Growing awareness of the benefits of captives among Asian companies, combined with greater scrutiny of how corporations manage their taxation policies, are helping drive strong growth in the captive sector in Labuan, according to Danial Mah, director general, Labuan Financial Services Association (Labuan FSA). Mr Mah revealed first-half 2019 captive numbers that showed a healthy upwards momentum during the recent…
QBE reported cash profit after tax up 35% to $520m in the first half of this year, helped by lower claims, improved investment and average group-wide premium increases of 4.7%. Gross written premium (GWP) rose 1% to $7.6bn, with the firm’s net profit after tax up 29% to $463m compared with the same period in 2018. The group reported an…
Insurance Australia Group (IAG) has reported a significantly improved net profit after tax of just over $1bn for full-year 2019 ending 30 June. This is up more than 16% over the prior year, partly driven by further price strengthening in its commercial insurance book, particularly in Australia. Commercial insurance prices written by IAG in Australia rose by 6% during the year…
Most cyber attacks are multinational and show little regard for borders. As a result, cyber risk transfer is ideally suited to a multinational programme, explains Mark Camillo, head of cyber, AIG. The WannaCry ransomware attack was unprecedented in its scale when it spread around the world in 2017. It is estimated that around 200,000 computers were infected across 150 countries,…
The most valuable assets a company owns often are no longer physical. Indeed, several studies indicate that the intangible assets of the world’s 500 largest companies make up roughly 85% of their value. Intangible assets can include a company’s brand, intellectual property and datasets. Risks to those assets can be hard to quantify, manage and transfer. Marine Charbonnier, global programmes…
Swiss Re Corporate Solutions (SRCS) is pulling back from several underperforming classes that will see its gross written premium reduce by around 20% as Swiss Re’s primary insurer attempts to turn around its troubled business. The firm reassured analysts and customers that it will build upon its recent investment to become a lead carrier in areas of focus, and deliver…
Allianz Global Corporate & Specialty (AGCS) reported a healthy jump in gross written premiums in the first half of this year and an average rate increase of 6.3% across its book, with some lines recording significantly higher price rises. But profits took a dip. Allianz group said AGCS, along with credit insurer Euler Hermes and its German P&C business, helped…
Global insurance industry mergers and acquisitions (M&A) have increased by 13% in the first half of 2019, the highest level since 2015, according to Clyde & Co’s Insurance Growth Report mid-year update. The first half of 2019 saw 222 completed deals worldwide, up from 196 in the second half of 2018, the biggest increase in the volume of transactions since…
Chubb has launched an integrated solution for professional service firms in the US, to mitigate a range of unique exposures that can impact their businesses. Chubb said Pro ERMSM was developed in response to ever-evolving exposures requiring enterprise-wide solutions. The new offering combines miscellaneous professional liability, media liability, cyber liability and first-party cyber coverages, with extensive loss mitigation and incident…
RSA said it is “on or ahead of schedule” to clean up its commercial insurance business, as the group reported half-year group operating profit down 8% to £280m. Pre-tax profit fell 10% to £264m for the first six months. The insurer delivered a combined ratio of 95.2%, from 94.7% a year earlier. Gross written premiums were stable at £3.3bn, with…