SCOR’s rates up 4.3% and premiums 14% at April renewals

SCOR’s rates up 4.3% and premiums 14% at April renewals

SCOR’s rates up 4.3% and premiums 14% at April renewals

SCOR increased reinsurance premiums by 14.3% to €600m at 1 April renewal, with rates up 4.3% across the book that is mainly geared towards Asia-Pacific business. As well as pushing through rate increases, which compounded price increases last year, SCOR also said terms and conditions improved. The company’s specialty account has benefited from compound rate increases on large and commercial…

APAC insurers addressing climate risks but change will be gradual, says Fitch

APAC insurers addressing climate risks but change will be gradual, says Fitch

APAC insurers addressing climate risks but change will be gradual, says Fitch

Asia-Pacific (APAC) insurers in developed markets are spearheading efforts to address climate risks in the region, with a focus on incorporating environmental considerations in investments, underwriting and risk management, according to Fitch Ratings. However, the change is expected to be gradual, as the insurers’ environmental initiatives are still in the early stages, while the scope of commitment to address such…

Global commercial lines price increases accelerating, says Moody’s

Global commercial lines price increases accelerating, says Moody’s

Global commercial lines price increases accelerating, says Moody’s

Price increases are accelerating in global commercial lines to combat catastrophe and coronavirus losses, rising litigation costs and lower investment income, according to Moody’s Investors Service. The ratings agency has assigned a stable outlook to the global property and casualty (P&C) insurance sector, based on good capitalisation and positive pricing trends in commercial lines. P&C insurers will absorb coronavirus-related commercial…

New (re)insurer Vantage launches with $1bn capital

New (re)insurer Vantage launches with $1bn capital

New (re)insurer Vantage launches with $1bn capital

The former CEO of AXA XL, Greg Hendrick, has launched a new (re)insurer with former CEO of Arch Capital, Dinos Iordanou, backed by private equity. Vantage Group will house carrier Vantage Risk to write property catastrophe reinsurance in North America, Europe, Japan and Australia. It will also provide specialty reinsurance across the P&C classes, including marine, energy, aviation, crop, workers’…

Japanese non-life insurers to see fewer Covid-19-related claims

Japanese non-life insurers to see fewer Covid-19-related claims

Japanese non-life insurers to see fewer Covid-19-related claims

Japan’s three major non-life insurance groups – Tokio Marine Holdings, MS&AD Insurance Group Holdings and SOMPO Holdings – are expected to reserve fewer Covid-19-related claims as their overseas subsidiaries tighten underwriting and narrow policy wordings for event cancellation and business interruption cover, according to Fitch Ratings. It noted that Japan’s three non-life insurance groups increased claims reserves related to Covid-19…

Sompo International launches new branding on back of strong premium growth

Sompo International launches new branding on back of strong premium growth

Sompo International launches new branding on back of strong premium growth

Japanese insurance giant Sompo has reported adjusted first-half 2020 profit down by JPY20.2bn to JPY7.4bn, mainly because of the impact of Covid-19 on its Bermuda-based global specialty carrier Sompo International (SI). The group said that based on the current environment, adjusted profit for full-year 2020 is expected to be JPY27.5bn. An improved loss ratio in Sompo Japan is helping support…

No significant impact from Covid-19 on Japan’s non-life insurance sector

No significant impact from Covid-19 on Japan’s non-life insurance sector

No significant impact from Covid-19 on Japan’s non-life insurance sector

Covid-19 is unlikely to have a significant impact on the underwriting performance of Japan’s non-life companies in the short to medium term, according to AM Best. It is maintaining its stable market segment outlook on Japan’s non-life insurance sector, as a result of sustained profitable underwriting performance and carriers’ ability to weather market volatility and maintain solid risk-adjusted capital levels.…

Cat loss reserves behind fall in Japanese non-life insurers’ profits

Cat loss reserves behind fall in Japanese non-life insurers’ profits

Cat loss reserves behind fall in Japanese non-life insurers’ profits

Japanese non-life insurers saw net premium income grow by 2.6% in the fiscal year 2019, ended 31 March 2020, but their overall profits fell due to additional provision for catastrophe loss reserves. This is according to figures from Toa Reinsurance’s report Japan’s Insurance Market 2020. Net premium income in all lines of business increased by JPY216bn from the previous fiscal…

UK exposes planned Russian cyberattacks on 2020 Olympics as US issues indictments

UK exposes planned Russian cyberattacks on 2020 Olympics as US issues indictments

UK exposes planned Russian cyberattacks on 2020 Olympics as US issues indictments

Russia was planning a major cyberattack on the 2020 Tokyo Olympic and Paralympic Games, which did not go ahead this summer because of the Covid-19 pandemic, according to intelligence collected by the UK’s National Cyber Security Centre (NCSC). The NCSC also disclosed that Russia’s GRU military intelligence service targeted the 2018 Winter Olympic and Paralympic Games in Korea. The NCSC…

MS&AD the latest Japanese insurer to face criticism for ‘weak’ coal policy

MS&AD the latest Japanese insurer to face criticism for ‘weak’ coal policy

MS&AD the latest Japanese insurer to face criticism for ‘weak’ coal policy

Tokyo-based MS&AD is the latest Japanese insurer to be attacked for its allegedly “weak” position on insuring coal by various NGOs, led by Insure Our Future, a US-based environmental, consumer protection and grassroots organisation that says its mission is to hold the insurance industry accountable for its role in the climate crisis. MS&AD came under fire after it became the…

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