AGCS sees 2018 profits double despite ‘relatively high’ claims

AGCS sees 2018 profits double despite ‘relatively high’ claims

AGCS sees 2018 profits double despite ‘relatively high’ claims

Allianz Global Corporate & Specialty’s (AGCS) profits more than doubled in 2018 to €282m and gross written premiums rose by 10% to €8.2bn, despite “relatively high” claims. The unit’s combined ratio improved to 101.5% in 2018 from 105.2% the previous year. But this is still higher than the group-wide P&C figure of 94% and above the 100 mark. AGCS said…

Allianz profits hit record high as P&C delivers strong results

Allianz profits hit record high as P&C delivers strong results

Allianz profits hit record high as P&C delivers strong results

Allianz has delivered a 4% increase in operating profit to €11.5bn for full-year 2018, driven by P&C business where profit was up 13% to €5.7bn. P&C business hit its target combined ratio of 94% in 2018, improved from 95.2% a year earlier. Its revenues were up 2.6% to €53.6bn. Allianz said P&C numbers were based on strong underwriting results and…

2018 nat cat losses deliver costliest back-to-back years for insurers

2018 nat cat losses deliver costliest back-to-back years for insurers

2018 nat cat losses deliver costliest back-to-back years for insurers

Insured nat cat losses were relatively high in 2018 as a series of events took their toll and helped deliver the costliest back-to-back years for insurers ever, according to analysis from reinsurers and brokers. Swiss Re estimates that global insured catastrophe losses totalled $79bn last year, the fourth highest it has recorded and above its ten-year average of $71bn. Natural…

Aon links with Claims Central to digitalise property claims

Aon links with Claims Central to digitalise property claims

Aon links with Claims Central to digitalise property claims

Aon will help to digitalise property claims management services, after forming a strategic alliance with insurtech firm Claim Central, which developed digitalised property claims adjusting and repairs for insurers following Hurricanes Harvey and Irma. Aon said Claim Central’s technology digitalises the property claims process with functions including live video streaming, aerial images, real-time chat and digital payments. This negates the…

P&C profit up 35% with Zurich on course to hit targets

P&C profit up 35% with Zurich on course to hit targets

P&C profit up 35% with Zurich on course to hit targets

Zurich has reported business operating profit up 20% to $4.6bn on the back of big P&C improvements, as the insurer enters the final year of a three-year plan on track to hit key financial targets. Underwriting improvements helped Zurich deliver a 35% rise in P&C business operating profit to $2.1bn last year, and a three-point improvement in the combined ratio…

BGC completes Ed Broking buy

BGC completes Ed Broking buy

BGC completes Ed Broking buy

Broker BGC has completed the acquisition of Lloyd’s broker Ed Broking Group, which will now become part of BGC’s insurance division that was formed in 2017 with the acquisition of Besso Insurance Group. CEO of Ed Broking Steve Hearn will become head of BGC’s insurance division and report directly to Shaun Lynn, president of BGC Partners. Ed Broking will add…

Insurance market finally shows signs of hardening but European P&C relatively flat

Insurance market finally shows signs of hardening but European P&C relatively flat

Insurance market finally shows signs of hardening but European P&C relatively flat

The commercial insurance market is finally showings signs of hardening, as nat cat risks, a growing number of specialty lines and those with bad loss-history experience rate increases at renewal, risk managers and brokers have told Commercial Risk Europe. However, the market for standard P&C risks remains competitive in Europe, with buyers still able to secure similar terms and prices at renewals…

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