Coronavirus exposure ‘insignificant’: Hannover Re

Hannover Re expects minimal exposure to losses from the coronavirus outbreak, CEO Jean-Jacques Henchoz said in a press conference call last week. Henchoz said it was too early to assess losses, Hannover Re’s management was confident the company had limited exposure to pandemic risk in Asia and business interruption losses related to infectious disease. According…

Insurers bracing for coronavirus losses

Businesses are increasingly forced to mitigate any potential effect from the coronavirus outbreak originating from Wuhan, China, which could have a serious effect on business as organisations are increasingly forced to mitigate any potential impact, US-based Crowell Moring (CM) warns.

WTW reports strong earnings

Willis Towers Watson has reported strong 4Q19 and FY19 earnings as total revenue rose 13% on 4Q18, to $US2.69bn ($A4bn), and 6% on FY18, to $US9.04bn.

Court fines AMP $5.2m for insurance ‘churn’

Federal Court Justice Michael Lee has ordered wealth manager AMP Financial Advice Pty Ltd to pay a penalty of $5.2m for failing to prevent its financial planners’ churn clients’ insurance policies.

Aon widens cyber coverages

Aon has bought Canadian-based cyber security firm Cytelligence Inc to expand its coverages in the cyber market.

Insurance sector goes before HoR ctee

The House of Representatives Standing Committee on Economics will scrutinise the insurance sector over two days of hearings in Sydney on April 28 and 29, as part of its continued review of the four major banks and other financial institutions.

PHI ‘unsustanable’ alarmist: HCF CEO

A warning by APRA member Geoff Summerhayes the private health insurance (PHI) industry needs to change its business model or it will enter a “death spiral”, was this morning described as “incredible alarmist” by HCF CEO Sheena Jack.

Insurers slam Choice for spreading fear over ‘fire definitions’

ICA has slammed Choice for spreading fear among bushfire victims with accusations today major insurers AAMI, Coles, Youi and APIA have “confusing, unfair or unclear ‘fire’ definitions” in their home and contents policies, which can be relied on to deny claims.

AMP confirms CFO appointment

AMP Ltd has confirmed the appointment of James Georgeson as CFO from February 3. Georgeson has been AMP’s acting CFO since August 2019. He will now formally join AMP’s group leadership team, reporting directly to chief executive Francesco De Ferrari.

IAG rejigs for greater customer focus

IAG is stepping up its customer service function after MD and CEO Peter Harmer appointed Julie Batch chief strategy & innovation officer to lead a newly created strategy & innovation division which combines IAG’s existing strategy function with its customer labs division.

ASIC gets order to wind up Brisbane firm

The Federal Court of Australia in Melbourne has ordered financial services fund Global Merces Funds Management Ltd to be wound up on “just and equitable grounds”.

ICA hosts Canberra hail storm insurance meeting

ICA will host a policyholder meeting in Canberra on tomorrow (February 6). The Canberra meeting will provide insurance claims guidance to those affected by the January 20 hail storm that swept across the ACT and surrounds.