US storms drive nat cat losses in active June

US storms drive nat cat losses in active June

US storms drive nat cat losses in active June

Global catastrophes made June the most active month for natural disasters this year, with insurance claims led by more than $3bn of losses from eight recorded convective storms and flash floods in the US, according to Aon’s Impact Forecasting. Large hailstones, some the size of baseballs, and winds affected parts of the Rockies, Plains, midwest, southeast and northeast in the…

Ironshore’s European business moves to sister company Liberty Specialty Markets

Ironshore’s European business moves to sister company Liberty Specialty Markets

Ironshore’s European business moves to sister company Liberty Specialty Markets

Liberty Specialty Markets (LSM) will acquire the European insurance business of Ironshore Europe following a renewal rights agreement between the two companies, which are both part of Liberty Mutual. Ironshore’s European business – which includes contingency, construction, fine art and specie, liability, marine and personal accident lines – is currently written in Cologne, Zurich and Rotterdam. These offices will no…

Gallagher takes majority stake in Swiss broker Hesse

Gallagher takes majority stake in Swiss broker Hesse

Gallagher takes majority stake in Swiss broker Hesse

Gallagher has acquired a 65% stake in Swiss commercial broker Hesse & Partner AG and Hesse Consulting. Based in Zurich, Hesse specialises in bespoke risk and insurance for clients in industrial, manufacturing and construction, with a niche in the waste-to-energy sector. Hesse said its top team will remain in place, including chairman and founder Guido Hesse, and CEO Tanja Jung.…

Toa Re further expands in Europe with new Zurich operation

Toa Re further expands in Europe with new Zurich operation

Toa Re further expands in Europe with new Zurich operation

Another example of Japanese and wider Asia-based capital’s desire to access European insurance and reinsurance markets came this week as Toa Re, the sole domestic Japanese reinsurance group, announced the launch of Toa Re Europe based in Zurich, Switzerland. The Japanese group said it would use the new platform to accelerate plans to offer capacity to third-party non-Japanese customers, as…

European countries top FM Global’s resilience index but struggle on cyber risk

European countries top FM Global’s resilience index but struggle on cyber risk

European countries top FM Global’s resilience index but struggle on cyber risk

Business resilience to risk and disruption is highest in Switzerland, followed by Luxembourg and Sweden, finds a global index of 130 countries and jurisdictions published by FM Global. However, European countries have deteriorated when it comes to cyber resilience. Myanmar, Nigeria and Madagascar were the bottom three ranked countries in the overall index. Based on 12 measures of resilience across…

Global rates rise for second quarter but European market remains soft

Global rates rise for second quarter but European market remains soft

Global rates rise for second quarter but European market remains soft

Global commercial insurance rates have risen for the second consecutive quarter, up 0.9% on average, driven by increases in property business and finpro lines, according to Marsh. However, overall pricing continues to fall in continental Europe, even though the rate of decline slowed again, the broker’s global insurance market index shows. The rise in global commercial insurance pricing was driven by…

GDPR fines insurable in just two European countries: Aon report

GDPR fines insurable in just two European countries: Aon report

GDPR fines insurable in just two European countries: Aon report

Fines under the EU’s General Data Protection Regulation (GDPR) will only be insurable in two European countries, according to analysis by Aon and law firm DLA Piper. In 20 of the 30 countries analysed, fines – which could be as high as €20m or 4% of a group’s global turnover – will not be insurable. Only companies in Finland and…

Zurich premium growth flat in Q1 as focus turns to profit

Zurich premium growth flat in Q1 as focus turns to profit

Zurich premium growth flat in Q1 as focus turns to profit

Zurich Insurance Group saw P&C first-quarter premiums climb to $9.33bn from $8.92bn, up 5% in US dollars but down 1% on a like-for-like basis in local currencies. The firm said it is focused on profitability and on course to meet its 2019 targets, which include cost savings of $1.5bn following a restructuring of the group’s global corporate business. In US…

Global premium growth to reach pre-crisis level in next decade, Allianz predicts

Global premium growth to reach pre-crisis level in next decade, Allianz predicts

Global premium growth to reach pre-crisis level in next decade, Allianz predicts

After a ‘lost decade’, premium growth should return to pre-crisis level, with 6% growth predicted in the next decade, according to Allianz Research. It also revealed that China will take over from the US as the biggest insurance market worldwide. Insurance markets to continue to recover in the future, said Allianz, pointing out that while global premium growth has disappointed…

European Risk Frontiers survey already throwing up surprising results

European Risk Frontiers survey already throwing up surprising results

European Risk Frontiers survey already throwing up surprising results

Our annual european risk Frontiers survey of Europe’s leading risk managers, sponsored again by HDI Global, is this year being expanded to include a wider range of risk professionals by adding snap polls at industry events and online Q&As with our readers. This approach has already produced some interesting results that we believe will pose serious questions for the insurance…

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