Zurich’s Betz to join HDI Global’s management board as Sigulla steps down

Zurich’s Betz to join HDI Global’s management board as Sigulla steps down

Zurich’s Betz to join HDI Global’s management board as Sigulla steps down

Zurich’s Yves Betz is joining the management board of industrial lines insurer HDI Global as Dr Stefan Sigulla steps down. Mr Betz will be responsible for business in Europe as well as North and South America. Jens Wohlthat has been named as Dr Sigulla’s direct replacement on HDI Global’s management board, taking over responsibility for liability insurance, including financial lines…

Chubb launches expanded liability solutions for mid-market manufacturers

Chubb launches expanded liability solutions for mid-market manufacturers

Chubb launches expanded liability solutions for mid-market manufacturers

Chubb has launched a new platform, CoverPlus, offering expanded liability insurance solutions for middle-market manufacturers to help close coverage gaps. The insurer said CoverPlus was developed to respond to the evolving needs and emerging risks such customers face as a result of common exclusions in general liability policies. It features a custom-tailored suite of coordinated insurance products designed to fill…

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL is reviewing its policies to tackle non-affirmative, also known as silent, cyber cover wherever possible, the insurer told Commercial Risk Europe. The company’s head of international cyber, James Tuplin, said AXA XL will then decide product by product whether and how cyber cover is included in its range of insurances. A growing number of insurers and insurance markets,…

Total cost of risk up 2.1% in North America as insurance rates rise: RIMS

Total cost of risk up 2.1% in North America as insurance rates rise: RIMS

Total cost of risk up 2.1% in North America as insurance rates rise: RIMS

The average total cost of risk (TCOR) for organisations in North America rose by nearly 2.1% in 2018 primarily due to rising insurance rates, according to RIMS. The increase reverses four years of falling costs. The 2019 RIMS Benchmark Survey, produced with Advisen, saw the average TCOR increase to $9.95 per $1,000 of revenue last year, from $9.75 in 2017.…

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…

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…

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