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Global pricing for financial business risks rose by 26 percent in the quarter, according to the broker’s survey. -
There is concern that Covid-19 could cause political instability in stressed areas and lead to losses.
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CEO John Forney says the renewal will be done with manageable price increases.
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Reinsurers lift price expectations while cedants come to market ready to make concessions.
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The Floridian insurer said previous reinsurance rates were not sustainable for its partners.
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Businesses expected to suffer disproportionately in the post-coronavirus economy are seeing rises of up to 400 percent.
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AIG “remains in a strong financial position” despite the pandemic, the executive said.
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The CEO says the carrier is committed to winning back its A+ Superior rating.
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The ratings agency says the revision reflects a deterioration in the (re)insurer’s operating performance.
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The carrier continues to cut premium as part of remedial efforts.
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CFO Dacey expects increased demand and firming pricing in wake of pandemic.
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The UK and Ireland chief expects the pandemic to erode capacity and drive claims and operating costs higher.
