AXA insures two contractors working on Notre-Dame’s restoration prior to the fire that ripped through the cathedral, and provides cover for some of its relics and religious artwork, the company said…
Too many conflicts of interest in the commercial insurance market are leading to a lack of scrutiny, hampering progress and creating a fundamentally unhealthy operating environment, according to insurance governance consulting firm Mactavish…
The chief economist at the Asian Development Bank (ADB) has called on governments and the insurance industry to increase their efforts to reduce the risk of natural disasters. His calls were prompted by the finding in the ADB’s Asian Development Outlook 2019 report that four out of five people affected by natural hazards live in Asia. “Asia has led the…
The latest estimates from reinsurers suggest that the cost to the insurance industry of Typhoon Jebi could rise to as much as $12bn. Should the estimate prove to be true, it would make Jebi the costliest typhoon to ever hit Japan. It would also be a considerable increase on previous estimates from both reinsurers and risk modelling firms. The typhoon…
The Córrego do Feijão dam failure in Brazil, which tragically claimed the lives of more than 300 people in January, has had an immediate impact on capacity for mining sector casualty risks, with rates driven upwards by the loss, according to Marsh in its latest mining sector report. Tailings dams are at particular risk of increased premium rates, Marsh said.…
Engineering could be the key to the future for the insurance sector and Africa as a whole, according to Continental Re’s Cassim Hansa, managing director of Continental Re Botswana and Continental Re Property and Engineering Risk Services. Commercial Risk Africa chatted to Mr Hansa at this year’s Continental Re CEO Summit in Mauritius. Continental Re’s recent year-end 2018 results had…
Lloyd’s faces a big challenge to convince European risk managers that its new Brussels base will help the market better meet the risk transfer needs of European risk and insurance managers, according to German risk and insurance managers…
Lloyd’s made a loss of £1bn and delivered a combined ratio of 104.5% in 2018, on the back of another costly year for natural catastrophes and volatile investment conditions…
Global broker Willis Towers Watson (WTW) has forecast that catastrophe loss-affected property and casualty (P&C) rates will rise by at least 10% in Asia through 2019. The broker has also called for a new approach to risk and insurance in the region, as a result of a more sophisticated corporate marketplace driven by global economic and political pressures. The forecasted…
A review of the UK’s personal injury discount rate, applied by courts to adjust for investment of large compensation awards, will be completed by 5 August 2019, the Lord Chancellor David Gauke has announced. In line with amendments to the Civil Liability Act passed in December 2018, the Lord Chancellor began the review within 90 days of the legislation. Consulting…