German insurers insulated from Covid-19 investment shocks, says AM Best

German insurers insulated from Covid-19 investment shocks, says AM Best

German insurers insulated from Covid-19 investment shocks, says AM Best

AM Best has maintained its stable outlook for the German non-life insurance market, after the sector’s conservative investments held it steady as Covid-19 shook financial markets globally. AM Best said insurers’ exposure to financial market instability is limited, although Germany’s insurers will record lower premium income in the wake of the pandemic. Growth in Germany’s non-life insurance market in 2020…

Civil unrest drives rise in Q2 cat losses, says Credit Suisse

Civil unrest drives rise in Q2 cat losses, says Credit Suisse

Civil unrest drives rise in Q2 cat losses, says Credit Suisse

US cat losses in the second quarter of 2020 will run 25% higher than the ten-year average, analysts at Credit Suisse have predicted, with the first two months of the quarter already reaching $17bn. It said civil unrest in the US will drive much of the increased loss and analysts said insurers could foot a bill as high as $1bn.…

Insurers face rapidly hardening reinsurance market that is set to last: Jefferies

Insurers face rapidly hardening reinsurance market that is set to last: Jefferies

Insurers face rapidly hardening reinsurance market that is set to last: Jefferies

Reinsurance rates are now rapidly firming, with prices rising 5% to 35% at the most recent renewals, according to Philip Kett, equity analyst with investment management firm Jefferies International. The analyst said in his latest note that the bank remains broadly positive on the sector, despite the need to recover some of the post-2017 losses and underlying claims inflation on…

Global insurance recovery from Covid-19 will outrun economies, says Swiss Re

Global insurance recovery from Covid-19 will outrun economies, says Swiss Re

Global insurance recovery from Covid-19 will outrun economies, says Swiss Re

Global insurance premiums will stage a full recovery next year after the impact of Covid-19, says Swiss Re in a new Sigma report, with the pandemic raising risk awareness levels and demand for protection. Rates are expected to harden in commercial lines and take non-life insurance premiums above pre-crisis levels, Swiss Re says, adding that emerging economies led by China…

Europe on terror alert as lockdown lifts, says Pool Re

Europe on terror alert as lockdown lifts, says Pool Re

Europe on terror alert as lockdown lifts, says Pool Re

The UK’s terrorism threat level sits at substantial, where an attack is likely, said Pool Re in its first update since the terror attack in Reading last month. The reinsurer also warned that attacks may have been shelved during the Covid-19 pandemic but as restrictions are lifted, there could be an increase in the risk of terrorism incidents. “The frequency…

Chubb books $1.4bn Covid-19 loss

Chubb books $1.4bn Covid-19 loss

Chubb books $1.4bn Covid-19 loss

Covid-19 claims will cost Chubb $1.37bn in the second quarter of 2020, with total cat losses for the period nearer $1.81bn. Chubb said the bulk of Covid-19 losses at $605bn were from entertainment and commercial business interruption policies, as well as accident and health products including travel insurance. A further $553m of its Covid-19 losses is booked to liability products,…

Australia’s bushfires cost industry A$1.9bn, says PERILS

Australia’s bushfires cost industry A$1.9bn, says PERILS

Australia’s bushfires cost industry A$1.9bn, says PERILS

Bushfires that broke out in Australia during the summer months at the end of 2019 and into 2020 will cost insurers A$1.86bn, according to estimates from PERILS, which has raised the loss from an earlier estimate of A$1.57bn. Australia’s ‘Black Summer’ bushfires caused 34 deaths and burned 18.6m hectares of land, peaking around the turn of the year. New South…

Airmic welcomes Lloyd’s’ pandemic insurance proposals to close protection gap for buyers

Airmic welcomes Lloyd’s’ pandemic insurance proposals to close protection gap for buyers

Airmic welcomes Lloyd’s’ pandemic insurance proposals to close protection gap for buyers

Airmic has welcomed Lloyd’s’ pandemic resilience proposals that include a government-backed non-damage business interruption (NDBI) solution to help companies mitigate losses from Covid-19 and future viruses. Airmic said buyers have worked with Lloyd’s to develop three initiatives put forward and welcomed the collaboration as “vital” during such a “far-reaching crisis”. The UK risk and insurance management association said businesses are…

Reinsurance capital levels recover for June/July renewals

Reinsurance capital levels recover for June/July renewals

Reinsurance capital levels recover for June/July renewals

Reinsurance capital levels are running at just 5% lower than the end of last year, after investment markets staged a recovery from the Covid-19 shocks in the spring, according to Willis Re in a June and July renewals report. But the market continued to harden. At the end of March, reinsurance capital levels were down 30%. However, they have since…

Action groups allowed to join FCA BI test case

Action groups allowed to join FCA BI test case

Action groups allowed to join FCA BI test case

The Hiscox Action Group (HAG) and Hospitality Insurance Group Action (HIGA) will be allowed to intervene in the Financial Conduct Authority’s (FCAs) business interruption (BI) test case that is due to be heard this month. The groups’ requests to join proceedings were approved by Lord Justice Flaux and Mr Justice Butcher in the second case management conference. Each group can…

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