AXA News

Sources: Insured Losses From Beirut Blast Seen Around $3 Billion

Insured losses from the Beirut port warehouse explosion are likely to total around $3 billion, similar to those from an explosion at the Chinese port of Tianjin in 2015, industry sources and analysts say. The blast on Tuesday, the biggest …

French Court Orders Insurer AXA to Pay Restaurant’s COVID-19 Losses

PARIS — A Paris commercial court ruled that insurer AXA must pay a restaurant owner two months’ worth of coronavirus-related revenue losses, the restaurateur’s lawyer said on Friday, possibly opening the door to a wave of similar litigation. AXA said …

UK Watchdog Aims For July Court Date on Business Interruption Insurance

LONDON — Britain’s Financial Conduct Authority (FCA) aims to get business interruption insurance policies examined by a court as soon as July, a member of a policyholder action group said on Thursday. The Hiscox Action Group, which is seeking to …

UK Watchdog Goes to Court to Clarify Coronavirus Business Insurance

Britain’s financial watchdog said on Friday it would urgently ask the courts to clarify uncertainty over whether businesses can claim compensation for disruption caused by the coronavirus pandemic. The Financial Conduct Authority (FCA) also told all insurers to assess whether …

Claims Data Points to High-End Electric Car Risks: AXA

DUEBENDORF, Switzerland — Electric luxury cars and sport utility vehicles (SUVs) may be 40% more likely to cause accidents than their standard engine counterparts, possibly because drivers are still getting used to their quick acceleration, French insurer AXA said. The …

Zurich Insurance Chief Set to End Revamp Ahead of All Goals

Zurich Insurance Group AG said it will exceed all of its financial targets as the global insurer benefits from a three-year turnaround plan that slashed costs. The combined ratio, a key measure of underwriting performance, declined to 95.1%, the company …

Axa Purchases XL in $15.3B Deal

Axa SA Chief Executive Officer Thomas Buberl is betting the worst is over for insurance. His $15.3 billion purchase of XL Group Ltd., the company’s biggest ever, will make Axa the top provider of commercial casualty coverage just as premiums …

New York, Mumbai Basements Seen as Uninsurable by Next Decade

Private property below ground in New York and Mumbai may not be insurable in the next decade if climate change advances, the head of one of Europe’s largest insurers said. “If you go much further to 2020, 2030, we can …

How to Evaluate Fine Art & Collectible Claims

Adjusting claims involving damage to fine art and collectibles caused by destructive weather, like floods and wildfires, may seem like a daunting task. Not so, says Heather Becker, CEO of The Conservation Center located in Chicago, Ill. Adjusters can use …

AXA UK Bans Lawyers’ Referral Fees; Calls for Whiplash Damage Reform

AXA UK has announced that it will no longer accept referral fees from personal injury lawyers and has issued a call for whiplash injury reform to eliminate fraud within the industry. The announcement noted that the company “has been a …