CBIRC issues plan to reform P&C sector after taking over six struggling firms

CBIRC issues plan to reform P&C sector after taking over six struggling firms

CBIRC issues plan to reform P&C sector after taking over six struggling firms

The China Banking and Insurance Regulatory Commission (CBIRC) has announced a three-year plan that is designed to improve the way the P&C insurance sector is regulated in the country. This follows the announcement in mid-July that the regulator would take control of struggling firms Tianan Property Insurance, Huaxia Life Insurance Co, Tianan Life Insurance Co, Yi An Property & Casualty…

AXA XL falls to €843m loss on back of pandemic hit

AXA XL falls to €843m loss on back of pandemic hit

AXA XL falls to €843m loss on back of pandemic hit

AXA XL fell to a €843m loss in the first half of this year as the unit bore the brunt of its parent group’s €1.5bn Covid-19 hit, but accelerating rate increases are expected to continue and may limit some of the damage. AXA XL fell to the loss from a profit of €603m in the first half of last year.…

Munich Re offsets another €600m pandemic loss with strongly rising premiums

Munich Re offsets another €600m pandemic loss with strongly rising premiums

Munich Re offsets another €600m pandemic loss with strongly rising premiums

Munich Re posted a decent profit for the second quarter of this year despite incurring another €600m of Covid-19-related losses to bring its total pandemic hit up to €1.4bn for H1. The company benefited from firming prices in reinsurance, a good investment result, lower than normal natural catastrophe losses and a healthy result from its primary group ERGO. The German…

Liberty Mutual bullish about hardening as it reports big Covid-19 bill

Liberty Mutual bullish about hardening as it reports big Covid-19 bill

Liberty Mutual bullish about hardening as it reports big Covid-19 bill

Liberty Mutual’s second-quarter results were hammered by the combined impact of Covid-19 losses, higher-than-normal catastrophe claims and a significant hit from recent civil unrest in the US. But group chairman and CEO David Long said the insurer’s core combined ratio of 89.1% for the quarter, down 4.6 percentage points on last year, is heading in the right direction on the…

Everest Re sees opportunities for growth on back of strong price increases

Everest Re sees opportunities for growth on back of strong price increases

Everest Re sees opportunities for growth on back of strong price increases

Bermuda-based reinsurance and specialty insurance group Everest Re took a pandemic-related hit of $160m for the second quarter of this year, which helped drag its net profit down to $191m compared to $333m for the same period last year. But the group also reported a healthy rise in both insurance and reinsurance gross written premiums. Its specialty and surplus lines…

‘Turbocharged’ insurance market posing problems for construction firms, warns Mactavish

‘Turbocharged’ insurance market posing problems for construction firms, warns Mactavish

‘Turbocharged’ insurance market posing problems for construction firms, warns Mactavish

Covid-19 has “turbocharged” already rising construction insurance premiums and eroded the quality of cover, according to Mactavish. It also warned construction firms that changes to their risk profile as a result of the pandemic mean existing policies may no longer provide cover and any new policy restrictions could place firms in breach of contract. The insurance governance firm said the…

Rising supply chain risk as pandemic ‘upends’ resilience

Rising supply chain risk as pandemic ‘upends’ resilience

Rising supply chain risk as pandemic ‘upends’ resilience

Analysis by the British Standards Institution (BSI) shows that while Covid-19 clearly remains the biggest supply chain risk, threats from cargo theft, migration and human trafficking are also big issues, partly fuelled by the pandemic. The BSI has released the latest findings from its quarterly review of the top global supply chain security, business continuity, food safety and fraud, and…

AGCS suffers €488m Covid-19 claims in H1 but revenues healthy

AGCS suffers €488m Covid-19 claims in H1 but revenues healthy

AGCS suffers €488m Covid-19 claims in H1 but revenues healthy

Allianz Global Corporate & Specialty (AGCS), the corporate insurance arm of Munich-based Allianz Group, has estimated Covid-19 claims of €488m in the first half of this year as second-quarter results were published. Allianz group has now taken a total Covid-19 hit of some €1.2bn for the first six months of this year, with €500m coming in the second quarter. The impact of…

AIG says rate increases strongest in last 20 years but posts Q2 $7.9bn loss

AIG says rate increases strongest in last 20 years but posts Q2 $7.9bn loss

AIG says rate increases strongest in last 20 years but posts Q2 $7.9bn loss

AIG execs have told analysts that market hardening is the strongest for decades, on the back of Covid-19, and are confident they will not suffer big Covid-19 business interruption (BI) losses, despite racking up hefty pandemic claims in the second quarter that contributed to a tough period. AIG posted a net loss attributable to shareholders of $7.9bn in the second…

Coface to back further state-backed credit insurance schemes

Coface to back further state-backed credit insurance schemes

Coface to back further state-backed credit insurance schemes

Xavier Durand, CEO of France-based international credit insurance group Coface, reported that the company has now entered into agreements with 11 different national governments to participate in state-backed credit insurance schemes to help businesses cope with the effects of Covid-19, and is in discussions to create such schemes in other countries. Mr Durand revealed that the credit insurer is in…

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