European insurers are better prepared for economic risk than they were before the financial crisis of 2008, and therefore well placed to withstand Brexit or a downturn in global trade, according to Standard & Poor’s Global Ratings (S&P). Both a disruptive Brexit and global trade are named as the top risks facing European credit conditions. Both are rated by S&P…
Allianz Global Corporate & Specialty’s (AGCS) profits more than doubled in 2018 to €282m and gross written premiums rose by 10% to €8.2bn, despite “relatively high” claims. The unit’s combined ratio improved to 101.5% in 2018 from 105.2% the previous year. But this is still higher than the group-wide P&C figure of 94% and above the 100 mark. AGCS said…
Allianz has delivered a 4% increase in operating profit to €11.5bn for full-year 2018, driven by P&C business where profit was up 13% to €5.7bn. P&C business hit its target combined ratio of 94% in 2018, improved from 95.2% a year earlier. Its revenues were up 2.6% to €53.6bn. Allianz said P&C numbers were based on strong underwriting results and…
AIG has reported an after-tax loss of $559m in Q4, booking a reserve charge of $365m to close full-year 2018 with a loss of $6m…
Japanese insurer Mitsui Sumitomo Insurance (MSI) has concluded a strategic alliance with Ingosstrakh Insurance Company, the fourth biggest non-life insurance company in the Russian Federation based on 2017 gross written premiums, in a deal designed to support the growing activities of Japanese companies in Russia. The latest move in Russia follows a series of deals and acquisitions carried out by…
Global insurance merger and acquisition (M&A) activity was up by 9% last year, according to Clyde & Co, but the law firm said political and economic uncertainty around the world would mean a slowdown in deals, at least in the short term. The Americas, Europe and Asia-Pacific all saw an increase in M&A activity in 2018. Clyde & Co’s insurance…
The Captive Insurance Companies Association (CICA) has produced a guide designed to address misperceptions about risk pools and highlight some commonly accepted practices. “CICA has always been a leader in championing the use of best practices for operating captive insurance companies, and we’re pleased to expand our best practice resources with this new guidance document,” said CICA president Dan Towle.…
A new regulation that gives preferential treatment to Hong Kong-based reinsurers allowed the territory’s reinsurance industry to expand quickly last year, according to the South China Morning Post. The paper reported that the total gross premium of all reinsurance companies in Hong Kong rose 9.1% to HK$10bn ($1.27bn) in the first nine months of the year, according to data from…
The French Government has cleared the way for UK insurers to continue paying claims on French risks should a no-deal Brexit take place, but stressed that contract renewals will be forbidden between UK carriers and French clients…
Aon will help to digitalise property claims management services, after forming a strategic alliance with insurtech firm Claim Central, which developed digitalised property claims adjusting and repairs for insurers following Hurricanes Harvey and Irma. Aon said Claim Central’s technology digitalises the property claims process with functions including live video streaming, aerial images, real-time chat and digital payments. This negates the…