GRI sustainability reporting standards published in Portuguese

GRI sustainability reporting standards published in Portuguese

GRI sustainability reporting standards published in Portuguese

Sustainability reporting standards published by the Global Reporting Initiative (GRI) have been translated into Portuguese to expand access and boost use in various countries around the world. GRI said the standards are now available in 12 languages. GRI standards can be used by companies of all sizes to report their sustainability impact for transparency and accountability. They cover economic, environmental…

P&C insurers deliver 2019 underwriting profit and 97.4% combined ratio

P&C insurers deliver 2019 underwriting profit and 97.4% combined ratio

P&C insurers deliver 2019 underwriting profit and 97.4% combined ratio

The global P&C insurance industry produced another underwriting profit last year and a combined ratio of 97.4%, according to Aon’s 15th annual Insurance Risk Study. The figure is a slight improvement on the 98% combined ratio in 2018 and was buoyed by an overall 95.5% combined ratio in Europe. Asia-Pacific and the Americas each averaged 98%. The combined ratio was…

Mapfre renews its management teams to advance strategic objectives

Mapfre renews its management teams to advance strategic objectives

Mapfre renews its management teams to advance strategic objectives

Mapfre has made a number of changes to its senior management teams, notably in the group’s three principal markets – Spain, Brazil and North America. Mapfre called it a “broad renewal of its management teams to advance its strategic objectives and accelerate the company’s transformation agenda, strengthening capacities in the main regions where it operates”. It added that the renewal…

Global insolvency rates to rise 26% in 2020, says Atradius

Global insolvency rates to rise 26% in 2020, says Atradius

Global insolvency rates to rise 26% in 2020, says Atradius

Global corporate insolvencies are forecast to swell by 26% this year, with most booked to the second half of 2020 as Covid-19 impacts economies around the world, according to trade credit insurer Atradius. Turkey is expected to lead insolvency rates with a forecast increase of 41%, Atradius said, followed by the US and Hong Kong both at 39%. Atradius said…

AXA XL makes appointments to leadership team in Europe and Asia

AXA XL makes appointments to leadership team in Europe and Asia

AXA XL makes appointments to leadership team in Europe and Asia

AXA XL has appointed Bruno Laval as chief distribution officer for Asia and Europe, and regional manager of European markets, under its new regional model. The firm has also named a new chief underwriting officer for the region and appointed heads in France, Germany, Switzerland and Asia-Pacific. Mr Laval, who was previously AXA XL Insurance’s regional manager for Europe, will…

Mapfre hit by €153m of Covid-19 claims as Global Risks unit falls to H1 €4m loss

Mapfre hit by €153m of Covid-19 claims as Global Risks unit falls to H1 €4m loss

Mapfre hit by €153m of Covid-19 claims as Global Risks unit falls to H1 €4m loss

Mapfre Group saw profit fall by 28% in the first half of this year to €271m, as Covid-19 losses of €153m and nat cats hit its bottom line. The Spanish firm said results were “strongly impacted” by Covid-19 claims against its reinsurance unit, which includes the company’s Global Risks business dedicated to the large-corporate market, of €87m. This contributed to…

Ferma and national associations back pan-European pandemic insurance plan

Ferma and national associations back pan-European pandemic insurance plan

Ferma and national associations back pan-European pandemic insurance plan

The Federation of European Risk Management Associations (Ferma) and both the German and Spanish national risk management associations have told Commercial Risk Europe they would support the pan-European pandemic insurance solution plan announced yesterday by Italian insurer Generali, which it is developing with the European Chambers of Commerce and Industry. Ferma and the national associations are keen to contribute to any…

Covid-19 heightens key risks and raises operational threat for several EU countries: Control Risks

Covid-19 heightens key risks and raises operational threat for several EU countries: Control Risks

Covid-19 heightens key risks and raises operational threat for several EU countries: Control Risks

The Covid-19 pandemic has heightened political and economic risks, with a bungled recovery and threat of economic paralysis meeting political weakness the top threats, warns Control Risks in a special edition of its Risk Map 2020. Control Risks has also raised the operational risk level for several European countries following Covid-19. This includes the UK, Spain and Germany, which all…

Fewer businesses report cyberattacks but costs soar, finds Hiscox survey

Fewer businesses report cyberattacks but costs soar, finds Hiscox survey

Fewer businesses report cyberattacks but costs soar, finds Hiscox survey

The cost of cyberattacks to businesses has spiked almost six-fold to an average $57,000 per event in the past year, according to a new global study from Hiscox. Total cyber losses reported by almost 5,600 companies polled rose to $1.8bn from $1.2bn. But the proportion of surveyed businesses targeted by cyberattacks also fell significantly from 61% to 39%. Some 51% of…

Pandemic accelerating market hardening in Europe, says Marsh

Pandemic accelerating market hardening in Europe, says Marsh

Pandemic accelerating market hardening in Europe, says Marsh

Hardening of the European insurance market is gathering pace, as the coronavirus pandemic adds to existing pressures driving price increases and capacity shortages in certain lines, according to Marsh. It added that market hardening is now touching most lines of business and geographies in Europe, and is expected to continue into 2021. “Covid-19 will in some areas exacerbate the pricing…

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