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…

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…

Insurers report further market hardening in early results

Insurers report further market hardening in early results

Insurers report further market hardening in early results

The first insurers reporting second-quarter and half-year results say rate increases are on the rise, with hardening conditions spreading to further lines and regions. The changing market in favour of insurers is helping many to deliver decent numbers. The firming market enabled Chubb to report another excellent set of quarterly and half-year results as it benefited from a “flight to…

Insured H1 nat cat losses of $20bn lowest since 2006: Aon

Insured H1 nat cat losses of $20bn lowest since 2006: Aon

Insured H1 nat cat losses of $20bn lowest since 2006: Aon

Insured nat cat losses of $20bn in the first half of this year were 26% below the 18-year average of $27bn and the lowest since 2006, according to an estimate by Aon’s Impact Forecasting. With £73bn of economic costs 22% lower than this century’s average, the half year has generated a protection gap percentage points above the mean average of…

Germany, Australia and the US likely hotbeds for future climate-related litigation, says lawyer

Germany, Australia and the US likely hotbeds for future climate-related litigation, says lawyer

Germany, Australia and the US likely hotbeds for future climate-related litigation, says lawyer

A leading lawyer has named Germany, the US and Australia as the three jurisdictions where companies are most likely to face future climate-related litigation. Neil Beresford, a Clyde & Co partner in London, also warned that while such litigation around the world is mostly focused on energy companies and their use of petroleum, other sectors will likely be in the…

AGCS pulls out of ‘untenable’ Australian and NZ long-tail business

AGCS pulls out of ‘untenable’ Australian and NZ long-tail business

AGCS pulls out of ‘untenable’ Australian and NZ long-tail business

Allianz Global Corporate & Specialty (AGCS) is pulling out of liability and financial lines in Australia and New Zealand, closing its New Zealand operations from 1 September 2019. The company said “extraordinary claims levels” in the sectors have made it “untenable” for AGCS to continue writing such business in the region. Remaining lines of business for AGCS New Zealand –…

Insurers may fight claims from Australia’s financial services scandal

Insurers may fight claims from Australia’s financial services scandal

Insurers may fight claims from Australia’s financial services scandal

The insurance industry could face large losses from the Australian Royal Commission’s probe into misselling in the country’s financial services sector, but coverage disputes are likely, according to experts. Widespread misconduct in the financial services market has dominated the news in Australia. In particular, the misselling of products by banks and insurers highlights the growing problem of cultural and conduct…

Hard lessons from Australia’s financial services scandal and liability crisis

Hard lessons from Australia’s financial services scandal and liability crisis

Hard lessons from Australia’s financial services scandal and liability crisis

Widespread misconduct in the financial services market has dominated the news in Australia, but the scandal has important lessons for corporate risk managers and insurers worldwide. In particular, the misselling of products by banks and insurers highlights the growing problem of cultural and conduct risk in the age of consumer power. This is giving rise to increased levels of liability…

Allianz forecasts rebound for Asia’s insurance markets

Allianz forecasts rebound for Asia’s insurance markets

Allianz forecasts rebound for Asia’s insurance markets

Following a disappointing 2018, Allianz is predicting that Asia’s insurance market will rebound in 2019 and be a primary driver of global insurance growth over the next decade. Industry projections have repeatedly forecast a strong improvement in Asia’s insurance industry given the strong growth rates of many of its economies and the relatively low level of insurance penetration to date.…

Sompo adds new life sciences team

Sompo adds new life sciences team

Sompo adds new life sciences team

Sompo International Holdings has formed a new life sciences team within Sompo Global Risk Solutions. Led by Todd Lauer, the new division will offer buyers in the life sciences industry products from its property/casualty range, including product liability, clinical trial liability, property, auto, workers’ compensation, environmental, and product-related errors and omission cover. Products are aimed at US small and middle-market…

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