EC approves Spain’s €500m credit insurance scheme

EC approves Spain’s €500m credit insurance scheme

EC approves Spain’s €500m credit insurance scheme

The European Commission (EC) has approved Spain’s €500m state-backed reinsurance scheme to strengthen the trade credit insurance market. The EC said the arrangement does not infringe state-aid rules. Under the scheme, the Spanish state will provide a reinsurance guarantee to private insurers of up to 60%. Risk and premium will be shared between the state and trade credit insurers. The…

Plans for state-backed pandemic scheme delivered to Spanish regulator

Plans for state-backed pandemic scheme delivered to Spanish regulator

Plans for state-backed pandemic scheme delivered to Spanish regulator

Early discussions are underway in Spain to develop a mechanism that would help protect Spanish companies against future pandemics, an audience of risk professionals was told during the annual conference of Spanish risk management association AGERS late last week. Manuel Mascaraque, head of P&C Insurance at UNESPA, Spain’s insurance association, said during the virtual conference that a series of working…

Howden appoints employee benefits MD in Iberia

Howden appoints employee benefits MD in Iberia

Howden appoints employee benefits MD in Iberia

Insurance broker Howden has appointed Ana Matarranz as managing director of its employee health and benefits practice in Iberia. The appointment follows the recent acquisition of HR consulting firm Compensa, and Ms Matarranz will join the Compensa board. Ms Matarranz was previously general manager of Willis Iberia and head of health and benefits for western Europe. José Manuel González, CEO…

Mapfre Global Risks posts strong result, but reinsurance unit remains in the red

Mapfre Global Risks posts strong result, but reinsurance unit remains in the red

Mapfre Global Risks posts strong result, but reinsurance unit remains in the red

Mapfre has reported a big increase in premiums and earnings at its corporate risk unit in the first nine months of 2020, although Covid-19 and catastrophe losses pushed Mapfre Re into the red. Mapfre Global Risks posted a positive result of €6m in the first nine months of 2020, a 238.6% increase on the same period last year. The combined…

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…