Record cat losses and US tax sting AIG
12 February 2018
AIG slumped to a deeper net loss in the fourth quarter, as record catastrophe losses and a one-off charge arising from US tax reforms hit earnings…
International
WTW grows broking revenue
12 February 2018
Willis Towers Watson’s corporate risk and broking business grew fourth-quarter revenue to $US777 million, rising from $US706 million in the corresponding period of 2016…
January storms cost European insurers $2.5 billion
12 February 2018
Storms that hit north and west Europe last month will cost insurers more than $US2 billion, Impact Forecasting says…
Hackers will target industrial assets, experts warn
12 February 2018
Chemical facilities, energy platforms and other critical industrial assets face increased risk of cyber attacks this year, according to Marsh & McLennan and cyber-security group FireEye…
Disaster-hit US insurers run up large losses
12 February 2018
The US property and casualty industry was in the red for a second consecutive year in 2017, with a larger net underwriting loss of $US29.3 billion, AM Best says…
Beazley flags premium rate gains after profit drops 43%
12 February 2018
Specialty insurer Beazley says pre-tax profit fell 43% last year to $US168 million after the industry experienced one of its most costly periods for natural disasters…
‘Exceptional’ cat losses hit Talanx result
12 February 2018
German insurer Talanx has provisionally reported a 26.1% decline in group net income for last year, blaming huge losses from hurricanes and other natural disasters…
Incumbents ‘assert control’ on insurtech industry
05 February 2018
Insurers and reinsurers are increasingly influential in insurtech, making 120 private investments last year and 35 in the last quarter alone, according to Willis Towers Watson…
Weather-related disasters break annual damage record
05 February 2018
Last year was the costliest on record for weather-induced catastrophes, with economic damage reaching $US344 billion, according to Impact Forecasting…
Cat bond market enjoys bumper year
05 February 2018
Catastrophe bond market issuance set new records last year due to strong investor demand, according to Willis Towers Watson and Aon Securities…
Lloyd’s lifts claims efficiency
05 February 2018
Non-complex claims of up to £250,000 will be settled in a more efficient manner after the introduction last week of the Single Claims Agreement Party, Lloyd’s says…
California wildfires costliest in state’s history
05 February 2018
Insured losses from recent California wildfires amount to almost $US12 billion, setting a record for the state…
Chubb welcomes rate rises after Q4 earnings hit
05 February 2018
Chubb has recorded a 4.8% decline in fourth-quarter net income, as earnings took a hit from the California wildfires…
Aon income drops despite revenue gains
05 February 2018
Aon says net income from continuing operations declined to $US435 million last year from $US1.3 billion in 2016, while total revenue grew 6% to $US10 billion…
Catastrophes hit XL bottom line
05 February 2018
XL Group has reported a net loss of $US560.4 million for last year, hit by an above average year for natural disasters…
More British drivers use telematics covers
05 February 2018
The UK had about 975,000 telematics-based insurance policies last year, up 30% on 2016, according to the British Insurance Brokers’ Association…
Interruption keeps top spot on Allianz risk poll
29 January 2018
Business interruption remains the most feared threat to companies worldwide this year, the sixth straight year it has topped the annual Allianz Risk Barometer…
Cat losses among worst on record: Swiss Re
29 January 2018
Global insured catastrophe losses last year were the third-highest since Swiss Re’s Sigma records began in 1970…
Hurricanes smash payout record: Munich Re
29 January 2018
The hurricane trio of Harvey, Irma and Maria led to record payouts for the global insurance industry last year, Munich Re has confirmed…
S&P flags risk from Brexit-style events
29 January 2018
Rated insurers’ creditworthiness and performance this year will be supported by continued stable economic growth and financial conditions, according to S&P Global Ratings…