European businesses recorded a further increase in the number of overdue invoices in 2018 with 41.8% of payments outstanding, according to trade credit insurer Atradius. The average pushed up from 40.7% in 2017 after all of 14 European countries surveyed except Germany, Ireland and the UK recorded deterioration in B2B receivables…
Third-quarter natural catastrophe losses will cost Swiss Re $1.1bn, net of retrocession and before tax. Although high for a single quarter, Swiss Re said overall losses are in line with expectations for the year to date. Claims from Typhoon Jebi in Japan account for almost half of Swiss Re’s total bill at $500m, while Hurricane Florence in the US is…
Liberty Specialty Markets (LSM) has appointed Markus Hefel as deputy country manager for Switzerland. Mr Hefel will be based in Zurich and report to LSM’s general manager for Switzerland Felix Böni. Mr Hefel joins LSM from Ironshore, where he was country manager for Switzerland and senior underwriter for liability and accident. He has previously served as country manager for Switzerland…
Swiss Re Corporate Solutions’ CEO Agostino Galvagni has stepped down and will be replaced by Allianz Global Corporate & Specialty’s (AGCS) Andreas Berger…
XL Catlin has appointed Urs Blättler as country claims manager for Switzerland, joining the company from Partner Re where he was head of claims for Europe, Africa, Asia and Latin America. Michael Rüsch, country manager for Switzerland, said: “As a global leader in international programmes, claims are at the heart of what we sell. Urs’ experience in claims handling, as…
Ulrich Wallin will step down as CEO of Hannover Re next year…
Zurich Insurance will continue to shift its emphasis from commercial to retail P&C business, based on comments made by senior management during the Swiss group’s second-quarter results call…
Swiss Re’s decision to invest in its Corporate Solutions business and build a dedicated on-the-ground presence in key worldwide markets to take primary lead positions is paying off, according to the reinsurer…
The heatwaves, droughts and forest fires currently affecting swathes of Europe will cost the agriculture sector billions of dollars with entire harvests lost in some cases, Munich Re warns. According to the reinsurer, the grain harvest in Germany is likely to be down more than 10% on the long-term average as a result of the hot and dry weather. Total…
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…