CIAB names Crerar executive chair as president Wood takes over as CEOThe Council of Insurance Agents & Brokers has announced the transition of CEO Ken Crerar to the role of executive chair, effective July 1, with council president Joel Wood taking on the role of president/CEO.
Arch eyes European expansion with Zurich’s Tous leading strategyArch Insurance has appointed Roberto Tous as director of strategy and distribution for its European arm.
Tropical Storm Alberto becomes first Atlantic named storm of 2024Alberto has been named as the first tropical storm of the 2024 Atlantic season. The storm is scheduled to make landfall along Mexico’s Atlantic coast within the next 24 hours, bringing coastal flooding and wind impacts across a broad section of coastline stretching into South Texas.
Verisk pegs insured losses from German floods between €2.4bn and €3.6bnVerisk’s Extreme Event Solutions unit has estimated insured losses at between €2.4bn and €3.6bn for the flooding that impacted southern Germany between 15 May and 5 June.
US insurance lawsuit filing dropped in 2023 but business liability cases upUS insurance cases filed in US federal district courts dropped as a whole in 2023 but there was an increase in cases involving business liability, business interruptions, and non-hurricane homeowners policies in 2023, a Lex Machina report has shown.
Swiss Re pens seven-year deal with Carbonfuture on biochar carbon removal creditsSwiss Re has signed a seven-year contract with Carbonfuture which will see the latter supply a minimum of 70,000 tonnes of biochar carbon removal credits to the reinsurance giant.
AIG’s Talbot and Axa XL hit by Ukrainian airline’s $6.5mn aviation claimAn aircraft owner has sued its insurers for $6.5mn to cover the loss of a plane trapped and damaged at a Ukrainian airport after the country's invasion by Russia, becoming the latest in a string of cases of lessors looking for reimbursement over detained aircraft.
Allianz faces €400mn hit from German flood claimsAllianz faces a €400mn ($430mn) hit from the recent flooding in southern Germany, according to analysis from KBW, which forecast the European insurance giant’s catastrophe loss bill for the second quarter could total €750mn.
Topdanmark shares jump 22% on $4.7bn Sampo bidShares in Topdanmark closed more than 22 percent higher in trading on Monday after Finnish insurer Sampo revealed it had agreed an all-share deal that valued its rival at DKK33bn ($4.73bn).
Sampo launches offer for remaining Topdanmark sharesSampo has made a best and final public exchange offer to acquire all of the outstanding shares of Topdanmark after the two Nordic insurers entered into a combination agreement.
Just 3 percent of GenAI projects reach production: NTT DataMany insurance companies are experimenting with generative AI, a theme explored at the ITC DIA 2024 conference in Amsterdam– but several factors are holding them back from rolling out applications at scale and realising value.
Insurance Europe’s RAB names Léger and Neal as chair and vice-chairInsurance Europe’s reinsurance advisory board has appointed Scor CEO Thierry Léger and Lloyd’s CEO John Neal as chair and vice-chair, respectively.
Moody’s RMS estimates German flood losses at €2bn-€3bnInsured losses from recent flooding in Germany will likely total between €2bn and €3bn, according to Moody’s RMS.
UK sanctions Russia’s Ingosstrakh in move against ‘shadow fleet’ coverThe UK has imposed wide-ranging sanctions on Russian insurer Ingosstrakh as part of a push to clamp down on cover provided to the shadow fleet and to restrict Moscow’s energy revenues.
Kita expands carbon credit delivery coverage to EU and EEAKita has expanded its carbon credit delivery risk insurance coverage to EU and EEA insureds, in addition to its current coverage in the UK, US, Canada, Singapore and Switzerland.
Aviva’s Blanc doubles down on Lloyd’s distribution opportunityAviva’s newly acquired Probitas platform will hand the London-listed insurance giant £12bn ($15.3bn) of distribution access into the important Lloyd’s market, with CEO Amanda Blanc highlighting that its Lime Street entry positions the firm for long-term growth.
Ireland begins hearing ~€2.5bn trial over aviation lessor casesIreland’s High Court has begun hearing the multi-billion-euro legal claims brought by some of the world's largest aviation lessors against their insurers over losses related to trapped aircraft detained in Russia following its invasion of Ukraine.
IDF partners with French development agency to launch disaster risk allianceThe Insurance Development Forum has launched the Integrated Disaster Risk Management Alliance in partnership with the Agence Française de Développement and Expertise France.
Aon launches $350mn Ukraine war risks programAon has collaborated with the US International Development Finance Corporation to launch a $350mn war risks program aiming to bolster investment in Ukraine.
Trade credit insurance claims hit €3.2bn in 2023: ICISATrade credit insurers paid out €3.2bn in claims during 2023 as macroeconomic volatility and uncertainty drove an 11.4 percent year-on-year increase, according to the International Credit Insurance & Surety Association.