Insolvencies in the Eurozone are 75% higher in 2015 than they were in 2007 with trade credit insurer Atradius predicting they will remain 67% higher than the 2007 level in 2016.
European insurers’ credit exposure to Greece is likely to be ‘manageable’ in the event of a Eurozone exit, but firms underwriting Greek individuals and business could face protracted contract disputes, market sources have warned.
If the Greek debt crisis leads to the failure of the euro, the industry may face a new set of risks.
Insurer Axa has agreed to double the cash limit on all travel products at point of claim for customers travelling to Greece or any Greek islands until 30th September 2015.
A decision by Greece to leave the Eurozone could have huge ramifications for insurers and their policyholders law firm CMS has warned.
Greek banks will not open this week, following the European Central Bank’s decision not to extend emergency funding to the troubled Eurozone state.
Aon Benfield has purchased a Greece and Cyprus focused reinsurance broker, recruiting 11 local staff in the process.
Nearly 80% of European insurers expect to meet Solvency II requirements before January 2016 with Dutch, UK and Nordic firms outstripping their French, German, Greek and Eastern European counterparts in terms of readiness.
Members of the Hellenic War Risks Club will pay 50% less for war risks insurance in 2013 following a decision by club directors to waive the second installment of the annual premium.
The London P&I Club’s result for the 2012/2013 financial year was a surplus across all classes of $9.4m, increasing the free reserve to $154m.
Traditionally political risk has been seen as an insurance product designed to protect businesses operating in the emerging markets and politically volatile areas of Asia, Africa and Latin America.
Global Options president Frank Pinder speaks to Francesca Nyman about fraud, special investigative units and the US company’s European ambitions.
A range of dynamics influenced mergers and acquisition activity across the CEE in 2012 but as Leonid Zubarev explains the CEE region remains attractive to investors.
It goes without saying that the financial crisis has had an adverse and enduring effect on the global economy.
Kidnap and ransom risk is not traditionally a threat associated with Europe but recent incidents have bought the issue to the fore. Sam Barrett investigates the problem and the response of the insurance industry.
European financial institutions can expect challenging conditions in 2013 amid ongoing concerns about the Eurozone and increased regulatory action, according to broker Marsh.
Insurers doing a small amount of Greek motor third party liability may withdraw from the market after the government passed a law to make changed to the Greek Motor Guarantee Fund.
Solvency II implementation is almost upon us but, as Martin Bradley and Jan Leiding explain, European insurers' preparedness varies significantly between countries and companies.
The top five European stories from www.insuranceinsight.com over the past seven days.
The investment returns achieved by reinsurers have fallen significantly during 2012 as Eurozone fears drive a flight to higher grade securities perceived as less risky, according to Guy Carpenter.
Guy Carpenter & Company has opened a reinsurance intermediary office in Athens, the broker said today.
This year has seen an increasing number of downgrades by ratings agencies for European insurers. Anne-Louise Fogtmann investigates how seriously these are taken and their impact on insurers.
The Uniqa Group has posted first-half earnings before tax up 43.2% to €106.5m (2011: €74.4m).
Credit insurer Atradius is continuing to offer trade credit cover for Greece, despite the economic turmoil facing the country.