AXA XL replaces CEO and takes action as 2019 results fall below expectations

AXA XL replaces CEO and takes action as 2019 results fall below expectations

AXA XL replaces CEO and takes action as 2019 results fall below expectations

AXA XL says its new CEO, accelerating price rises and further de-risking will help boost profitability, after 2019 earning figures fell below expectations. AXA XL saw revenues increase 10% in 2019, helped by “extremely brisk” price rises. But the unit’s combined ratio stood at 101.5%, and the firm’s CFO Etienne Bouas-Laurent said €507m of underlying earnings were “slightly below” expectations…

Chubb extends incident reporting service to excess casualty

Chubb extends incident reporting service to excess casualty

Chubb extends incident reporting service to excess casualty

Chubb has extended use of its incident reporting tool to excess casualty clients. Incident Alert was previously used by environmental and cyber clients but has been rolled out to excess casualty buyers as a complimentary addition. Chubb said the service can be used during a catastrophic event to identify response contractors, manage clean-up operations and mitigate potential liabilities and business…

Market hardening intensifies across Europe and all global regions, finds Marsh

Market hardening intensifies across Europe and all global regions, finds Marsh

Market hardening intensifies across Europe and all global regions, finds Marsh

The commercial insurance market hardening accelerated across all regions in the final quarter of last year with average price increases of 6.6% in continental Europe and 13.7% in the UK, according to Marsh’s latest Global Insurance Market Index that also reports a tightening of capacity in certain product lines and parts of the world. As previously revealed during Marsh’s results…

Greater cooperation needed in ‘frustrating’ French cyber market

Greater cooperation needed in ‘frustrating’ French cyber market

Greater cooperation needed in ‘frustrating’ French cyber market

The French cyber insurance market has been described as “frustrating” by the head of a multinational insurance group in the country, during a session at this week’s AMRAE conference on wider market conditions. “The cyber market is frustrating,” said Florence Louppe, CEO of HDI Global in France, during the second day of the 28th AMRAE conference in Deauville this week. “Last…

AMRAE president calls for international focus on cyber risk management before transfer options

AMRAE president calls for international focus on cyber risk management before transfer options

AMRAE president calls for international focus on cyber risk management before transfer options

The creation of state-backed cyber insurance pools is a good idea in principle, particularly for terror-related threats, but companies must first focus on loss prevention and risk management before exploring such options, according to Brigitte Bouquot, president of French risk management association AMRAE. Ms Bouquot also believes it would make sense for the European risk management community to work with…

Greenberg says simple maths means market hardening will continue as Chubb delivers strong results

Greenberg says simple maths means market hardening will continue as Chubb delivers strong results

Greenberg says simple maths means market hardening will continue as Chubb delivers strong results

Chubb’s Evan Greenberg believes that simple maths means the insurance market will continue to harden for some time, as the insurer saw average rates increases of 10% for international retail business and 8.5% in North America during Q4, which helped the company deliver an impressive set of results. Mr Greenberg said rates increased at an “accelerated pace” in each quarter…

All eyes on 1 April renewals following year-end hardening

All eyes on 1 April renewals following year-end hardening

All eyes on 1 April renewals following year-end hardening

Year-end insurance renewals were challenging for many European buyers as the market hardening accelerated in the last few weeks of 2019, according to brokers and leading risk managers. Tough conditions are expected to continue through 2020, but there is hope that things will begin to settle down and the rate of change will slow. Latest figures from Marsh show that…

Global insurance market hardening accelerated in Q4 with average rate increases of 11%: Marsh

Global insurance market hardening accelerated in Q4 with average rate increases of 11%: Marsh

Global insurance market hardening accelerated in Q4 with average rate increases of 11%: Marsh

Global P&C insurance market hardening accelerated in the last quarter of 2019 with average price increases of nearly 11%, compared to 8% in Q3, 6% in Q2 and 3% in Q1, according to Marsh that saw revenues increase 4% in 2019. Giving the latest top-level figures from Marsh’s quarterly Global Insurance Market Index during a results presentation, Marsh & McLennan’s…

Coronavirus outbreak poses big challenges for Asia-Pacific risk managers as toll rises

Coronavirus outbreak poses big challenges for Asia-Pacific risk managers as toll rises

Coronavirus outbreak poses big challenges for Asia-Pacific risk managers as toll rises

Risk managers in the Asia-Pacific region and worldwide need to brace themselves for a difficult start to 2020 as the rapidly escalating coronavirus outbreak in China and now worldwide hits the Chinese economy, global trade and supply chains, and equity prices. This year was predicted by many risk and insurance managers to be a difficult one as political risk rapidly…

Liberty Insurance ceases writing commercial liability and property business in Ireland

Liberty Insurance ceases writing commercial liability and property business in Ireland

Liberty Insurance ceases writing commercial liability and property business in Ireland

Liberty Insurance, the Irish subsidiary of Liberty Mutual, has pulled out of commercial liability, commercial property and development bonds lines of business. The company said it will cease quoting for new business in these lines with immediate effect. The Dublin-based insurer said it will “continue to provide services and honour its commitments to existing liability, property and bonds customers for…

1 2 3 43