The insurance industry could face large losses from the Australian Royal Commission’s probe into misselling in the country’s financial services sector, but coverage disputes are likely, according to experts. Widespread misconduct in the financial services market has dominated the news in Australia. In particular, the misselling of products by banks and insurers highlights the growing problem of cultural and conduct…
Berkshire Hathaway Specialty Insurance (BHSI) has established a new office in Paris after receiving its insurance licence in France. BHSI has appointed François-Xavier d’Huart as country manager. BHSI will underwrite property, casualty, and executive and professional lines in France with immediate effect. The company said it expects to launch several other products in the months ahead. “We are pleased to continue…
Chubb has launched the Chubb Travel Smart app for business travellers, to help manage risks for employees. The South Africa-based insurer said Chubb Travel Smart is the company’s duty of care solution designed specifically for employees to help manage and mitigate risks as they travel for work. It provides a range of benefits for business travellers, including pre-travel eLearning, direct…
AIG has appointed Lex Baugh, previously president and CEO of its North America general insurance business, as global chief underwriting officer for casualty and financial lines. At the same time, Kean Driscoll has been appointed global chief underwriting officer for property and agriculture within AIG’s general insurance unit. Earlier this week, David McElroy was named as the new head of…
AIG has promoted David McElroy, president and CEO of Lexington, to head its North American general insurance operations as president and CEO. He replaces Lex Baugh. Lou Levinson has been named as Mr McElroy’s replacement at Lexington. However, Mr McElroy will continue oversight of Lexington in his new role. He will also oversee AIG Risk Management, Financial Lines, Validus Specialty,…
AXA XL Insurance has launched a new employer’s liability policy in partnership with IPRS Health. AXA XL HealthAssist will offer UK corporates a combination of traditional employer’s liability insurance with a wellness, health and injury rehabilitation service. Employees under the scheme will have access to physiological and psychological support service provided by IPRS Health. These range from physiotherapy for physical…
Following a disappointing 2018, Allianz is predicting that Asia’s insurance market will rebound in 2019 and be a primary driver of global insurance growth over the next decade. Industry projections have repeatedly forecast a strong improvement in Asia’s insurance industry given the strong growth rates of many of its economies and the relatively low level of insurance penetration to date.…
The latest Swiss Re Institute SONAR report has highlighted a number of key risks including digital technology’s clash with legacy hardware, new risks emerging from the spread of 5G mobile networks, increasingly limited fiscal and monetary policy flexibility, and genetic testing and its effects on the insurance industry. The report also examines ‘slowburner’ emerging risks such as the effects of…
Casino owner MGM Resorts International said its insurers would cover the majority of a potential $800m bill to settle lawsuits brought by victims of the October 2017 shooting at its Mandalay Bay hotel and casino in Las Vegas. While the potential losses are estimated at $800m, MGM said it has $751m in insurance cover and that such payments have been…
Average global commercial insurance prices increased 3% in the first quarter of 2019, with prices up 2% in continental Europe and 2.9% in the UK, according to Marsh’s Global Insurance Market Index. It is the largest global increase since the index began in 2012 and the sixth consecutive quarter of rising prices. The index reveals that composite pricing in the first…