Swiss Re has confirmed that it has been exploring a possible investment in Shanghai-based China Pacific Insurance Group, the second-largest non-life insurance company in China and third-largest life company, which was established in 1991. Swiss Re stated this week: “In response to media speculation concerning a possible investment by Swiss Re in China Pacific Insurance (Group) Co. (CPIC) and an…
Heightened political and economic uncertainty is driving up credit risk, increasing the threat of insolvencies and supply chain disruption. According to the Organisation for Economic Co-operation and Development’s (OECD) latest outlook, the global economy is becoming increasingly fragile and uncertain. Downside risks continue to mount, with growth slowing to its weakest rate since the financial crisis. In particular, the OECD…
A group of risk managers has warned the insurance sector that wordings must better reflect their requirements, as the recent spate of mergers and acquisitions reduces the choice of carriers. According to Swiss risk managers taking part in our Risk Frontiers Europe survey, insurance wordings and products could be improved. “We have heard a lot of talk from insurers about…
Michael Rüsch, recently appointed country manager for HDI Global in Switzerland, spoke to Commercial Risk Europe about the challenges facing risk managers in today’s rapidly changing environment. As the weather across Europe turns autumnal, it is hard to remember back to a summer of record heat. But for insurers and risk managers alike, the hot summer (yet again) was a…
The level of global insolvencies has risen for the first time in a decade, led by the UK where the insolvency rate is expected to increase by as much as 10% in 2019, according to trade credit insurer Atradius. Across all developed markets, business failure rate increases are expected to rise 2.8% on average this year, largely driven by slower…
HDI Global has appointed Thomas Stamm to the newly created position of chief underwriter for property and casualty in its Swiss branch, as part of a wider shake up of the unit. Mr Stamm will be responsible for the property, casualty, engineering and accident lines of business, as well the SME and risk consulting divisions. He will report directly to…
Mario Greco, group chief executive officer of Zurich Insurance Group, appears to be in a race with AIG’s Brian Duperreault to see who can deliver the most impressive and quickest turnaround, as the Switzerland-based group reported its best first-half results in a decade. Business operating profit for the first half of 2019 was up 16% to reach $2.8bn, partly built…
Swiss Re Corporate Solutions (SRCS), the industrial insurance arm of Swiss Re, reported a net loss of $403m and a combined ratio of 132.8% in the first six months of 2019, but has been handed a $600m capital boost to help turn the struggling business around. The half-year loss was largely driven by a second-quarter reserve strengthening of $328m.The result…
Severe weather events across Europe last month caused at least €1.42bn of economic damage, with insurance expected to cover about €1.24bn of the losses, according to Aon. In its latest Global Catastrophe Recap report, the broker says that weather between 10 June and 12 June resulted in large hail, strong gusts of wind and intense rainfall across multiple countries in central…
Zurich Insurance Group is accelerating its policy to further reduce the use of carbon fossil fuels, which will see the insurer underwrite fewer risks that contribute to climate change. Zurich said its new commitments plan to reduce carbon emissions within its own business, at those of its clients and the companies in which it invests. The move is in line…