Reinsurance News

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AkinovA collaboration makes ILS assets available to ACORD members

17th September 2019

AkinovA, the electronic marketplace for the transfer and trading of re/insurance risk, has announced that it has donated key insurance-linked security (ILS) assets to ACORD, the global standards-setting body for the re/insurance industry. The collaboration will mean that AkinovA’s assets will be available to ACORD members as part of the ACORD ... Read the full article

Casualty market disconnected from previous cyclical change: Newman, Willis Re

13th September 2019

In casualty lines of business the reinsurance tail is no longer wagging the primary dog, as the market has disconnected from previous cycle changes, according to Andrew Newman, President of Willis Re. In an interview with Reinsurance News, Newman discussed current dynamics within the casualty reinsurance market and underlined primary insurers’ ... Read the full article

Innovative data & tech enhances mutual value creation for Swiss Re: Eric Schuh

12th September 2019

The use of advanced technology and leading data-analytics supports Swiss Re’s innovation efforts as the global reinsurer keeps clients’ needs at the heart of everything it does, according to Eric Schuh, Global Head of P&C Solutions, Swiss Re. Being one of the largest reinsurers on the planet, Swiss Re has an ... Read the full article

AIR Worldwide estimates insured average annual cat losses at $92bn

12th September 2019

Catastrophe modelling firm AIR Worldwide has estimated that the global modelled insured average annual loss (AAL) from catastrophes worldwide is about US $92 billion. The firm released the figure as part of its 2019 Global Modeled Catastrophe Report, which detailed key loss metrics from AIR’s global industry exceedance probability curve (EP) ... Read the full article

Beazley to leverage Guidewire’s Cyence analytics solution

11th September 2019

Specialist insurer Beazley has selected Guidewire Software’s Cyence product to help improve underwriting, capital and pricing efficiencies. Cyence offers a data listening and risk analytics solution that combines curation of external data with machine learning and risk modelling. Beazley will implement Cyence data models to augment its existing data modelling applications for ... Read the full article

Beazley announces the launch of Virtual Care

10th September 2019

Specialist insurer Beazley has announced the launch of Virtual Care, a new package of protection which provides comprehensive cover against the risks linked with providing technology-enabled healthcare and lifestyle management services in the UK. Beazley explains that a variety of new technologies underpin the digital health market, from telehealth, which enables ... Read the full article

Climate change among top reinsurer concerns in 2019, reports PwC

9th September 2019

Climate change has quickly climbed the ranks to join technology and cyber risk as one of the three most pressing concerns for the reinsurance industry in 2019, according to the new Banana Skins report by PwC. Now ranked as the third-biggest concern to reinsurers, climate risk is a new entry to ... Read the full article

PCS to improve granularity on marine & energy loss estimates

9th September 2019

Property Claim Services (PCS), a division of Verisk that collects and aggregates the re/insurance industry loss data, has announced that it plans to offer greater granularity for estimates reported under its Global Marine and Energy platform. From November 1, 2019, PCS will report industry loss estimates for new qualifying loss events ... Read the full article

Lloyd’s broker MNK Re launches Residual Value Insurance Centre of Excellence

2nd September 2019

Specialist Lloyd's of London brokerage, MNK Re Limited, has launched a new dedicated Residual Value Insurance (RVI) Centre of Excellence. MNK Re has a specialist focus on Financial Risks, Casualty, Terrorism, Cyber risks and Marine liabilities, with clients in more than 50 countries across the world. It's been announced that Robert Prince ... Read the full article

Market players must think differently following record cat losses: Aon

30th August 2019

While the overall re/insurance market remains resilient despite record losses throughout 2017 and 2018, industry players must adjust to a rapidly hardening market and think differently from the way they have in the last decade, according to a report by Aon. Wildfires, cyclones and severe thunderstorms caused $225 billion in economic ... Read the full article

China’s digitisation opening up previously uninsurable risks: Swiss Re

30th August 2019

The digital transformation currently taking place across China is expanding the boundaries of re/insurance and facilitating the development of solutions for previously uninsurable risks, according to a new report from Swiss Re. Swiss Re describes digitisation as the main engine of China’s economy and expects to see exponential sector growth over ... Read the full article

CAC Specialty adds Colin Daly as EVP & Co-lead of Financial Lines

27th August 2019

CAC Specialty, a specialty insurance brokerage and investment banking platform recently established by Cobbs Allen, has appointed Colin Daly as Executive Vice President and Co-leader of the firm’s Financial Lines Practice (FLP). A founding member of JLT Specialty US, Daly was key in shaping its US business. He also formed and ... Read the full article

Moderate rate increases across most commercial P&C lines in Q2: CIAB

27th August 2019

The Council of Insurance Agents & Brokers (CIAB) has reported that premium pricing increased across all-sized commercial property and casualty (P&C) accounts in the second quarter of 2019. Similarly, all lines of business saw slight to moderate pricing increases during the quarter, with the exception of workers’ compensation. Commercial property and commercial ... Read the full article

ABIR announces key regulatory appointments

23rd August 2019

The Association of Bermuda Insurers and Reinsurers (ABIR) has appointed Wendy King as Public Policy & Regulatory Affairs Analyst. Additionally, the firm’s Director of Policy and Regulation, Suzanne Williams-Charles, has been appointed with additional responsibilities as ABIR Corporate Secretary. King, who most recently served as Senior Officer at the BMA’s Policy and ... Read the full article

Asian reinsurers continue to grapple with intense competition: Fitch

22nd August 2019

Reinsurance companies in Asia continue to look at mergers and acquisitions (M&A) and access to alternative capital markets in order to offset intense competition, according to analysis by Fitch Ratings. In a new report, financial services rating agency Fitch notes challenges facing Asian reinsurers driven by high competition to negotiate improved ... Read the full article