Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Global insurance prices rose 20% in Q3, with increases of 34% in the UK and 15% in continental Europe, according to Marsh’s latest index, which saw the biggest jump since it began tracking figures back in 2012. The broker said it expects this rising trend to continue into 2021. Marsh’s third-quarter Global Insurance Market Index shows that all regions around…

Average rates up between 11% and 30% in Q2 as gap between supply and demand grows: Aon

Average rates up between 11% and 30% in Q2 as gap between supply and demand grows: Aon

Average rates up between 11% and 30% in Q2 as gap between supply and demand grows: Aon

Rates continue to harden across the global insurance market with average rises between 11% and 30% in the second quarter, according to Aon, that warns the gap between supply and demand in the EMEA region is increasingly working against buyers. The broker’s Q2 2020 Global Market Insights publication reveals that average price increases in all four regions – EMEA, North America,…

Q2 rates up 31% in UK and 15% in continental Europe, with upward pressure for 2020: Marsh

Q2 rates up 31% in UK and 15% in continental Europe, with upward pressure for 2020: Marsh

Q2 rates up 31% in UK and 15% in continental Europe, with upward pressure for 2020: Marsh

Average commercial insurance price increases of 31% in the UK and 15% in continental Europe during the second quarter contributed to a global increase of 19%, with property and financial and professional (finpro) lines leading the accelerating market hardening, according to the latest figures from marsh. The year-on-year increases were the biggest since the broker’s Global Insurance Market Index was…

Insurers face rapidly hardening reinsurance market that is set to last: Jefferies

Insurers face rapidly hardening reinsurance market that is set to last: Jefferies

Insurers face rapidly hardening reinsurance market that is set to last: Jefferies

Reinsurance rates are now rapidly firming, with prices rising 5% to 35% at the most recent renewals, according to Philip Kett, equity analyst with investment management firm Jefferies International. The analyst said in his latest note that the bank remains broadly positive on the sector, despite the need to recover some of the post-2017 losses and underlying claims inflation on…

AGCS announces major shakeup to ‘rebuild’ profitability

AGCS announces major shakeup to ‘rebuild’ profitability

AGCS announces major shakeup to ‘rebuild’ profitability

Allianz Global Corporate & Specialty (AGCS) is embarking on a major ‘New AGCS’ global transformation programme to “rebuild” profitability, which will see a regional shakeup, a new head of multinational, appointments from AIG, AXA and ARGO, and put technical underwriting before growth. The move follows news last month that S&P has revised its outlook on AGCS from stable to negative.…

Risk managers should check liability policies now to prepare for virus claims

Risk managers should check liability policies now to prepare for virus claims

Risk managers should check liability policies now to prepare for virus claims

Risk and insurance managers worldwide will be currently focused on efforts to protect their employees from the impact of coronavirus (Covid-19) and ensure business continues as normal as possible. But they will also have to closely look at the liability implications of the varied effects of the virus on their business and prepare to answer awkward questions from bosses about…

Nigerian insurer launches online travel insurance

Nigerian insurer launches online travel insurance

Nigerian insurer launches online travel insurance

Saham Unitrust Insurance Nigeria is reported to have launched its travel insurance solution online. Working with Swan International Assistance, Saham Unitrust’s move will enable customers to buy their travel insurance policies from any part of the world. The company said this is part of its efforts to be innovative and continue to make insurance more accessible to the public. It…

Clashes over silent cyber likely at 1 January renewals

Clashes over silent cyber likely at 1 January renewals

Clashes over silent cyber likely at 1 January renewals

Risk managers and brokers will have to work doubly hard during the coming months, as a concerted effort by the insurance market to tackle silent cyber will lead to heated discussions at the year-end renewals, potentially leaving some customers with serious coverage gaps. Despite buyer representatives welcoming the clarity that work to tackle silent cover will bring, a leading broker…

Hardening market accelerates for mining risks as renewals approach, says Willis report

Hardening market accelerates for mining risks as renewals approach, says Willis report

Hardening market accelerates for mining risks as renewals approach, says Willis report

Hardening in the mining insurance market is accelerating, as large losses and capacity withdrawals make for challenging renewals, according to Willis Towers Watson (WTW). While not yet a true hard market, the tide has turned for property and casualty mining risks, making it harder for some mining companies to purchase the cover they desire, according to the broker’s Mining Risk…

AIG to affirm or exclude cyber cover in P&C policies from January 2020

AIG to affirm or exclude cyber cover in P&C policies from January 2020

AIG to affirm or exclude cyber cover in P&C policies from January 2020

AIG announced yesterday that, as of January 2020, virtually all of its commercial property and casualty policies will begin affirmatively covering or excluding physical and non-physical cyber exposures. The US-based international insurance group said this move will address “market concerns” that traditional commercial insurance policies across the industry – from property to general liability – are often silent about cyber…

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