Chubb’s CEO Evan Greenberg says commercial insurance market hardening spread to more lines and territories in the third quarter and he believes there remains a way to go before the cycle’s peak is reached. Speaking during Chubb’s third-quarter results call, Mr Greenberg said the insurer continued to experience a “strong and continuously improving” commercial P&C pricing environment in Q3. He…
Companies must take a proactive approach to employee wellbeing as mental health issues and stress climb during the pandemic. Mental health and wellbeing risks for employers are likely to increase in the pandemic, explained Adam Shelverton, rehabilitation manager at QBE Europe. Even before the pandemic, absenteeism and presenteeism in the UK alone cost an estimated £20bn to £27bn per year,…
AIG said it will spin off its life and retirement business from P&C operations, as it estimated catastrophe losses of $790m in the third quarter of 2020 net of reinsurance, including a $185m Covid-19 hit. The pandemic loss adds to an estimated $730m of Covid-19 losses in the first half of the year. AIG said that during the quarter to…
The global P&C insurance industry produced another underwriting profit last year and a combined ratio of 97.4%, according to Aon’s 15th annual Insurance Risk Study. The figure is a slight improvement on the 98% combined ratio in 2018 and was buoyed by an overall 95.5% combined ratio in Europe. Asia-Pacific and the Americas each averaged 98%. The combined ratio was…
Multinational European companies with exposures in the US and Asia are being hit harder by tough commercial insurance conditions than regional firms because the market in continental Europe is not yet as harsh, according to Marsh’s Nick Holmes. He added that although the market hardening is expected to continue this year and into 2021, at some point the recent influx of…
Karen Clark & Company (KCC) estimates that onshore insured losses from Hurricane Delta will be close to $1.25bn. The estimate is split between $950m wind and storm losses in the US, and $300m wind losses in Mexico. This estimate includes privately insured wind and storm surge damage to residential, commercial and industrial properties and automobiles. It does not include National…
AXA XL Insurance has announced new appointments for its business divisions following the recent launch of its regional operating model, which came into effect on 1 October. New appointees to AXA XL’s Asia and Europe business unit division are: –Marine Charbonnier, global programmes and captives director –Mathieu Daubin, chief underwriting officer, marine –Yannick Daucourt, chief underwriting officer, specialty –Simona Fumagalli,…
Commercial Risk is hosting its first virtual conference dedicated to the Asia-Pacific risk and insurance management community, on the increasingly important topic of global programmes, on 24–25 November. The conference, titled ‘Global Programmes Asia – gaining maximum benefit’ follows the success of Commercial Risk’s first virtual event focused on the same topic in Europe at the end of September. Global…
Covid-19 has radically altered long-term risk trends, with new exposures emerging from the pandemic, according to a report published by Allianz Global Corporate & Specialty (AGCS). New ways of working, changes in travel habits and altered supply chain networks have impacted established risk trends, with new exposures in some areas and lower claims trends in other lines of business, the…
Insurance-linked securities (ILS) capital shrunk from $93bn to $91bn in the 12 months to 30 June, according to Aon’s annual report on the sector, although cat bond issuance was up by $3.5bn to $9bn. Aon says Q4 2019 and Q1 2020 booked record levels of cat bonds, with issuances worth $2.2bn and $4bn, respectively. Higher levels of activity were recorded…