World’s number one insurance brand is...?
Brand strategy firm Interbrand has published its annual rankings of global brands which is topped by Apple, Google and Coca-Cola. For the insurance sector, AXA is named the best global brand. Its rise of 5 places from last year, putting the insurer at number 48 in the listing, recognises its innovative approach including the AXA Labs in San Francisco which has been extended to other markets; its corporate responsibility initiatives; and its closeness to both customers and employees. Allianz was the only other insurer to make the top 100.
Universal American to sell Traditional Insurance
Universal American has agreed to sell its Traditional Insurance business unit to Nassau Reinsurance Holdings for around $43 million. Streetinsider.com reports that Nassau will acquire 100 per cent of Constitution Life Insurance Company and The Pyramid Life Insurance Company, as well as the Traditional Insurance business written by American Progressive Life & Health Insurance Company of New York.
California wildfire claims top $1 billion
Claims for wildfires in California during September are set to top $1 billion according Aon Benfield’s Impact Forecasting. In its Global Catastrophe Recap the firm reports that the fires, which killed four people and destroyed almost 2,000 homes, resulted in $1.5 billion in economic losses with preliminary insured losses at $925 million.
Among the other losses in the month drought conditions intensified across western Canada, as annual insurance claims in Alberta alone were estimated at up to USD675 million. Nationally, economic losses were estimated beyond USD1.0 billion.
There were also floods in Japan which cost three insurers $250 million; the Chilean earthquake with economic losses near $1 billion; and wildfires in Indonesia which caused $4 billion in economic losses.