Allianz
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The report said that the volume of cyber insurance claims had gone up more than nine times in the past five years.
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Soaring rates in the D&O market have prompted a string of underwriting people moves in London.
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The carrier expects its total losses to reach EUR700mn-EUR900mn, as Covid claims reports begin to flow to reinsurers. -
AIG shares climbed 13% to $37.52, compared with a 1.2% increase in the overall S&P 500 index.
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The CFO says the carrier will first focus on bringing its combined ratio below 100%.
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Operating profit was down 40% in AGCS as the carrier pruned its portfolio in North America and investment income fell.
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The Allianz unit says the experience of the Sars epidemic suggests general liability claims are likely to remain benign.
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The deal with Jubilee Insurance supports Allianz’s ambition to gain market leadership in key African territories.
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The German carrier and the Apollo-backed life insurer team up for a bid which could be worth an estimated $2.3bn-$3.5bn.
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The expansion comes in anticipation of uptick in Asian M&A activity.
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The CFO said that the unit was focused on building a profitable book and that growth would come later.
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The carrier said Covid-19 had a EUR800mn negative impact on the P&C division in the first half.
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