First-half insured cat losses low at $19bn: Swiss Re

First-half insured cat losses low at $19bn: Swiss Re

First-half insured cat losses low at $19bn: Swiss Re

Swiss Re has placed insured catastrophe losses at $19bn in the first half of this year, confirming numbers well below the long-term average and down on the first six months of 2018. The reinsurer said secondary perils such as thunderstorms, torrential rains and snowmelt were the primary loss drivers, causing damage through wind and water accounting for $13bn of the…

Growing Brexit liability risk as validity of insurance questioned: Mactavish

Growing Brexit liability risk as validity of insurance questioned: Mactavish

Growing Brexit liability risk as validity of insurance questioned: Mactavish

Mactavish said companies, including directors and officers, face a growing threat of being sued for failing to prepare for no-deal Brexit and warned many related insurance claims could be rejected. The insurance governance firm said companies face “major” liability risks over failing to adequately prepare for Brexit. Many investors, suppliers and other stakeholders will sue a company if it is…

Sompo expands into small business space in US and Mexico

Sompo expands into small business space in US and Mexico

Sompo expands into small business space in US and Mexico

Sompo International Holdings, the Bermuda-based specialty insurance and reinsurance arm of Japanese giant Sompo, has announced that its Sompo Global Risk Solutions (GRS) has formed a new team to offer insurance solutions to smaller businesses in the US and Mexico. It will also serve Sompo’s clients with operations in the two countries. Sompo International was created after the Japanese insurer…

Hannover Re posts healthy profits on the back of ‘long-overdue’ price rises

Hannover Re posts healthy profits on the back of ‘long-overdue’ price rises

Hannover Re posts healthy profits on the back of ‘long-overdue’ price rises

Hannover Re says price increases obtained during 1 June and 1 July renewals were in some cases “appreciable”, will continue in the second half and also helped deliver a healthy increase in both premiums and profits at the half-year stage. Gross written premium surged by 17.1% to €11bn. Net premium earned climbed by 12.1% to reach €9.4bn. The operating profit…

European commercial prices continue upward trend led by property: Marsh

European commercial prices continue upward trend led by property: Marsh

European commercial prices continue upward trend led by property: Marsh

Prices for continental European commercial insurance coverage increased for the third consecutive quarter, as average commercial insurance pricing rose nearly 6% globally in second-quarter 2019, according to global broker Marsh. The latest Global Insurance Market Index published by the broker reports the largest increase since the survey began in 2012, and the seventh consecutive quarter of average pricing increases in…

Lloyd’s retraction supports strong price momentum in Asia and Pacific: Marsh

Lloyd’s retraction supports strong price momentum in Asia and Pacific: Marsh

Lloyd’s retraction supports strong price momentum in Asia and Pacific: Marsh

Asian commercial insurance prices rose by 3.5% in the second quarter of this year, following a 4% increase in the first quarter and the highest increase in five years, according to global broker Marsh. The broker says the recent traction by Lloyd’s has had an impact in both regions. Commercial insurance prices rocketed in the Pacific region by 18% in…

Rate increases and strong growth in US drive positive numbers for CNA

Rate increases and strong growth in US drive positive numbers for CNA

Rate increases and strong growth in US drive positive numbers for CNA

Chicago-based CNA Financial Corporation has announced its best half year for 12 years, and gross written premium growth of 10% in its core property and casualty business. The result was based on improving market conditions across the board and a strategic decision to focus growth on the US and pull back from international business. CNA also did not suffer unfavourable…

Swiss Re Corporate Solutions to slash 20% of book as strategic review kicks in

Swiss Re Corporate Solutions to slash 20% of book as strategic review kicks in

Swiss Re Corporate Solutions to slash 20% of book as strategic review kicks in

Swiss Re Corporate Solutions (SRCS) is pulling back from several underperforming classes that will see its gross written premium reduce by around 20% as Swiss Re’s primary insurer attempts to turn around its troubled business. The firm reassured analysts and customers that it will build upon its recent investment to become a lead carrier in areas of focus, and deliver…

Tanzania plans boost for livestock insurers

Tanzania plans boost for livestock insurers

Tanzania plans boost for livestock insurers

Tanzania is considering introducing livestock insurance to promote local leather industries. The news emerged as the Tanzania Insurance Brokers Association (TIBA) held its annual conference. Tanzania ranks third in livestock population behind Ethiopia and Sudan. TIBA’s president Amir Kiwanda said the association would convince members to introduce livestock insurance, to not only promote small-scale livestock keepers but also national economic…

Marsh index records biggest quarterly insurance price rise of 6% in Q2

Marsh index records biggest quarterly insurance price rise of 6% in Q2

Marsh index records biggest quarterly insurance price rise of 6% in Q2

Marsh revealed during its second-quarter results call that average global commercial insurance prices rose nearly 6% in Q2. This is the biggest increase the firm’s Global Insurance Market Index has recorded since it began tracking in 2012, and marks the seventh consecutive quarter of rising prices. Marsh & McLennan Companies (MMC) president and CEO Dan Glaser told analysts the 6% jump follows…

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