COVID ‘injects uncertainty’ into marine market
16 November 2020
Global marine premiums across all sectors are relatively stable, but COVID-19 has “injected a new level of uncertainty”, the International Union of Marine Insurance says…
International
Zurich’s Asia-Pacific earnings fall after travel crash
16 November 2020
Zurich says its property and casualty gross written premium in the Asia Pacific dropped during January-September as demand for travel insurance was decimated…
Sharpen up or lose customers: Markel chief
16 November 2020
Insurers must “really sharpen-up” their technical capabilities or lose business, particularly in the SME space, because “the digital natives are coming,” (re)insurer Markel Corporation says…
Talanx profit falls on pandemic, disaster losses
16 November 2020
HDI Global parent Talanx has reported a 30% drop in net income to €520 million for the nine months to September, as pandemic-related claims and severe losses from natural disasters dented earnings…
Canadian-Danish consortium makes $12 billion bid for RSA
09 November 2020
UK-based RSA Insurance Group is weighing a joint £7.2 billion all-cash takeover offer from Canada’s Intact Financial Corporation and Tryg A/S of Denmark...
Lloyd’s sees £800 million savings from reforms plan
09 November 2020
Lloyd’s estimates brokers and insurers could collectively reduce costs by more than £800 million if measures in its updated reform blueprint are adopted...
Fitch sees gaps in climate change pricing
09 November 2020
Evidence is growing that existing insurer risk frameworks are not fully pricing the “chronic, long-term and cumulative nature” of the physical impacts brought about by climate change, ratings agency Fitch says...
UK court to hear BI appeal next week
09 November 2020
The UK Supreme Court has set aside four days next week to hear insurer and regulator appeals over a business interruption test case judgment that could affect hundreds of thousands of policyholders...
Hurricane Zeta sets record, losses may reach $5 billion
09 November 2020
Hurricane Zeta insurance losses may reach $US1.5-3.5 billion after it last month set a record for the number of named storm to make US landfall in a season, catastrophe modelling firm AIR Worldwide says...
Munich Re posts quarterly underwriting loss
09 November 2020
Munich Re’s property & casualty reinsurance unit posted an underwriting loss in the third quarter as losses related to COVID-19 hit €800 million and seasonal natural catastrophes struck...
Marsh’s Asia Pacific revenue grows 4% in Q3
09 November 2020
Marsh’s Asia Pacific operations achieved underlying revenue growth of 4% to $US254 million in the September quarter...
Berkshire’s insurance arm braces for more virus fallout
09 November 2020
Berkshire Hathaway has warned its insurance arm could be further impacted from the economic fallout of COVID-19 after the division sank into a net underwriting loss of $US213 million in the third quarter...
An indefinite drag: WTW grim on virus-hit earnings
09 November 2020
Willis Towers Watson has warned the economic fallout from the pandemic will remain an indefinite drag on revenue as its risk and broking businesses posted muted earnings for the third quarter to September...
UK regulator stresses need for COVID-related reviews
09 November 2020
UK insurance firms must complete reviews by early next month detailing the value of their products in light of the impacts of the coronavirus pandemic, the Financial Conduct Authority says...
Research ‘unambiguous’ on pandemics
02 November 2020
The Geneva Association, an international group with members in 25 countries, says “unambiguous” research findings show property and casualty insurance is not the right vehicle for shouldering losses from the COVID-19 pandemic...
US insurers turn a profit in first-half despite COVID
02 November 2020
Property and casualty insurers in the US remained profitable in the first half even as 26% was sliced from their net income...
Peter Zaffino named new AIG Global CEO
02 November 2020
AIG has appointed Peter Zaffino to the role of Global CEO, effective from March...
COVID, Beirut blast and nature sink Swiss Re’s P&C arm
02 November 2020
Swiss Re’s property and casualty reinsurance arm swung into a loss of $US201 million in the nine months to September, as earnings copped a severe blow from COVID-19, the Beirut port blast and natural disasters...
Revenue growth bolsters Aon’s Q3 earnings
02 November 2020
Global broker Aon has recorded a 24% rise in third-quarter net income to $US275 million from $US222 million a year earlier, aided by increased revenues and a decline in expenses...
Severe cat losses hit Chubb as Q3 earnings fall
02 November 2020
Chubb has posted a 26.6% decline in its third quarter core operating income to $US907 million after a sharp rise in catastrophe losses dented earnings...