Insured cat losses to run at around $141 billion a year: AIR
01 November 2021
The global insurance industry should prepare for an annual average catastrophe loss of $US106 billion in long-term planning, Verisk modelling firm Air Worldwide says...
International
Aon slides to Q3 loss after WTW deal exit costs
01 November 2021
Aon has reported a third-quarter $US900 million loss following $US1.3 billion in charges related to a decision to abandon a proposed merger with Willis Towers Watson...
Firm P&C rates support Gallagher's Q3 earnings
01 November 2021
US broker Arthur J. Gallagher has achieved strong earnings growth for the third quarter, supported by robust property and casualty rates and an economic rebound from the pandemic downturn...
Report flags south-east Asia's natural catastrophe protection gap
01 November 2021
An annual Malaysia Re insurance report on south-east Asia has urged the region to close the natural disaster protection gap, particularly for flood risk...
Reinsurers likely to boost ILS use as cat losses increase
01 November 2021
Reinsurers are likely to increase their use of insurance-linked securities as part of retrocession programs amid rising catastrophe losses and as emerging risks become more of a focus, S&P Global Ratings says...
Swiss Re rebounds, confident into next year
01 November 2021
Swiss Re has achieved net income of $US1.3 billion in the first nine months of 2021, driven by a strong rebound in property and casualty despite significant large-loss events, particularly in the third quarter...
P&C arm powers Chubb to 53.5% earnings surge in Q3
01 November 2021
Chubb has posted a 53.5% increase in third quarter net income from a year earlier to $US1.83 billion, lifted by a strong showing from its property and casualty arm...
Lloyd's joins the Net-Zero Insurance Alliance
01 November 2021
Lloyd’s has joined the Net-Zero Insurance Alliance ahead of the COP26 summit in Glasgow and will transition its Central Fund, which has net assets of £3 billion, to net zero by 2050 by redirecting capital flows to green investments, and publish a detailed roadmap to achieve this goal within the coming year...
Europe rates set to harden further: Munich Re
25 October 2021
Munich Re has predicted reinsurance rates in Europe are expected to trend higher at the upcoming January renewal season, citing a number of factors such as major losses from extreme flooding on the continent and a rise in weather events in affected regions...
Insurers face 'new world' of cat losses: AIG CEO
25 October 2021
AIG CEO and President Peter Zaffino says the insurance sector has not addressed emerging risks and climate change quickly enough, and cyber risk is also particularly concerning...
"Terrific year" for Marsh McLennan
25 October 2021
Marsh McLennan has reported a 16% jump in quarterly sales to $US4.6 billion, marking a record for third quarter revenue amid strong momentum across all businesses on solid demand...
High cat loss 'burden' fails to dent Munich Re earnings
25 October 2021
Munich Re says natural catastrophe losses “burdened” its third quarter results but maintains the business is on track to achieve its €2.8 billion profit target for the year...
CoTé pitches AI platform Agencymate to US insurance agents
25 October 2021
Australian-owned CoTé Software and Solutions has launched its Agencymate platform in the US, featuring emerging technologies such as automation, artificial intelligence and machine learning...
Reinsurers cushioned even as cat losses try budgets: S&P
18 October 2021
Very strong capital adequacy at global reinsurers continues to provide a cushion even as 2021 is likely to be the fifth year in a row of natural catastrophe losses at or above budget expectations, S&P Global Ratings says, including more than $US20 billion of COVID-related insured losses in the past 18 months...
UK business interruption COVID payments climbing
18 October 2021
Final settlements for business interruption claims related to the COVID-19 pandemic in the UK have reached £766.6 million, the Financial Conduct Authority says in its monthly update...
September a reminder to insurers of geologic, seismic risks: Aon
18 October 2021
A volcano in Spain and earthquakes in Australia and Greece in September are reminders to the insurance industry of geologic and seismic risks, Aon’s latest Global Catastrophe Recap report says...
RIMS CEO to retire after convention next year
18 October 2021
Risk and Insurance Management Society CEO Mary Roth will retire after the US-based not-for-profit body holds its annual conference and exhibition in April next year in San Francisco...
New guide showcases insurer role in net zero
18 October 2021
A new UK publication highlights how insurance is crucial to achieving net zero carbon emissions as the industry supports green innovation across multiple sectors and geographies...
Prepare for pandemic, climate challenges: Aon panel
11 October 2021
COVID-19 has brought home the message that “preparedness” is key, according to industry executives who spoke at a panel discussion hosted by broker Aon...
Europe July flood losses reach $15 billion
11 October 2021
Western European floods in July have generated losses of $US11 billion, ranking the event as the largest this year for regions outside the US, natural catastrophe data monitor Cresta says...