Talanx lifts large loss budget by 11% for 2024Talanx will lift its large loss budget by 11 percent for the full year 2024, in a move designed to better protect the Hannover-based (re)insurance giant’s balance sheet against the impact of natural catastrophes as it continues to grow its P&C book.
QBE expands marine offering into Germany and targets Netherlands for future growthAustralian insurer QBE has extended its European marine offering into Germany, following launches in France and the Nordics over the past year.
Moody’s RMS estimates Ciarán insured loss at €900mn to €1.5bnInsured losses from Storm Ciarán will likely total between €900mn and €1.5bn ($962mn-$1.6bn), according to a preliminary estimate from Moody’s RMS.
Restoring exports critical to political risk outlook for countries dependent on Ukrainian grainEnsuring the successful passage of grain out of Ukraine is a critical step in preventing increased political risk and political violence exposure in regions that depend on the country’s exports, according to Canopius’ head of trade political risk Crispin Hodges.
Lessor ACG becomes latest to sue insurers over Russia jetsAviation Capital Group has become the latest in a long line of aviation lessors to issue legal claims in London’s Commercial Court in a in a bid to recoup losses over airplanes and engines grounded in the wake of Russia's invasion of Ukraine
Terzariol confident on negotiating position as Allianz heads into 1.1 renewal talksAllianz’ operating profit and combined ratio for Q3 saw a hit from the increasing frequency of smaller and mid-sized nat cat events, although chief financial officer Giulio Terzariol remains optimistic that the group will meet year-end targets for underlying performance.
Geneva Association calls for public cyber backstops amid sharp rise in attacksThe Geneva Association has added its voice to those calling for the introduction of some form of public backstop to address cyber risks following a 38 percent increase in attacks during 2022
Allianz reports CR of 96.2% with highest nat cat impact in 10 yearsAllianz has reported a P&C combined ratio of 96.2 percent for the third quarter, attributing the year-on-year increase of 3.7 percentage points to “exceptionally higher” nat cat claims.
Scor share price falls 8% after Q3 earnings missScor’s shares fell 8 percent in early trading after the group’s Q3 earnings missed analyst consensus, with the group’s P&C reinsurance segment hit by higher than expected catastrophe losses.
Hannover Re plans no major shift in retro programme despite limited recoveries in 2023Hannover Re has no plans for a major shift in its retro programme for 2024 despite only benefiting from limited recoveries from 2023 cat losses, with the reinsurer describing this year as “payback” for its longstanding retro partners.
Zurich posts 8% growth in GWP to $34.6bn as it supports Farmers with $760mn acquisitionsZurich Insurance Group has posted $34.59bn in gross written premiums (GWP) in its P&C operations for the first nine months of 2023, underpinned by rate change of 6 percent and confirmation that nat cat losses will remain within FY23 guidance.
Hannover Re on track for FY P&C target despite Q3 consensus missHannover Re said its P&C reinsurance business remains on course to deliver its targeted full-year profit of €1.6bn after delivering a combined ratio of 91.9 percent for the first nine months of the year.
ABI calls for IPT reduction as motor premiums rise 29% YoYThe Association of British Insurers (ABI) has called on the government to mitigate the effect of inflation on motor premiums through a reduction in insurance premium tax (IPT).
Verisk estimates wind damage from Storm Ciarán at €800mn-€1.3bn.Modelling firm Verisk has estimated insured losses from Winter Storm Ciarán’s wind damage will likely range between €800mn and €1.3bn.
Sampo posts CR of 84.2% following ~€90mn in severe weather claimsHelsinki-based insurance group Sampo has posted a combined ratio of 84.2 percent for the first nine months of 2023, meeting the group’s sub-86 percent target despite the impact of elevated weather and large claims.
Axa XL names Gerbaud as CUO for APAC & EuropeAxa XL Insurance has named Adias Gerbaud as chief underwriting officer for APAC and Europe and XL Insurance Company SE, replacing Étienne Champion, who will take on a new role within Axa Group.
Munich Re improves FY combined ratio guidance to 85% after major losses fall in Q3Munich Re’s P&C Reinsurance unit reported a profit of €644mn for the third quarter, with its combined ratio improving by almost 7 percentage points to 82 percent for the three-month period.
Atrium maintains Syndicate 609’s 2021 YoA forecasts despite Russia uncertaintyAtrium has maintained its profit forecasts for Syndicate 609’s 2021 year of account, while acknowledging continued exposure to potential claims as a result of western aircraft trapped in Russia following the invasion of Ukraine.
Howden Tiger hires Bertagna to lead European MGA divisionHowden Tiger has appointed market veteran Enrico Bertagna to lead its MGA division in Europe, in a move designed to position the intermediary as the go-to advisor for the MGA market on the continent.
Miller bolsters marine team with Bisbas hireMiller has named Andreas Bisbas as chairman of marine mutual reinsurance and head of mutual war within its growing marine team.