The China Banking and Insurance Regulatory Commission (CBIRC) has announced a three-year plan that is designed to improve the way the P&C insurance sector is regulated in the country. This follows the announcement in mid-July that the regulator would take control of struggling firms Tianan Property Insurance, Huaxia Life Insurance Co, Tianan Life Insurance Co, Yi An Property & Casualty…
AXA XL fell to a €843m loss in the first half of this year as the unit bore the brunt of its parent group’s €1.5bn Covid-19 hit, but accelerating rate increases are expected to continue and may limit some of the damage. AXA XL fell to the loss from a profit of €603m in the first half of last year.…
Allianz Global Corporate & Specialty (AGCS), the corporate insurance arm of Munich-based Allianz Group, has estimated Covid-19 claims of €488m in the first half of this year as second-quarter results were published. Allianz group has now taken a total Covid-19 hit of some €1.2bn for the first six months of this year, with €500m coming in the second quarter. The impact of…
AIG execs have told analysts that market hardening is the strongest for decades, on the back of Covid-19, and are confident they will not suffer big Covid-19 business interruption (BI) losses, despite racking up hefty pandemic claims in the second quarter that contributed to a tough period. AIG posted a net loss attributable to shareholders of $7.9bn in the second…
The cost of commercial insurance is rising at an increasingly alarming rate for buyers, according to Marsh’s Q2 Global Insurance Market Index that saw prices rise 19% year on year, versus 14% and 11% in the preceding two quarters. The numbers were laid out by Marsh & McLennan’s president and CEO, Dan Glaser, during the firm’s second-quarter results call. It…
The Insurance Council of Australia (ICA) and the Australian Financial Complaints Authority (AFCA) have agreed to file a test case considering the application of infectious diseases cover in business interruption (BI) policies. The news comes as the High Court test case in the UK brought by the Financial Conduct Authority (FCA) against a group of leading insurers nears its conclusion.…
Chubb saw P&C rates increase by 16% in international business and 14% in North America during Q2, as the commercial insurance market continued to harden. Chubb announced this week that it fell to a $331m loss during a “difficult” second quarter and posted a P&C combined ratio of 122.3%, predominantly on the back of previously announced hefty Covid-19 losses. But…
International SOS and Singapore company Energy Drilling Management have announced a successful pilot of its ICC AOKpass mobile app, which provides trusted recognition of individuals’ Covid-19 compliance status from Singapore to Thailand. Following the pilot launch of the tool in May, Energy Drilling worked with International SOS to test the app for a ten-strong crew that needed to travel aboard an…
Recovery from the Covid-19 pandemic and preparation for a potential second wave is clearly top of the agenda currently for business leaders across the Asia-Pacific region and worldwide. But leaders in the Asia-Pacific region in particular must continue to focus on the impact of climate change and invest in loss prevention, business continuity and risk management and mitigation measures to…
Natural disasters cost the insurance industry an estimated $30bn in the first half of 2020, 21% lower than the ten-year average but 8% above the average since the turn of the century, according to Aon’s Impact Forecasting. Figures from Munich Re place insured losses from natural disasters at $27bn for H1, above its 30-year $20bn average. Aon’s half-year insured loss…