could foot a bill as high as $1bn.…

Atradius reports ‘huge’ rise in late payments as pandemic recession bites

Atradius reports ‘huge’ rise in late payments as pandemic recession bites

Atradius reports ‘huge’ rise in late payments as pandemic recession bites

New research from international credit insurance group Atradius reports that late payments have “soared” in the US, Mexico and Canada (USMCA) region as businesses are hit by the impact of Covid-19. The insurer’s annual Payment Practices Barometer analyses the payment behaviours and sentiment of businesses in the USMCA region. This year’s survey results reveal compromised cashflows and an increased reliance…

Insurers face rapidly hardening reinsurance market that is set to last: Jefferies

Insurers face rapidly hardening reinsurance market that is set to last: Jefferies

Insurers face rapidly hardening reinsurance market that is set to last: Jefferies

Reinsurance rates are now rapidly firming, with prices rising 5% to 35% at the most recent renewals, according to Philip Kett, equity analyst with investment management firm Jefferies International. The analyst said in his latest note that the bank remains broadly positive on the sector, despite the need to recover some of the post-2017 losses and underlying claims inflation on…

Chubb proposes government/industry pandemic BI insurance

Chubb proposes government/industry pandemic BI insurance

Chubb proposes government/industry pandemic BI insurance

Chubb has proposed a model to cover future pandemic risks for businesses in the US, with the insurance industry and government sharing the risk. Under its Pandemic Business Interruption Program put to the US government, there would be two approaches – one for small businesses with up to 500 employees and a separate scheme for larger firms. Both schemes exclude…

Global insurance recovery from Covid-19 will outrun economies, says Swiss Re

Global insurance recovery from Covid-19 will outrun economies, says Swiss Re

Global insurance recovery from Covid-19 will outrun economies, says Swiss Re

Global insurance premiums will stage a full recovery next year after the impact of Covid-19, says Swiss Re in a new Sigma report, with the pandemic raising risk awareness levels and demand for protection. Rates are expected to harden in commercial lines and take non-life insurance premiums above pre-crisis levels, Swiss Re says, adding that emerging economies led by China…

Covid-19 to delay premium rate increase benefits for US commercial insurers

Covid-19 to delay premium rate increase benefits for US commercial insurers

Covid-19 to delay premium rate increase benefits for US commercial insurers

The coronavirus pandemic and its consequent economic fallout will delay any benefits for US commercial insurers from recent sharp premium rate improvement, according to Fitch Ratings. It said the pandemic has introduced considerable uncertainty for near-term underwriting performance that is expected to extend into 2021. However, Fitch said it is maintaining a stable ratings outlook on the US P&C insurance…

IAIS publishes register of Internationally Active Insurance Groups

IAIS publishes register of Internationally Active Insurance Groups

IAIS publishes register of Internationally Active Insurance Groups

The International Association of Insurance Supervisors (IAIS) has published a register of Internationally Active Insurance Groups (IAIGs) based on the names of IAIGs publicly disclosed by Group Wide Supervisors (GWS) as of 1 July 2020. The move follows the approval in November 2019 of ComFrame. The executive committee of the IAIS said the register is accompanied by information on its…

AXA XL announces China’s first foreign-owned reinsurance subsidiary

AXA XL announces China’s first foreign-owned reinsurance subsidiary

AXA XL announces China’s first foreign-owned reinsurance subsidiary

AXA XL’s China subsidiary, XL Insurance (China) Company Limited, has received approval from the China Banking and Insurance Regulatory Commission to change its business licence in China from an insurance licence to reinsurance. It will be the first foreign-owned reinsurance subsidiary in China. Peter Schmidt, chief executive emerging markets and CUO credit and surety – reinsurance, AXA XL, said: “Being…

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