The German risk and insurance management association GVNW has repeated its recent call for federal government and the German insurance association (GDV) to step up efforts to extend the state-backed credit insurance scheme, which was created to protect supply chains during the Covid-19 crisis, beyond the end of this year. During his annual speech to the association’s general assembly this…
Chubb’s CEO Evan Greenberg says commercial insurance market hardening spread to more lines and territories in the third quarter and he believes there remains a way to go before the cycle’s peak is reached. Speaking during Chubb’s third-quarter results call, Mr Greenberg said the insurer continued to experience a “strong and continuously improving” commercial P&C pricing environment in Q3. He…
AXA XL’s decision to become the latest insurer to withdraw from London’s directors and officers (D&O) market will leave a capacity gap and add further pressure in a key market for many large corporates. AXA XL recently announced it is pulling out of the London market for management liability and financial institutions business. The company will no longer write these…
A new report by The Geneva Association concludes that there is “nowhere near” enough capacity in the P&C insurance industry to cover business interruption (BI) losses from a pandemic such as Covid-19, and found that it would take 150 years for the industry to build up enough BI premium to cover the expected global loss. The report by the global…
Companies must take a proactive approach to employee wellbeing as mental health issues and stress climb during the pandemic. Mental health and wellbeing risks for employers are likely to increase in the pandemic, explained Adam Shelverton, rehabilitation manager at QBE Europe. Even before the pandemic, absenteeism and presenteeism in the UK alone cost an estimated £20bn to £27bn per year,…
AIG said it will spin off its life and retirement business from P&C operations, as it estimated catastrophe losses of $790m in the third quarter of 2020 net of reinsurance, including a $185m Covid-19 hit. The pandemic loss adds to an estimated $730m of Covid-19 losses in the first half of the year. AIG said that during the quarter to…
A new entirely digitalised energy managing general underwriter (MGU) has been launched, offering property insurance for global energy risks. The new MGU, Career General Agency (CGA), has been launched by US-based GuideOne National and will accept risks exclusively via the Whitespace platform through a wholly digitalised underwriting process. The Whitespace platform is a fully digital e-trading platform for brokers and…
The International Union of Aerospace Insurers (IUAI) is exploring the idea of a global government-backed insurance pool to cover future aviation business interruption (BI) losses from catastrophic events such as a pandemic. The Federation of European Risk Management Association (Ferma) has not specifically backed the move. But it told CRE it supports efforts to deliver more capacity for BI catastrophic…
Paragon International Insurance Brokers has teamed up with CyberCube to roll out the firm’s cyber risk platform, Broking Manager, to its broker network and clients. Broking Manager quantifies the financial exposure of cyber risks to help clients manage coverages and limits. It also generates information on potential sources of loss, recent cyber events and peer-to-peer benchmarking. Paragon’s partnership with CyberCube…
Shipping insurer North P&I Club has launched a route risk management tool for members to help them identify hazards in voyages from port to destination. Route Risk Advice is an addition to the club’s MyGlobeView digital platform. MyGlobeView, which also features a Covid-19 tracking tool, gives club members access to more than 40 alert and reporting features including news, port…