Global P&C business profitable in 2018, says Aon study

Global P&C business profitable in 2018, says Aon study

Global P&C business profitable in 2018, says Aon study

Global P&C business has again produced an underwriting profit in 2018, with a combined ratio of 98.9%, according to Aon. Europe averaged a 96.0% combined ratio, while Asia-Pacific averaged 100.8% and the Americas hit 97.9%. In its 14th edition of the Insurance Risk Study: Global Risk, Profitability, and Growth Metrics, Aon notes that in 24 of the top 50 markets,…

Hagibis insured losses could rise as high as $16bn according to AIR

Hagibis insured losses could rise as high as $16bn according to AIR

Hagibis insured losses could rise as high as $16bn according to AIR

Industry insured losses from Typhoon Hagibis, which hit Japan on 12 October, will be between JPY865bn ($8bn) and JPY1,730bn ($16bn), with more than half of the losses caused by inland flooding, according to catastrophe modelling firm AIR Worldwide. It is early days yet, but AIR’s initial estimate is in line with high and conservative estimates published by a number of…

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Beazley, the Lloyd’s-based insurance and reinsurance group, has announced plans to significantly expand its business in Asia-Pacific out of its exiting Singapore, Hong and Chinese operations, by hiring new staff, offering its specialty products on a sector-specific basis and entering into new ‘white-label’ partnerships whereby its products are sold by other carrier such as managing general agents. The insurer said…

Japanese typhoons to accelerate reinsurance market hardening as carriers fear loss creep

Japanese typhoons to accelerate reinsurance market hardening as carriers fear loss creep

Japanese typhoons to accelerate reinsurance market hardening as carriers fear loss creep

Credit ratings agency AM Best believes that Typhoons Faxai and Hagibis in Japan, coupled with Hurricane Dorian that hit the Caribbean and US this year, will have a “meaningful” impact on the results of insurers and reinsurers, and support further rate increases at the 1 January 2020 and 1 April 2020 renewals. A number of leading reinsurers have already posted…

Typhoon Faxai insured loss estimate creeps up to potential $9bn

Typhoon Faxai insured loss estimate creeps up to potential $9bn

Typhoon Faxai insured loss estimate creeps up to potential $9bn

The forecast insured cost of Typhoon Faxai, which hit Japan on 9 September, continues to rise as catastrophe modelling firm RMS estimates the event will cost insurers between $5bn and $9bn. Rival modelling firm AIR Worldwide previously estimated that insured losses from Typhoon Faxai will be between $3bn and $7bn. The RMS estimate includes property damage and business interruption caused by…

Insured loss from Faxai could reach $7bn but no threat to insurers’ capital 

Insured loss from Faxai could reach $7bn but no threat to insurers’ capital 

Insured loss from Faxai could reach $7bn but no threat to insurers’ capital 

The total insured loss from Typhoon Faxai – which hit Japan on 9 September, hammering the Tokyo prefectures of Chiba, Kanagawa and Shizuoka – will be between $3bn and $7bn, with Japanese insurers carrying roughly $2.8bn. Leading Japanese insurers MS&AD Insurance Group and Sompo Japan Nipponkoa Insurance alone estimate they have incurred losses of about $1bn each from the event.…

Typhoon Faxai insured losses could reach $7bn: AIR

Typhoon Faxai insured losses could reach $7bn: AIR

Typhoon Faxai insured losses could reach $7bn: AIR

Insured losses from Typhoon Faxai, which made landfall in Japan last week bringing strong winds and storm surge, will total between $3bn and $7bn, according to estimates from cat risk model firm AIR Worldwide. The typhoon made landfall on 9 September in Yokosuka, a suburb of Tokyo, with sustained wind speeds of 105mph. AIR Worldwide said Faxai reached Tokyo city…

Underwriting ‘complacency’ suggests need for reinsurance price rises, say ratings agents

Underwriting ‘complacency’ suggests need for reinsurance price rises, say ratings agents

Underwriting ‘complacency’ suggests need for reinsurance price rises, say ratings agents

Reinsurers have not adequately priced for rising catastrophe exposures and climate change, which could lead to future rate increases, according to ratings agents. Reinsurance pricing has increased at recent renewals. This is in large part a response to record catastrophe losses in 2017 and 2018. Those two years combined generated losses of $200bn for the (re)insurance market, the most costly two-year…

Norwegian shipping firm latest to be dragged into Australian cartel scandal

Norwegian shipping firm latest to be dragged into Australian cartel scandal

Norwegian shipping firm latest to be dragged into Australian cartel scandal

Norway’s Wallenius Wilhelmsen Ocean is the latest international shipping firm to be charged with being involved in a cartel operation that fixed prices on the transportation of cars, trucks and buses to Australia between 2009 and 2012. In July 2015, the Australian Competition and Consumer Commission (ACCC), started an investigation into alleged anti-competitive practices in the car-carrying industry during 2009-2012.…

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