Reinsurance News
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P&C underwriting results expected to be worst since 2011, says Triple-I
14th November 2022
The 2022 combined ratio for the P&C insurance industry is set to worsen compared to 2021, driven by Hurricane Ian and significant deterioration in the personal auto line, making it the worst year for the P&C industry since 2011, according to the latest underwriting projections by actuaries at the Insurance ... Read the full article
Lockton Re hires Ben Ryan to new London role
10th November 2022
Lockton Re has hired Ben Ryan as a senior broker within its non-marine retrocession and property specialty team in London. The firm said in a statement that Ryan began his career as part of the graduate programme at Aon’s reinsurance solutions. He then joined the non-marine retrocession team in 2015 and ... Read the full article
Survey finds immediate economic risks prioritised over tech and environment
9th November 2022
G20 business leaders are more focused on short-term economic concerns - like rapid inflation, debt crises, and the cost of living crisis - than on environmental and cyber risks, according to a recent survey. These findings were published in this year’s Executive Opinion Survey, conducted by the World Economic Forum’s Centre ... Read the full article
McGill, Miller and Ardonagh join WBN
8th November 2022
McGill and Partners, Miller Insurance and Ardonagh Specialty Holdings (Bermuda) have become members of the Worldwide Broker Network (WBN). With these additions, the Network expands into the reinsurance and wholesale space. WBN also welcomes Unisure Group as an Employee Benefits sponsor, McAfee as an exclusive digital wellbeing partner, and the expansion of ... Read the full article
Munich Re posts rise in Q3 profit despite Hurricane Ian losses of €1.6 billion
8th November 2022
Global reinsurer Munich Re has reported profit of €527 million and €1.9 billion for the third quarter and first nine months of 2022, respectively, despite a rise in major losses within property and casualty (P&C) reinsurance on the back of Hurricane Ian losses of around €1.6 billion. Profit for the quarter ... Read the full article
Risk Strategies warns of capacity shortage at 1/1
2nd November 2022
A new State of the Market Report by specialty insurance brokerage and risk management firm, Risk Strategies, has warned clients to settle their re/insurance negotiations as early as possible, ahead of an anticipated shortage of capacity at the upcoming January renewals. CEO John Mina noted that businesses face an uncertain economic ... Read the full article
“Many carriers are pulling out of property cat, but we are not afraid”: Ariel Re’s Maccioni
1st November 2022
With a growing number of reinsurers cutting capacity for property catastrophe re/insurance and causing a hard market, Reinsurance News had the chance to speak to Ariel Re’s London-based Property Underwriters Tom Orton and Giovanni Maccioni ahead of the January renewals about the company’s current appetite and future plans for property ... Read the full article
ID theft coverage becoming essential for insurers: AM Best
28th October 2022
A new report from AM Best highlights that even though ID theft coverage is offered as a standalone policy, but predominantly sold as part of a package, the market has seen a significant increase in standalone policies, to 2.3 million in 2021 from just over 300,000 in 2020. Best notes that ... Read the full article
AXA partners with taxi firms on Internet of Vehicles project
27th October 2022
AXA Hong Kong and Macau have announced a partnership with Chung Shing Taxi and TaxiSafely to launch Hong Kong’s very first Internet of Vehicles (IoV) project collaborated by insurer and taxi company. The collaboration aims to enhance taxi driving safety, and protect taxi drivers, passengers and other road users, through the ... Read the full article
BI issues a near miss for insurers, says APRA Deputy Chair
26th October 2022
The Australian Prudential Regulation Authority (APRA) has released the findings of its review into the robustness of the general insurance industry's approach to risk management following the BI issues during the peak of the pandemic, where restrictions triggered an array of claims on BI policies. The legal uncertainty about whether cover ... Read the full article
Climate change becomes the number one risk around the world: AXA
26th October 2022
Climate change is becoming the number one concern around the world, according to AXA's Future Risks Report 2022, with geopolitical risks coming in second place. The report also found that the feeling of vulnerability to certain risks has been increasing and confidence has waned. Based on responses from a panel of 4,500 ... Read the full article
Brokerslink drives Middle East growth by adding AIC to its network
26th October 2022
Global broking business, Brokerslink, has announced that it has added Associated Insurance Consultants (AIC) from the United Arab Emirates (UAE) to its global network as an affiliate, giving the network local broking expertise in eight Middle Eastern countries. Launched in Beirut, Lebanon in 2001, AIC is headquartered in Abu Dhabi and ... Read the full article
UIB announces new Corporate & Capital Risks practice
25th October 2022
Re/insurance broker UIB has announced the formation of its new practice, Corporate & Capital Risks, following a major restructuring of its Specialty Lines division. James Wilson will lead the new practice, which UIB states will cater to ... Read the full article
Moody’s partners with Cytora to digitise core risk workflows
25th October 2022
Moody’s Analytics and insurtech, Cytora, have entered into a partnership to provide the commercial insurance industry a more streamlined and informed understanding of risk. The data provided by Moody’s comes pre-integrated into the Cytora platform, which will provide insurers with a superior risk selection driving uplift to GWP. Commercial insurers will now ... Read the full article
Tightening cat market could be a tailwind for Guy Carpenter: Dean Klisura
20th October 2022
The impact of Hurricane Ian on an already stressed property market is expected to be significant and contribute to a much more challenging 1/1 renewals, but further tightening in the catastrophe space could be a tailwind for reinsurance broker Guy Carpenter, according to executives. Earlier today, Marsh McLennan (MMC) reported ... Read the full article