AXIS Capital to book cat losses of up to $115m in Q1

AXIS Capital to book cat losses of up to $115m in Q1

AXIS Capital to book cat losses of up to $115m in Q1

Bermuda’s AXIS Capital said catastrophes and other weather-related events will cost it an estimated pre-tax net loss of $105m to $115m in the first quarter of 2021. US winter storms Uri and Viola, mainly in Texas, will cost the group an estimated $80m to $90m during the period, AXIS said. AXIS did not give net loss/profit forecasts for the quarter,…

Insolvencies to ‘surge’ by 26% in 2021: Atradius

Insolvencies to ‘surge’ by 26% in 2021: Atradius

Insolvencies to ‘surge’ by 26% in 2021: Atradius

Insolvencies are set to jump 26% globally this year with several European countries likely to be worst hit as the fallout from Covid-19 finally impacts bankruptcies, according to Atradius. This would follow a 14% fall in insolvencies last year when governments introduced fiscal measures and bankruptcies regime changes to protect businesses from failure, said the trade credit insurer. Atradius added…

Howden urges insurers to up game on intangible risk

Howden urges insurers to up game on intangible risk

Howden urges insurers to up game on intangible risk

Howden has called on the insurance industry to seriously rethink how it can help corporates transfer mounting intangible risks, which are on the rise following Covid-19. In a new report, the broker urges the industry to radically rethink its risk silo approach and come up with solutions that fit today’s interconnected threat landscape. Howden’s analysis shows that nearly 70% of…

Aon develops supply chain protection for Covid-19 vaccine

Aon develops supply chain protection for Covid-19 vaccine

Aon develops supply chain protection for Covid-19 vaccine

Aon has issued new cargo insurance cover to protect supply chains in the global Covid-19 vaccine rollout and delivery. The cover will be available to all parties in the supply chain, from pharmaceutical firms to transport and logistics companies, pharmacy chains and inoculation centres. Aon said it will donate all 2021 revenues from the new solution to a Covid-19 charity.…

Over 12,000 UK policyholders await insurer decisions on Covid-19 BI claims

Over 12,000 UK policyholders await insurer decisions on Covid-19 BI claims

Over 12,000 UK policyholders await insurer decisions on Covid-19 BI claims

Insurers have settled and paid out on 10,772 UK business interruption (BI) Covid-19 claims in the UK related to the country’s Supreme Court ruling, but more than 12,000 policyholders have yet to receive a decision three months after it was found that the claims were valid, according to new data released by regulator the Financial Conduct Authority (FCA). A total…

Reinsurance capital up 7% in 2020 despite Covid-19 turbulence, finds Wills Re

Reinsurance capital up 7% in 2020 despite Covid-19 turbulence, finds Wills Re

Reinsurance capital up 7% in 2020 despite Covid-19 turbulence, finds Wills Re

Dedicated global reinsurance capital was up 7% last year to $658bn, primarily driven by strong investment market appreciation, according to the latest Willis Re Reinsurance Market Report. The biannual publication says new capital raised by both incumbents and new entrants added to the year-end total, but notes that capital returns to shareholders exceeded those new investments. James Kent, global CEO…

Ferma concerned by lack of progress on European pandemic solution

Ferma concerned by lack of progress on European pandemic solution

Ferma concerned by lack of progress on European pandemic solution

The Federation of European Risk Management Associations (Ferma) is worried that efforts to establish pandemic pools appear to have lost momentum across Europe, and reiterated calls for a “risk-based” pan-European public-private partnership (PPP) for systemic business interruption (BI) risks. Ferma’s president has also called on the insurance industry to do more to help create a solution. Acknowledging the need to…

London market saw substantial pandemic-related losses in 2020, says Fitch

London market saw substantial pandemic-related losses in 2020, says Fitch

London market saw substantial pandemic-related losses in 2020, says Fitch

Event cancellations and business interruption (BI) policies were the main drivers of substantial pandemic-related losses in 2020 for London market insurers, according to Fitch Ratings. The majority of London market insurers reported either a loss or only a very small profit in 2020, as the pandemic-related losses offset most underwriting and investment profits. Returns on equity were negative or only…

Anvil Partners with SAP to boost global travel risk management

Anvil Partners with SAP to boost global travel risk management

Anvil Partners with SAP to boost global travel risk management

Risk management firm Anvil Group has partnered with SAP to enhance its global travel alert service for mobile workforces. Anvil’s Riskmatics platform already uses real-time monitoring to alert organisations about potential threats to the safety of their employees and operations overseas. But under the agreement with SAP, Riskmatics will integrate with SAP Concur to locate employees impacted by incidents and…

Aviation buyers face ‘tough’ 2021 renewals

Aviation buyers face ‘tough’ 2021 renewals

Aviation buyers face ‘tough’ 2021 renewals

Aviation insurance buyers can expect another “complicated” renewal negotiation with their insurers this year as the impact of Covid-19 continues into 2021 and for longer than first thought, warned Gallagher. Launching the broker’s Q1 Plane Talking report, CEO of Gallagher Aerospace Peter Elson said aviation insurance buyers “will continue to face significant challenges in 2021 and they will again be…

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