Swiss Re, the world’s second-largest reinsurer, estimated its claims burden from hurricanes Harvey, Irma and Maria in the United States and from two earthquakes in Mexico at roughly $3.6 billion in the third quarter. For the industry overall, Zurich-based Swiss …
Zurich Insurance Group estimates that Hurricanes Harvey, Irma and Maria will aggregate claims in the third quarter of approximately US$700 million, net of reinsurance and before tax. After tax, the losses are expected to be around US$620 million, the company …
Pen Underwriting, the UK managing general agent, has announced a new long-term capacity deal with Zurich in the specialist area of hazardous and tanker transportation, building on a successful partnership that extends back more than 30 years. The agreement will …
Zurich Insurance will have cut costs by $700 million by the end of the year, nearly halfway to its goal to save $1.5 billion by 2019, Chief Executive Mario Greco said in an interview published on Saturday. “We’re on track,” …
Losses from Hurricane Maria and other recent 2017 natural catastrophes, including Hurricanes Irma and Harvey, the Mexico City earthquakes and other events, have led global insurers and reinsurers to issue profit warnings. Below are statements from insurers and reinsurers in …
Unemployment is the biggest risk for businesses globally, according to a World Economic Forum survey of business leaders published on Wednesday. The company executives put unemployment or underemployment as the top risk over the next 10 years, followed by fiscal …
Zurich Insurance Group announced that Alison Martin will join the group on Oct. 1, 2017 and will assume the role of group chief risk officer in January 2018. She will succeed Cecilia Reyes, Zurich’s current group chief risk officer, who …
Banks are increasingly turning to insurance to protect their capital from “operational risks” like cyber attacks and rogue traders, and insurers say they can help safeguard lenders by providing an extra layer of expertise. After a spate of expensive court …
Zurich Insurance says its restructuring program is on track to achieve its goals over the next few years, continuing its work on cutting expenses, stabilizing its property and casualty business and rebalancing its portfolio. The proof is in the numbers. …
Insurance against terror attacks must adapt to face up to the threats posed by so-called lone-wolf militants and the rise of cyber crime. That’s the view of Julian Enoizi of Pool Reinsurance Co., the U.K. government-linked body that backstops insurers …
