Since the start of the war in Ukraine, Generali has been closely monitoring the situation and implications for operations and financial markets. As a result, Generali will close its Moscow representative office and has decided to resign from positions held on the board of the Russian insurer Ingosstrakh, in which...
Insured losses from major natural catastrophes in 2021 – excluding Covid-related losses – have so far reached roughly USD116 billion, the third largest total since 2011, and about 63 percent higher than the average loss of USD71 billion since 2011. The total was driven by a series of extreme weather-related...
Risk modeling and solutions company RMS, estimates that insured losses from Windstorms Dudley and Eunice, also known respectively as Ylenia and Zeynep, will likely fall between EUR3.0 and 4.5 billion. Losses in Germany will likely account for around 40 percent of the total loss, followed by the Netherlands at around...
Mapfre has said it will not insure or invest in oil, gas and coal producers unless they have a plan to transition from fossil fuels, after similar moves by competitors. “As insurers, we can help our clients to transition in a gradual way towards less polluting activities,” Mapfre chief executive...
Swiss Re reported a net income of USD 1.4 billion in 2021 and an ROE of 5.7 percent, driven by the remarkable performance of its property and casualty businesses. Swiss Re’s Group Chief Executive Officer Christian Mumenthaler said: “2021 marked an important turning point for Swiss Re. Despite still major COVID-19 impacts and a high...
Delegated underwriting authority enterprises (DUAE) have become an increasingly relevant part of the property/casualty insurance market, punctuated by growth in annual direct premium written generated by managing general agents (MGA), according to an AM Best report. In addition to MGAs, DUAEs include managing general underwriters, coverholders, program administrators, program underwriters, underwriting agencies, direct...
S&P Global Ratings Research expects global bond issuance to contract about two percent in 2022, according to its latest article. The global bond issuance total surprised to the upside in 2021, edging out 2020’s breakthrough growth to finish at USD9 trillion. A particularly strong fourth quarter led to the 5.6 percent...
The Cambridge Centre for Risk Studies (CCRS) at the University of Cambridge Judge Business School is launching a new research consortium on protecting society from future systemic risks. Funding will be provided by an international consortium of companies including Pool Re, the UK’s reinsurance mutual. The research will support the...
Howden, has announced the acquisition of Tower S.p.A., a Vicenza based specialist insurance broker and risk consulting company. Guido Mocellin, founder and chairman of the Board, Tower S.p.A said: “We chose to join Howden because we share the same values: it is a People First, employee-owned business where colleagues are...
New research by the Association of British Insurers (ABI) has found that pensions dashboards, which will show savers all their pension pots in one place, present a once in a generation opportunity to help people engage with their pension. But the ABI is recommending that the forthcoming legislation and regulatory...
