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...The chief executive of Aon, one of the world’s largest insurance brokers, has called for better modelling of climate risks, saying conditions in the property insurance market were “stressed” after a surge...
...A significant part of the Signa group debt was provided by non-bank financial companies such as Dortmund-based insurer Signal Iduna, a midsized company with 12mn customers, mainly in health and life insurance...
...The syndicate will look to write business across multiple insurance and reinsurance lines, including political violence, marine, aviation and property catastrophe....
...The growth in casualty insurance is intended to provide a “better balance” to its catastrophe-exposed property policies....
...Grosvenor, the Duke of Westminster’s property company, is launching a £900mn lending business focused on residential development, as real estate investors opt for debt investments over the risk of buying...
...Further reading: — What’s going on with US car insurance? — Unhedged episode on auto insurance — Allstate is a BBB credit now — The insurance storm continues — Car insurance! Again!...
...Continental European commercial property insurance prices rose at the start of the year for the 22nd consecutive quarter, according to an index from broker Marsh....
...Third, a repricing of climate risks has led to a sharp rise in the cost of property catastrophe reinsurance — or insurance for insurance companies....
...Andy Haigh Director of Climate Positive Solutions, Grosvenor Property UK, London W1, UK...
...It is 28 per cent owned by the Shenzhen Metro, occupying a middle ground between a private and state-owned company....
...The involvement of a prominent state-owned bank signals a new level of impatience among creditors as a cash crunch for property developers continues to worsen....
...The insurer was likely to “receive questions about potentially buying a commercial lines [property and casualty] business at the top of the cycle . . . but the purchase price seems reasonable in this respect...
...Hong Kong-listed shares in Chinese electric-vehicle maker Li Auto dropped 7 per cent on Friday, after the company slashed its January-March sales volume forecast due to lower than expected order intake....
...Reinsurers, including Lloyd’s companies, are expected to bear the brunt....
...Several state banks last year unveiled new credit lines to companies including Country Garden as part of government support for the property market. But Country Garden’s sales kept falling....
...Six residential property and casualty insurers became insolvent in 2022, according to the state....
...The move will make Sampo the largest pure property and casualty insurer in the Nordic region....
...Vietnamese property tycoon Truong My Lan has been sentenced to death by a court in Ho Chi Minh City for embezzling more than $12bn in the country’s largest financial fraud, state media reported....
...Robinson and other experts have likened the probe to the payment protection insurance scandal, which dates back to the 1990s when banks mis-sold insurance to millions of customers, leading banks to later...
...Microsoft, which owns Excel, said the company remained a “key technology partner for companies across financial services broadly, and insurance specifically”....
...Some opportunistic buying seems to be happening in the auto sector....
...Issues at Vanke, which is partly owned by the state-owned metro in the southern city of Shenzhen, highlight the extent to which the sector’s weaknesses have spread to companies previously seen as highly...
...The Israeli company blamed the shortfall on the stockpiling of chips by its auto manufacturing customers. In 2020 and 2021, automakers could not source enough chips to meet consumer demand....
...Neumann has plans to regain control of the company. The poor state of the commercial property market does not inspire much hope for a turnaround....
...In addition, many US states — including those most prone to flooding, such as Florida — do not require sellers to disclose a property’s flood risk to buyers....
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