AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL is reviewing its policies to tackle non-affirmative, also known as silent, cyber cover wherever possible, the insurer told Commercial Risk Europe. The company’s head of international cyber, James Tuplin, said AXA XL will then decide product by product whether and how cyber cover is included in its range of insurances. A growing number of insurers and insurance markets,…

Total cost of risk up 2.1% in North America as insurance rates rise: RIMS

Total cost of risk up 2.1% in North America as insurance rates rise: RIMS

Total cost of risk up 2.1% in North America as insurance rates rise: RIMS

The average total cost of risk (TCOR) for organisations in North America rose by nearly 2.1% in 2018 primarily due to rising insurance rates, according to RIMS. The increase reverses four years of falling costs. The 2019 RIMS Benchmark Survey, produced with Advisen, saw the average TCOR increase to $9.95 per $1,000 of revenue last year, from $9.75 in 2017.…

First-half insured cat losses low at $19bn: Swiss Re

First-half insured cat losses low at $19bn: Swiss Re

First-half insured cat losses low at $19bn: Swiss Re

Swiss Re has placed insured catastrophe losses at $19bn in the first half of this year, confirming numbers well below the long-term average and down on the first six months of 2018. The reinsurer said secondary perils such as thunderstorms, torrential rains and snowmelt were the primary loss drivers, causing damage through wind and water accounting for $13bn of the…

HDI Global’s fire book restructure ahead of schedule at half-year stage

HDI Global’s fire book restructure ahead of schedule at half-year stage

HDI Global’s fire book restructure ahead of schedule at half-year stage

Torsten Leue, chairman of the board of management at Talanx, parent company of HDI Global and Hannover Re, said the ongoing restructure of the former’s fire book is ahead of schedule and “having the desired effect”, as he reported group second-quarter results. HDI Global delivered a small €14m underwriting profit in the second quarter of this year, compared with a…

Sompo expands into small business space in US and Mexico

Sompo expands into small business space in US and Mexico

Sompo expands into small business space in US and Mexico

Sompo International Holdings, the Bermuda-based specialty insurance and reinsurance arm of Japanese giant Sompo, has announced that its Sompo Global Risk Solutions (GRS) has formed a new team to offer insurance solutions to smaller businesses in the US and Mexico. It will also serve Sompo’s clients with operations in the two countries. Sompo International was created after the Japanese insurer…

Hannover Re posts healthy profits on the back of ‘long-overdue’ price rises

Hannover Re posts healthy profits on the back of ‘long-overdue’ price rises

Hannover Re posts healthy profits on the back of ‘long-overdue’ price rises

Hannover Re says price increases obtained during 1 June and 1 July renewals were in some cases “appreciable”, will continue in the second half and also helped deliver a healthy increase in both premiums and profits at the half-year stage. Gross written premium surged by 17.1% to €11bn. Net premium earned climbed by 12.1% to reach €9.4bn. The operating profit…

European commercial prices continue upward trend led by property: Marsh

European commercial prices continue upward trend led by property: Marsh

European commercial prices continue upward trend led by property: Marsh

Prices for continental European commercial insurance coverage increased for the third consecutive quarter, as average commercial insurance pricing rose nearly 6% globally in second-quarter 2019, according to global broker Marsh. The latest Global Insurance Market Index published by the broker reports the largest increase since the survey began in 2012, and the seventh consecutive quarter of average pricing increases in…

Rate increases and strong growth in US drive positive numbers for CNA

Rate increases and strong growth in US drive positive numbers for CNA

Rate increases and strong growth in US drive positive numbers for CNA

Chicago-based CNA Financial Corporation has announced its best half year for 12 years, and gross written premium growth of 10% in its core property and casualty business. The result was based on improving market conditions across the board and a strategic decision to focus growth on the US and pull back from international business. CNA also did not suffer unfavourable…

Marsh index records biggest quarterly insurance price rise of 6% in Q2

Marsh index records biggest quarterly insurance price rise of 6% in Q2

Marsh index records biggest quarterly insurance price rise of 6% in Q2

Marsh revealed during its second-quarter results call that average global commercial insurance prices rose nearly 6% in Q2. This is the biggest increase the firm’s Global Insurance Market Index has recorded since it began tracking in 2012, and marks the seventh consecutive quarter of rising prices. Marsh & McLennan Companies (MMC) president and CEO Dan Glaser told analysts the 6% jump follows…

Argo warns investors of Q2 earnings hit from reserve increases

Argo warns investors of Q2 earnings hit from reserve increases

Argo warns investors of Q2 earnings hit from reserve increases

Argo Group International, the Bermuda-based specialty insurance and reinsurance group, has announced that its results for the second quarter of 2019 will be hit by prior-year reserve increases in its London, Europe and Bermuda operations. Argo has faced a tough period in recent times as activist investor Voce Capital accused the insurer, and CEO Mark Watson in particular, of extravagant…

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