Natural catastrophes (Nat Cats)
Hiscox to grow retail business by 15% in 2018
Exclusive: Hiscox is looking to grow its retail arm between 5% and 15% over 2018 Hiscox is looking to grow its retail arm between 5% and 15% in 2018 as the group's profits slumped by over £300m due to natural catastrophe losses .
Allianz P&C profits sink following ‘costliest year ever’
Allianz saw claims of €1.1bn (£970m) from natural catastrophes last year, as the company described it as “the costliest year ever for the insurance industry”.
TMK syndicates forecast 2017 loss
Tokio Marine Kiln expects its Lloyd’s syndicates to post a loss for the 2017 year of accounts as a result of fourth quarter catastrophe losses.
Nat cats push Lancashire into loss at full year
Lloyd’s insurer Lancashire reported a net loss of $71.1m (£50.5m) for 2017 as fourth quarter natural catastrophes took their toll on its bottom line.
Axis reports GWP boost despite underwriting loss
Axis Capital's insurance segment saw fourth quarter gross written premiums increase 47%, bolstered by the group’s acquisition of London market carrier Novae.
Beazley sees profit fall from nat cats
Beazley saw profits fall by 43% as a result of exposure to “heavy claims” from natural catastrophes.
EC report recommends adapting Solvency II
The European Commission and Insurance Europe have welcomed a report that suggests adapting Solvency II to facilitate sustainable investment.
Chubb sees income drop in Q4 despite US tax reform gains
Chubb reported net income for the fourth quarter ended December 31, 2017 of $1.53bn, a drop from the $1.61bn reported for the same quarter last year.
Aspen takes $245m underwriting loss in Q4
Aspen expects to post a $245m underwriting loss in the fourth quarter of 2017.
Analysis: Soft reinsurance renewals dash hard market hopes
After five consecutive years of falling rates, global property-catastrophe reinsurance experienced upward pricing pressure at 1 January renewals.
QBE to miss 2017 COR target and fall to loss after "challenging year"
Australian giant QBE is expecting a combined operating ratio of 104% and $1.2bn (£858m) loss for 2017's financial year.
Executives admit they were unprepared for 2017 nat cats
Senior executives of major financial businesses admit they were unprepared for the spate of costly natural catastrophes that hit the American coastline at the tale end of last year.
Axis faces $130m nat cat loss in fourth quarter
Axis Capital estimates it will take a $130m hit as a result of fourth quarter catastrophe and weather-related losses.
Beazley predicts to beat analysts on 2017 earnings
Lloyd’s carrier Beazley said it expects to post a pre-tax profit for 2017, ahead of market expectations and in despite of hefty nat cat bills in the fourth quarter.
Single cyber attack could cost insurers more than Hurricane Katrina
Losses from a single cyber attack could see the industry fork out more than a major loss natural catastrophe like Hurricane Katrina.
Cyber risk has climbed the agenda for risk managers, says Allianz
Allianz's annual global survey of risk managers reveals cyber risk is an increasing concern.
Storm Eleanor will cost European insurers over €1bn, says AIR Worldwide
Catastrophe modeling firm AIR Worldwide has estimated between €1.1bn (£980m) and €1.6bn of insured losses from winter storm Eleanor.
US Reinsurance outlook remains negative, says AM Best
AM Best is maintaining a negative outlook for the US property and casualty reinsurance sector due to continued pressure on property catastrophe rates.
Munich Re covers Easyjet for flight cancellation
Munich Re and Easyjet have teamed up on a flight cancellation insurance product.
Fresh capital to make reinsurance rate rise short-lived
New capital entering the reinsurance sector will wash away any relief gained from rate rises at January renewals, Aon Benfield has said.
Suncorp hit by 21,000 Melbourne hailstorm claims
Australian financial services group Suncorp has breached its nat cat allowance for the first half of the year.
Cat bond issuance reaches $10.5bn in 2017
Catastrophe bond activity set a new record last year with full-year 2017 cat bond issuance totalling $10.5bn (£7.75bn), according to Property Claim Services.
Insured cat losses hit record $135bn in 2017, says Munich Re
The final insurance bill for natural catastrophes over 2017 is expected to come to $135bn (£99.6bn) – higher than ever before, according to Munich Re.
Neon launches UK’s first ILS vehicle
Lloyd’s carrier Neon has launched the first Insurance Linked Securities vehicle in the UK, NCM Re and raised third party capital to support the UK’s first ILS transaction.