Wednesday, 31 August 2016

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London market under pressure to stand firm on rates

Risk managers can expect a less generous underwriting approach to key specialty lines such as casualty, cargo, offshore energy and terrorism from the London market in 2017 according to recent evidence from the corporation of Lloyd's, the Prudential Regulatory Authority (PRA) and comments made during recent second quarter results by insurers.

Claims payments under threat as insurers fail to manage climate change investment risk

Insurers are failing to adequately risk manage and adapt their investment portfolios to climate change, placing their ability to pay claims under threat, warns the Asset Owners Disclosure Project (AODP).

Death toll and damage mounts from Italian quake

The death toll continues to rise following a powerful earthquake in central Italy that has caused widespread destruction.

Volkswagen blindsided by unprecedented BI event

Car manufacturer Volkswagen (VW) narrowly avoided a potentially disastrous business interruption (BI) event this week after a contractual dispute led to two of its key suppliers halting deliveries to its production facilities.

Swiss Re figures confirm spike in nat cat losses

Global insured losses from natural catastrophes jumped 75% in the first half of this year compared with the same period in 2015 to $28bn, according to figures from Swiss Re. However, the cost of manmade disasters for insurers fell 34% to $3bn.

Insolvency risk rises in developed markets

Insolvency rates will not improve this year or next year in developed markets, while many European countries will see an increase in business failures, according to a report by one of the world's largest credit insurers.

Corporate roundup

Captive manager USA Group becomes latest WBN associate member, The Standard Syndicate adds new lines and senior underwriters, Beazley doubles environmental capacity to $50m and Liberty expands in Italy through acquisition of Wholesale Binding Authorities.

Global and European insurance rates fall again but pace slows

Global commercial insurance rates continue to fall but the rate of decline is slowing, according to new figures from Marsh. This trend is reflected in continental Europe and UK markets.

Zurich Global Corporate turns corner

Zurich's Global Corporate appears to be turning a corner after a run of difficulties and losses, but its latest results reveal that premium volumes declined as the insurer took steps to restore profitability.

QBE profits plunge on higher claims inflation

QBE Insurance has seen its profits almost halve in the first half of 2016, mostly driven by increased claims in Australia and New Zealand.

Survey finds buyers content with preparedness for Insurance Act

Insurance buyers in the UK believe they and the market have risen to the challenge of the Insurance Act and are relatively well prepared for the new law, according to a poll of Airmic members.

Talanx grows international business while Allianz' corporate profits fall

German insurance and reinsurance group Talanx has reported stable profits for its industrial lines unit, and continued growth of its international business. The results contrast somewhat with those of Allianz, which saw its corporate insurance profits slide and premium decline.

Swiss risk managers urge peers to take action on US-EU Privacy Shield

Swiss risk managers who took part in our recent Risk Frontiers Europe roundtable in Zurich have urged fellow European risk managers to take a close look at the recently agreed Privacy Shield agreement on data transfer between the European Union and United States.

AIG steams ahead with $25bn capital return plan as UGC sold to Arch

AIG has agreed to sell its mortgage guarantee business United Guaranty Corporation (UGC) to Bermuda-based Arch Capital for $3.4bn in what CEO Peter Hancock said is part of his plan to "sculpt the future AIG" into a more "focused" company.

Modern slavery index reveals depth of supply chain risk

Modern slavery is "rife" in 58% of 198 countries studied for a new global ranking by Verisk Maplecroft with China and India amongst 25 economies posing "extreme" related supply chain risk.

Corporate round-up

AGCS shakes up global property, engineering and risk consulting management, Allied World appoints Rob Kuchinski head of international property, Hyperion and Euroassekuranz strike deal to boost German offering and AGCS names Eaton as head of product recall in London.


European Risk Management Awards 2016