Allianz could see a €1bn (£882m) or more hit from the coronavirus pandemic across property and casualty, Allianz group chief financial officer Giulio Terzariol has cautioned.
Allianz Holdings, comprising of LV General Insurance and Allianz Insurance, saw £68m in claims relating to storms and flooding in the first quarter of 2020 as Allianz unveiled a global property and casualty €400m (£351m) Covid-19 hit.
This month we put the insurance industry under the microscope - looking into how much progress the Lloyd's market has made to bolster diversity and inclusion in the sector, the efforts taken to pay out business interruption claims and the industry's…
Insurer RSA has revealed it has received approximately 25,000 Covid-19 related claims, which will cost it an estimated £25m net of reinsurance.
Motor claims notifications fell 70% at insurer Direct Line Group in April compared to the same month in 2019, as drivers stayed indoors due to lockdown measures.
Direct Line Group CEO Penny James has said 99.5% of its business interruption customers have standard policies and the insurer believes the wording is “robust” enough that it will not be liable for coronavirus-related pay outs on these.
Hiscox has predicted its exposure to business interruption claims from Covid-19 could range from £10m to £250m net of reinsurance.
Hiscox has announced an equity placing for up to just under a fifth (19.99%) of its issued share capital.
Iprism Underwriting Agency is growing its underwriting and bottom line profits after its restructure last year despite the impact of the coronavirus pandemic, according to managing director Ian Lloyd.
Swiss Re’s first quarter earnings were pushed into the red by a $476m hit from the coronavirus pandemic to its property and casualty businesses, driven by event cancellation and postponement.
Lancashire has predicted it faces $35m in first-quarter losses rated to the pandemic, stemming predominantly from business interruption claims in its property book.
Markel yesterday confirmed its event cancellation book includes Wimbledon and the Olympics, while it will also pay out on some UK business interruption claims.
Markel has posted a $1.4bn (£1.13bn) loss for the first quarter of 2020 blaming “significant volatility in the equity markets” due to the coronavirus pandemic.
Beazley has reported a $170m (£137.7m) impact from Covid-19 related claims while Chubb took $13m of pre-tax $13m losses in the first quarter of the year.
Covéa delivered an underwriting loss of £22.3m in 2019 compared to a profit of £1.8m the year before, with the insurer hit by high levels of motor claims inflation and flat market premiums along with a lower level of reserve releases.
Hastings Group has confirmed it will propose a final dividend of 5.5p per share at its AGM on 21 May despite calls from regulators for the industry to suspend payments during the coronavirus pandemic.
A flurry of insurers have pushed pause on dividend payouts following Bank of England and European Union warnings on being prudent in the face of the coronavirus crisis.
Sabre has delayed its special dividend to shareholders, citing the need to wait for greater clarity around the impact of coronavirus pandemic.
Saga’s in-house underwriter saw profits slide in 2019/20 as its travel operations face continued coronavirus disruption.
The insurance industry must get better at explaining the products it offers, Lloyd’s CEO John Neal said, as the market’s aggregated results for 2019 showed it returning to profit on the back of large investment earnings.
The Ardonagh Group reported a loss after tax of £74m and an increase in Ebitda to £115.3m for the year ended 31 December 2019, up from £29.7m in 2018.
The AA and Sabre Insurance Group have both delayed the publication of their preliminary financial results after a request from the Financial Conduct Authority to all UK listed companies last week.
The Financial Conduct Authority has written to stock exchange traded companies that it knows are intending to publish preliminary financial statements in the next few days asking them to delay for at least two weeks due to the coronavirus crisis.
LV General Insurance Group has posted a 13% fall in operating profit to £93m for the year ended 31 December 2019 as Ogden took another bite out of the insurer’s performance.