Articles by Tom Sims and Paul Arnold

Swiss Re Expects Hit of Less Than $700 Million From Los Angeles Wildfires

Reinsurance company Swiss Re said on Thursday that claims from wildfires in Los Angeles would be less than $700 million and would impact its first quarter results, the latest European reinsurer to disclose a hit from the January blaze. The …

Munich Re Faces $1.3 Billion in Claims From Los Angeles Wildfires

Germany’s Munich Re expects about 1.2 billion euros ($1.26 billion) in claims resulting from the Los Angeles wildfires, it said on Wednesday, representing the biggest loss reported so far by a single European reinsurer for the January catastrophe. The wildfires …

European Insurers Enjoy Big Profits After Premium Hikes

Several European insurers recorded bumper first-half profits on Thursday, as customers burnt by a pandemic, war and a pick-up in natural catastrophes in recent years continue to face higher premiums on policies. Higher interest rates have also given insurance investment …

EU’s Anti-Money Laundering Authority Is Now Official; Candidates for Chair Can Apply

The regulation that sets up the European Union’s new agency to combat money laundering went into force on Wednesday, and the authority already has its first job posting: the position of chair. Candidates have until July 8 to apply to …

Greece Wildfires Raise Questions for Tourists About Their Travel Insurance Cover

Wildfires and evacuations on the Greek island of Rhodes, and a heat wave blasting much of southern Europe, have raised questions for tourists about their travel insurance coverage. As the threat of fires remains high throughout Greece and heat continues …

Hannover Re Latest Company to Leave Net-Zero Insurance Alliance

German reinsurer Hannover Re on Wednesday became the third major company to leave a global climate alliance focused on reducing emissions that has faced growing political pressure in the United States. Hannover said in an emailed statement that it was …

Thieves Blow Up German ATMs Every Day, With Attacks Rising 40%-Plus Since 2019

In the German town of Ratingen, exploding cash machines are a hot-button topic. Two got blown up early on the same morning last month, at branches of Santander and Deutsche Bank across the street from each other close to the …

Allianz Returns to Q4 Net Profit After U.S. Funds Debacle

Germany’s Allianz on Friday swung to a fourth-quarter net profit, rebounding after taking big charges a year earlier for a U.S. funds scandal and as a higher investment margin boosted its life and health insurance business. But its asset management …

Reuters: After Multi-Billion U.S. Fund Collapse, Allianz Shifts Investment Strategy

For years, Allianz, one of the world’s biggest investors, piled billions into property, wind farms and even London’s sewage system, but now it is moving to shun such “alternative” investments for plain vanilla bonds, people with knowledge of the matter …

Hurricanes and Floods Bring $120B in 2022 Insurance Losses: Munich Re

Hurricane Ian in the United States and floods and Australia helped to make 2022 one of the costliest years on record for natural disasters, Munich Re said on Tuesday, warning that climate change was making storms more intense and frequent. …