Allianz

Hannover Re has estimated that the floods could end up costing the industry as much as EUR7.5bn.

AGCS posted profits of EUR98mn after making a loss in Q2 2020 when it suffered heavy Covid-19 claims.

The insurer said that the benefits of scale from large vessels may soon be outweighed by the risks of disruption they pose.

The carrier said its board had concluded the probe could “materially impact future financial results”.

The carrier is expecting 30,000 property claims, as well as 5,000 vehicle claims.

The new division is structured into three business units: a chief underwriting office led by Rasmus Nygård, business transformation led by Jörg Hipp and global MidCorp, headed up by Ole Ohlmeyer.

The changes are designed to simplify the business and streamline operations.

The information-gathering exercise for large insurers and banks won’t dictate capital requirements.

The recruit has spent 16 years at AGCS in senior roles.

The central bank governor said such a move would require ‘robust data.

The outgoing chief has led the German carrier’s UK business for eight years.

The executive says that AGCS is ready to pursue growth after renewal rates rose 22% in the first quarter, following 26% expansion for 2020 as a whole.