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Harvey economic losses could reach U.S. $70-90 billion: RMS
31st August 2017
Hurricane Harvey's economic fallout could reach U.S. $70-90 billion with the majority of costs coming from inland flooding in Houston's metropolitan area, according to RMS' latest preliminary analysis. This estimate includes damage to all residential, commercial, industrial and automotive risks in the area, and possible inflation from area-wide demand surge, however, loss ... Read the full article
Co-Founder of Crop Pro Insurance named as firm’s new President
23rd August 2017
Experienced insurance operations leader and co-Founder of Crop Pro Insurance, Joe Young, has been named as the firm's new President. Young brings extensive industry experience to the role of President, which includes leadership positions at AmTrust Insurance Services, The Climate Corporation, and also John Deere Insurance Company. While at the The Climate ... Read the full article
Gen Re chairman speaks of Indian business challenges
18th August 2017
Winfried Heinen, chairman of Gen Re's executive board of directors, spoke out against the regulatory hurdles of operating in India, saying the requirement to hold capital within the Indian branch would mean higher costs are passed on to consumers, in a recent interview with The Hindu. “I think I am not ... Read the full article
Reinsurers’ reserves strong, but release levels “unsustainable”: Morgan Stanley
3rd August 2017
Reserving will continue to be a key debate in the reinsurance space as current release levels are "unsustainable" although reinsurers still remain mostly comfortably reserved, according to Morgan Stanley equity analysts. Analysts commented in the firm's latest market research report that most reinsurers are comfortably reserved, although with varying buffer levels ... Read the full article
Re/insurers in South Africa adapt to growing severe weather risk after Cape Town fire
24th July 2017
South Africa re/insurers and government will have to adapt pricing and policies and step up risk mitigation efforts after the recent Cape Town wildfire, that's expected to cause a hardening of the market, demonstrated the growing risk of increasing size and scale of severe weather events. Christo Rautenbach, a coastal modeller at ... Read the full article
IRB Brasil RE licenses RMS’ China & India agricultural models
24th July 2017
Brazilian reinsurer, IRB Brasil RE, has licensed RMS' China and India agricultural models in an effort to expand its presence in the global reinsurance market. Global catastrophe risk modeller and analytics firm, RMS, announced recently that IRB Brasil RE has licensed the RMS® China Agricultural Model and RMS® India Agricultural Model, as ... Read the full article
W. R. Berkley’s reinsurance unit falls to underwriting loss in the first-quarter
25th April 2017
W. R. Berkley Corporation's first-quarter 2017 financial results reveal a pre-tax net income decline in its reinsurance segment to roughly $4.6 million, with the firm reporting a reinsurance underwriting loss with a combined ratio of 112.9%, compared with 97.6% a year earlier. Gross premiums written in the firm's reinsurance unit declined by ... Read the full article
Border adjustment tax reform deemed unlikely: Credit Suisse analysts
21st April 2017
Since Trump's election win last year, creating a border adjustment tax has been top on the Republican's agenda, and reinsurance industry experts have since speculated on how this would impact offshore reinsurance purchases, with some predicting chaos ahead with insurance prices soaring as carriers pass extra costs down to consumers. Changes ... Read the full article
Bermudian re/insurers’ profitability wears thin under negative market trends: A.M. Best
30th March 2017
Bermudian re/insurer's profitability margins are wearing dangerously thin after years of steady deterioration, despite the market's attempts to adapt to the current environment with a pivot towards primary and alternative classes of business and increased retrocession purchase. A.M. Best identified growing negative trends in Bermuda's Market Composite in its latest report, saying ... Read the full article
Conservative guidance given as Munich Re sets itself up for ongoing softness
15th March 2017
Global reinsurance giant Munich Re has delivered relatively conservative profit guidance for 2017, targeting a range of EUR 2 billion to EUR 2.4 billion, as it sets itself up to navigate expected challenges and softness in the market. The mid-point of the firms 2017 profit target is below the consensus expectation ... Read the full article
Technology and getting closer to the risk key for Munich Re: Doris Höpke
8th March 2017
Doris Höpke, Munich Re’s Management Board member responsible for Special and Financial Risks, discussed notable trends in the reinsurance space, as well as strategies for negotiating the fast-changing market, in a recent interview with Reinsurancene.ws. Höpke discussed the rise of insurtech, reinsurers increasingly moving closer to direct and primary sources of risk, ... Read the full article
Reinsurance News – Monday 6th March 2017
6th March 2017
Here’s your daily Reinsurance News for Monday 6th March 2017: Sydney hail loss rises, as IAG & Suncorp estimate up to AU$370m The Insurance Council of Australia (ICA) has said that the final re/insurance industry loss bill from the severe summer hailstorm that struck Sydney and parts of New South Wales, ... Read the full article
Reinsurance News – Friday 3rd March 2017
3rd March 2017
Here’s your daily Reinsurance News for Friday 3rd March 2017: Pool Re ups retro reinsurance protection to almost £2 billion UK government and industry backed terrorism reinsurance scheme, Pool Re, has grown the size of its retrocessional reinsurance program to nearly £2 billion. U.S. hurricane tail risk could be ... Read the full article
Reinsurance News – Thursday 12th January 2017
12th January 2017
Here’s your daily Reinsurance News for Thursday 12th January 2017: Operating landscape a new reality for reinsurers: A.M. Best Ratings agency A.M. Best has said that global reinsurers could be faced with a new market reality of lower returns and increased dependency on underwriting profits. Rating agency & ... Read the full article
Reinsurance News – Friday 23rd December 2016
23rd December 2016
Here’s your daily Reinsurance News for Friday 23rd December 2016: Manning named Reinsurance Group of America CEO, as Woodring retires Reinsurance Group of America (RGA) has announced the appointment of Anna Manning as its new CEO, effective January 1st 2017. ILS capital growth triggers cycle management in reinsurance: A.M. ... Read the full article