Generali’s profits plummet on back of €655m Covid-19-related investment hit

Generali’s profits plummet on back of €655m Covid-19-related investment hit

Generali’s profits plummet on back of €655m Covid-19-related investment hit

Generali has vowed to “significantly” reduce costs and made clear its financial performance will fall below last year, after net profits were slashed by nearly 85% in Q1 as Covid-19 severally hit its investment portfolio. The insurer saw net profit fall 84.8% to €113m, from €744m in the same period of 2019. Generali said that was primarily because it booked…

Covid-19 contributes to higher prices and capacity pressures, Aon says in Q1 report

Covid-19 contributes to higher prices and capacity pressures, Aon says in Q1 report

Covid-19 contributes to higher prices and capacity pressures, Aon says in Q1 report

Insurance rate hardening accelerated in Q1 with Covid-19 impacting some regions, according to a new report from Aon that found Europe recorded rate increases of more than 10% in the first few months of 2020. The market has also tightened on terms and capacity, Aon says, with higher risk placements “very challenging” in Europe. Aon adds that insurers have retreated…

Italy’s non-life market remains stable through Covid-19, says AM Best

Italy’s non-life market remains stable through Covid-19, says AM Best

Italy’s non-life market remains stable through Covid-19, says AM Best

Italy’s non-life insurance market has retained a stable outlook from AM Best, which said underwriting profits are expected to continue and sound solvency levels will be high enough to absorb some of the current stock market volatility. The ratings agency said the wider economic downturn will halt any growth in Italy’s non-life insurance market. Meanwhile, volatility in asset classes driven…

Anra and Swiss Re focus on alternative risk financing

Anra and Swiss Re focus on alternative risk financing

Anra and Swiss Re focus on alternative risk financing

The Covid-19 pandemic crisis has clearly shown the limitations of traditional insurance coverage to respond to non-traditional risks, and the market will need to act fast to respond to rising demand from risk managers for solutions as they seek answers for their companies. A number of experts have pointed to the huge opportunity the virus presents for the risk management…

Report highlights global legal, regulatory and socioeconomic issues facing insurers

Report highlights global legal, regulatory and socioeconomic issues facing insurers

Report highlights global legal, regulatory and socioeconomic issues facing insurers

Global Insurance Law Connect (GILC), an alliance of insurance law firms, has launched the second edition of its annual Risk RADAR report, a global review of the important legal, regulatory and socioeconomic issues facing insurers across the globe. The report highlights a number of key issues, common across many countries, including the impact of climate change and the global contraction…

No v-shaped economic ‘snap back’ from Covid-19 as geopolitical tensions split open

No v-shaped economic ‘snap back’ from Covid-19 as geopolitical tensions split open

No v-shaped economic ‘snap back’ from Covid-19 as geopolitical tensions split open

There will be no economic “snap back” from Covid-19 until late 2021 as the pandemic causes civil unrest and splits open geopolitical tensions, a Risk Advisory webinar has warned. The global economy will not see a sudden uptick in growth post-Covid-19 and is most likely to be depressed into next year, followed by a slow and gradual pickup towards the…

Ferma offers risk expertise to EC and urges it to support state-backed pandemic pools

Ferma offers risk expertise to EC and urges it to support state-backed pandemic pools

Ferma offers risk expertise to EC and urges it to support state-backed pandemic pools

The Federation of European Risk Management Associations (Ferma) has written to the European Commission’s Covid-19 coordinating response team, offering its help with the recovery and re-construction effort. It also suggests a coordinated approach to the creation of state-backed pandemic insurance pools, possibly supported by an EU backup later via the European Stability Mechanism (ESM). Ferma president Dirk Wegener points out…

Chance for risk managers as companies forced to rethink supply chains and approach to risk

Chance for risk managers as companies forced to rethink supply chains and approach to risk

Chance for risk managers as companies forced to rethink supply chains and approach to risk

Europe’s risk managers need to help their companies prepare for a major rethink in how they source goods and materials and organise their supply chains, because the current Covid-19 crisis has revealed just how vulnerable they are, according to a group of experts gathered for a webinar by Ferma and Italian risk management association Anra. Three experts from McKinsey led…

Covid-19 economic contraction will rival Great Depression, warns IMF

Covid-19 economic contraction will rival Great Depression, warns IMF

Covid-19 economic contraction will rival Great Depression, warns IMF

Global GDP will fall 3% in 2020 as the economy takes a direct hit from Covid-19 and subsequent ‘Great Lockdown’, warns the International Monetary Fund (IMF), as the Swiss Re Institute predicts the pandemic will produce one of the deepest but shortest recessions on record. According to the latest World Economic Outlook report published by the IMF, a 3% contraction in…

1 2 3 21