Anra survey shows Italian companies face tough renewals

Anra survey shows Italian companies face tough renewals

Anra survey shows Italian companies face tough renewals

Italian risk and insurance managers experienced a difficult insurance renewal at year-end 2020 and are bracing themselves for another difficult year in 2021, particularly in D&O, property damage and business interruption and credit insurance, according to a survey carried out by Anra, the Italian association of risk and insurance managers. The second edition of the survey carried out by Anra asked…

Coface profits jump as insolvencies fall

Coface profits jump as insolvencies fall

Coface profits jump as insolvencies fall

Coface profits have risen sharply on an improved underwriting result, driven by lower rates of insolvency and governmental support in the pandemic. The French trade credit insurer posted net income of €56.4m in the first quarter of 2021 – a four-fold increase over the same period of 2020. The result was driven by a much-improved underwriting result, which increased 186%…

GVNW cautiously accepts non-extension of protective shield

GVNW cautiously accepts non-extension of protective shield

GVNW cautiously accepts non-extension of protective shield

The German risk and insurance management association, the GVNW, has cautiously welcomed the announcement by the German insurance association (GDV) that it is happy that no further extension of the federal government’s support for the credit insurance industry is needed after 30 June. GVNW supported the introduction of the protective umbrella scheme when it was introduced last year to help…

Insolvency risk in focus as German companies grapple with economic uncertainty

Insolvency risk in focus as German companies grapple with economic uncertainty

Insolvency risk in focus as German companies grapple with economic uncertainty

As the coronavirus pandemic prolongs its global domination and governments are forced to face up to the fact that they cannot support businesses with grants and state-backed credit insurance support schemes forever, the issue of insolvency is coming to the fore. The German arm of global law firm CMS focused on this hot topic during its recent webinar, which touched…

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…

Pandemic fuels heightened political risk in 2021, finds Marsh’s map

Pandemic fuels heightened political risk in 2021, finds Marsh’s map

Pandemic fuels heightened political risk in 2021, finds Marsh’s map

Pandemic-induced economic stress will continue to exacerbate political risk throughout this year, according to Marsh Specialty’s Political Risk Map 2021, which shows larger increases in in-country economic risk than ever before across all global regions. The map is based on data from Marsh Specialty’s World Risk Review platform, and rates 197 countries and territories across nine indicators relating to security,…

Tokio Marine says ‘no material impact’ from Greensill insolvency

Tokio Marine says ‘no material impact’ from Greensill insolvency

Tokio Marine says ‘no material impact’ from Greensill insolvency

Tokio Marine’s liabilities from the collapse of supply chain finance firm Greensill are limited to trade credit insurance cover provided by Australian agent Bond & Credit Company (BCC), the company said, correcting reports that suggested it could be on the hook for exposures of about A$10bn. Addressing media speculation, Tokio Marine said it does not expect any material impact from…

Swiss Re pledges to cease global coal treaty business by 2040

Swiss Re pledges to cease global coal treaty business by 2040

Swiss Re pledges to cease global coal treaty business by 2040

Swiss Re will begin tightening its treaty (re)insurance underwriting policy for thermal coal risks from 2023 and exit all exposures in OECD countries by 2030 and the rest of the world by 2040. New thermal coal underwriting thresholds will be applied across Swiss Re’s property, engineering, casually, credit and surety, and marine cargo lines of business from 2023. They will…

CPRI market rising to the challenge on claims says BPL

CPRI market rising to the challenge on claims says BPL

CPRI market rising to the challenge on claims says BPL

The specialty credit and political risk insurance market (CPRI) continues to pay claims in this increasingly complex and volatile global economic and political environment. But the full impact of Covid-19 on this specialty sector has yet to be fully felt, says London-based broker BPL Global. BPL publishes an annual report on the CPRI market that shows a positive picture in…

Pandemic-driven global GDP loss set to be wiped out in 2021 – Atradius

Pandemic-driven global GDP loss set to be wiped out in 2021 – Atradius

Pandemic-driven global GDP loss set to be wiped out in 2021 – Atradius

Global GDP is expected to recover by 5% this year and global trade to increase by 7% to 8%, according to Atradius’s new baseline forecast. But the trade credit insurer warned that the recovery will be uneven and there remains a lot of uncertainty because of Covid-19. Atradius also warned that insolvencies could rise “dramatically” as fiscal stimulus is phased…

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