Zurich
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Aviva has said it is committed to the Net-Zero Insurance Alliance, in the wake of withdrawals from the group by Zurich, Munich Re and Hannover Re. -
Hannover Re has followed Zurich and Munich Re in announcing its departure from the Net Zero Insurance Alliance, though it offered no explanation for its decision.
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The loss hits a market grappling with social and economic inflation, plus increased reinsurance costs.
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Zurich’s decision comes less than a week after Munich Re decided to withdraw from the UN-backed initiative.
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Analysts find carriers have few investments in bank debt after Credit Suisse rescue.
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The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector.
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Executives noted that changes capping cat exposure via the treaty made it a less capital-intensive transaction for Zurich than in the past.
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The carrier has upped its global all-perils cat coverage to $1.2bn since January last year.
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Of the 8.5% quota share assumed by Farmers Re, 6.75% was retroceded to Zurich Global.
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The carrier benefited from favourable rate environments across all geographies, as well as lower catastrophe and weather-related claims.
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The CEO called for the formation of public-private partnerships, akin to those in place for terrorism or earthquakes, to tackle systemic cyber risks.
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The pub group and bakery chain will dispute elements of judgements issued in October in UK Covid-related BI lawsuits.
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