Swiss Re Corporate Solutions suffered a $301m loss in the first half of this year after Covid-19 claims of $485m. But parent group Swiss Re insists that the unit’s turnaround is “well on track”, noting that excluding pandemic losses net income would have reached $81m from a net loss of $403m in the prior-year period. This is no doubt helped…
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…
The London Market Group (LMG) has proposed a free-trade framework for Swiss insurers that could serve as a template for future agreements between third countries and the UK. Last month, the UK and Switzerland committed to an “ambitious” cross-border financial services trade agreement that will include insurance. UK Chancellor Rishi Sunak and head of Switzerland’s Federal Department of Finance Ueli…
Global insurance premiums will stage a full recovery next year after the impact of Covid-19, says Swiss Re in a new Sigma report, with the pandemic raising risk awareness levels and demand for protection. Rates are expected to harden in commercial lines and take non-life insurance premiums above pre-crisis levels, Swiss Re says, adding that emerging economies led by China…
European countries are some of the most resilient business environments in the world, according to FM Global’s 2020 ranking, which puts them ahead of the pack in staging a recovery from the current Covid-19 pandemic. FM Global says resilience “is never more critical than in a world shocked by pandemic”. It adds that the higher-ranked countries in its 2020 Resilience…
Insurance rate hardening accelerated in Q1 with Covid-19 impacting some regions, according to a new report from Aon that found Europe recorded rate increases of more than 10% in the first few months of 2020. The market has also tightened on terms and capacity, Aon says, with higher risk placements “very challenging” in Europe. Aon adds that insurers have retreated…
Zurich expects to pay P&C claims of about $750m for full-year 2020 from Covid-19 and has already posted $280m for the first quarter. Risk managers will be pleased to hear that the group believes virus-related claims are expected to remain within its 2020 earnings “risk tolerance”. Zurich said it has strong liquidity and a conservative investment portfolio that will help…
Zurich Insurance Group has created two underwriting roles with the appointment of Ralph Brand as global head of casualty, financial lines and cyber, and Chris Waterman as global head of property, marine and technical lines. Zurich said the new roles will simplify its underwriting by aligning shorter-tail first-party coverages and longer-tail third-party liability coverages. Mr Brand rejoined Zurich last year…
No one within the European risk management and insurance market should be surprised by the uptick in interest in alternative risk financing, as companies across the continent struggle to cope with the economic and financial impact of Covid-19. The current crisis has once again underlined how traditional insurance products are limited in the way in which they can help deal…
Swiss multi-line insurance and reinsurance group Helvetia has taken the radical step of offering to pay 50% of the virus-related business interruption (BI) losses of its Swiss restaurant policyholders, despite continuing to insist that the risk is legally excluded from its policies. This follows a compromise reached in Bavaria led by the German state’s economics ministry, under which a group…