AXA XL replaces CEO and takes action as 2019 results fall below expectations

AXA XL replaces CEO and takes action as 2019 results fall below expectations

AXA XL replaces CEO and takes action as 2019 results fall below expectations

AXA XL says its new CEO, accelerating price rises and further de-risking will help boost profitability, after 2019 earning figures fell below expectations. AXA XL saw revenues increase 10% in 2019, helped by “extremely brisk” price rises. But the unit’s combined ratio stood at 101.5%, and the firm’s CFO Etienne Bouas-Laurent said €507m of underlying earnings were “slightly below” expectations…

Corporate Solutions weighs on Swiss Re result

Corporate Solutions weighs on Swiss Re result

Corporate Solutions weighs on Swiss Re result

Repositioning its troubled Corporate Solutions unit, heavy natural catastrophe losses and rising claims in US casualty, proved to be a drag on Swiss Re’s full-year 2019 results. Announcing a 73% increase in group net income to $727m for 2019, CEO Christian Mumenthaler said the reinsurer’s property and casualty businesses were impacted by $2.7bn in large losses from natural catastrophes and…

Germany will account for around half of €1.1bn to €1.9bn Ciara/Sabine loss

Germany will account for around half of €1.1bn to €1.9bn Ciara/Sabine loss

Germany will account for around half of €1.1bn to €1.9bn Ciara/Sabine loss

Insured losses from Europe’s Storm Ciara/Sabine are estimated to total between €1.1bn and €1.9bn, with claims in Germany likely to account for half the total loss. RMS said the storm will costs insurers between €1.1bn and €1.8bn, with around 50% hitting Germany. The estimate is in line with the €1.1bn to €1.9bn forecast by AIR last week. Germany’s insurance association…

French firms face dwindling supply chain insurance options as problems with NDBI spread to CBI

French firms face dwindling supply chain insurance options as problems with NDBI spread to CBI

French firms face dwindling supply chain insurance options as problems with NDBI spread to CBI

Transferring supply chain risks has become a much harder task for French firms as the insurance market hardening pushes underwriters to restrict coverages and increase prices. According to France’s risk management association AMRAE, contingent business interruption (CBI) coverages are now only available for better-managed risks linked to direct suppliers, while brokers say that non-physical damage business interruption (NDBI) extensions have…

European Storm Ciara losses in €1.1bn to €1.9bn range, estimates AIR

European Storm Ciara losses in €1.1bn to €1.9bn range, estimates AIR

European Storm Ciara losses in €1.1bn to €1.9bn range, estimates AIR

The first insured loss estimate for European Storm Ciara/Sabine from AIR Worldwide ranges between €1.1bn and €1.9bn, with the majority falling in the UK, France and Germany. The storm also affected a wide area of mainland Europe including the Netherlands, Poland, Belgium, the Czech Republic, Slovenia, Sweden, Denmark and Norway, where it was named Elsa. It caused wind damage and…

Market hardening intensifies across Europe and all global regions, finds Marsh

Market hardening intensifies across Europe and all global regions, finds Marsh

Market hardening intensifies across Europe and all global regions, finds Marsh

The commercial insurance market hardening accelerated across all regions in the final quarter of last year with average price increases of 6.6% in continental Europe and 13.7% in the UK, according to Marsh’s latest Global Insurance Market Index that also reports a tightening of capacity in certain product lines and parts of the world. As previously revealed during Marsh’s results…

Removing silent cyber risks leaves buyers exposed to other tech losses, warns Mactavish

Removing silent cyber risks leaves buyers exposed to other tech losses, warns Mactavish

Removing silent cyber risks leaves buyers exposed to other tech losses, warns Mactavish

Corporate insurance buyers are being exposed to standard technology losses as property policies are stripped of all technology cover in a bid to tackle silent cyber exposures, warns insurance governance firm Mactavish. Following concerns raised by UK regulator and Lloyd’s about silent cyber risks, Mactavish said it has seen an increase in UK commercial property policies where all cover related…

Greater cooperation needed in ‘frustrating’ French cyber market

Greater cooperation needed in ‘frustrating’ French cyber market

Greater cooperation needed in ‘frustrating’ French cyber market

The French cyber insurance market has been described as “frustrating” by the head of a multinational insurance group in the country, during a session at this week’s AMRAE conference on wider market conditions. “The cyber market is frustrating,” said Florence Louppe, CEO of HDI Global in France, during the second day of the 28th AMRAE conference in Deauville this week. “Last…

French risk managers warned to prepare for further hardening and start renewals early

French risk managers warned to prepare for further hardening and start renewals early

French risk managers warned to prepare for further hardening and start renewals early

French risk managers need to prepare their coming renewals well in advance and be ready to share more information with insurers than perhaps they have in the past because the insurance market will toughen further as the year progresses, advised François-Xavier d’Huart, country manager for France at Berkshire Hathaway Specialty Insurance (BHSI). As AMRAE gathered for its annual conference this week, Mr…

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