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Alta Signa welcomes opening of Bordeaux office
19th November 2021
Alta Signa, a European boutique Managing General Agent, has announced the opening of a new office in Bordeaux, following a regulatory breakthrough. The office, first established in December 2020, was Intended to facilitate the offering of financial lines products such as Commercial Directors & Officers (D&O), Commercial Professional Indemnity, Cyber, Crime, and ... Read the full article
Private US P&C insurers posted strong net income growth in H1 2021: Verisk
18th November 2021
A joint report from Verisk and the American Property Casualty Insurance Association (APCIA), has shown that private property/casualty insurers in the United States posted strong net income growth in the first half of 2021. As the U.S. economy recovers from the pandemic, insurers' net income rose to $37.5 billion in the ... Read the full article
New reinsurance capacity expected to set a record: Aon
17th November 2021
According to a new report from re/insurance broker Aon, total capacity is expected to set a record as reinsurers reported strong earnings for the first half of 2021. This is despite challenges from increased volatility, particularly related to ongoing COVID-related litigation, property catastrophe frequency, and inflationary pressures. The broker reported that $25.1 ... Read the full article
WTW predicts further stability for NA commercial Insurance in 2022
17th November 2021
Broking giant Willis Towers Watson has predicted further stability for North American commercial insurance moving into 2022, thanks to strong capital returns and growing rate adequacy confidence. The broking giant welcomed this in its report, considering it evidence of a segment breaking free from the steep and relentless cycles which had ... Read the full article
Reinsurance industry must remediate, repair and improve: Heerasing, SiriusPoint
16th November 2021
Despite some improvements, the reinsurance sector continues to struggle to produce a meaningful return on capital, and as pressure builds on the impacts of climate change and secondary peril losses, there’s a real need for further rate momentum, according to Bobby Heerasing, Head of International Strategic Business Development, SiriusPoint. With the ... Read the full article
Insurers will need to accelerate their evolution: S&P
16th November 2021
According to the 2022 Insurance Industry Outlook Report from S&P Global Market Intelligence, insurance companies will need to accelerate the evolution of everything from distribution and pricing to customer and investor relations. Analysts at S&P reported several key themes for the insurance industry that include emerging perils, the evolving nature of ... Read the full article
ABI names three senior leadership appointments
15th November 2021
The Association of British Insurers (ABI) has announced three senior leadership appointments, including Baroness Nicky Morgan as first Independent Chair. Hannah Gurga joins as Director General and Baroness Dianne Hayter as independent Non-Executive Director Morgan, who’s to become the first Independent Chair in a newly defined role, takes over from Jon Dye ... Read the full article
Hannover Re sheds stake in HDI as firm underlines ‘pure reinsurer’ focus
11th November 2021
Global reinsurer Hannover Re has announced the sale of its 49.8% stake in joint venture HDI Global Specialty SE to majority shareholder HDI Global SE. The deal underscores Hannover Re’s overarching ambition of repositioning itself as a pure reinsurer. Concurrently, the sale is seen as a way to free up capital for ... Read the full article
Future systemic risks a key industry concern: Survey
10th November 2021
More than 18 months after the spread of the novel COVID-19 virus caused nations from all corners of the world to lockdown for the first time, respondents to our recent reinsurance market survey have concerns about the risk transfer industry’s ability to navigate such a challenge in the future. The ... Read the full article
Global insurance premiums could hit $10 trillion by 2030: Bain & Company
10th November 2021
The evolving risk landscape suggests that global insurance premiums could reach USD 10 trillion by 2030, with climate change predicted to result in a tenfold rise in economic losses over the next 30 years, according to a new report from Bain & Company. The new report, Insurance 2030: As Risks Mount, ... Read the full article
Climate change a growing concern for global re/insurers: PwC
8th November 2021
The PwC Insurance Banana Skins 2021 survey shows that cybercrime is ranked as the number one risk by carriers globally, while climate change tops the list for reinsurers amid a rise in natural catastrophe events. The latest global edition of the biennial survey includes responses from more than 600 industry leaders ... Read the full article
Beazley’s 9M 2021 GWP growth exceeds expectations
5th November 2021
Specialist insurer Beazley has reported higher than expected gross written premiums (GWP) for the first nine months of the year, as well as a year to date rate change of 23% across the business. For the nine month period ended September 30th, 2021, Beazley has announced GWP of roughly $3.3 billion, ... Read the full article
MMC urges public-private collaboration to strengthen UK resilience
5th November 2021
A new report by international re/insurance brokerage Marsh McLennan (MMC) has examined the opportunities for stronger interactions between the public and private sectors to strengthen the UK’s ability to anticipate and respond to strategic risks and crises. Partnering with Purpose, a new report for the National Preparedness Commission, recommends a fresh ... Read the full article
Global reinsurance market survey – H2 2021
3rd November 2021
Reinsurance market survey - H2 2021 Respondents to our latest reinsurance market survey, in collaboration with sister-site Artemis, are optimistic for further rate hardening at the important January 1st 2022 renewals, as pricing remains the key for buyers of protection. Data from the 2021 edition of the global reinsurance ... Read the full article
PCS to include worldwide aviation events in specialty lines loss reporting
3rd November 2021
Property Claim Services (PCS), a Verisk business, is expanding its specialty loss lines reporting platform to include worldwide insured aviation loss events. PCS Global Aviation is to focus on events with estimated industrywide insured losses of at least $50 million and, in addition to airline industry losses, will include estimates for ... Read the full article