Reinsurance News
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AGCS report highlights key trends driving marine insurance claims activity
23rd November 2022
A number of factors are leading to ever larger claims for the global shipping industry despite total losses having more than halved over the past decade and seeing a persistent long-term positive safety trend, according to an Allianz report. The Allianz Global Corporate & Specialty (AGCS) industry loss analysis, revealed that ... Read the full article
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
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
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
E+S Rück predicts ‘significant’ improvements in P&C reinsurance risk-adjusted prices and conditions
24th October 2022
Hannover Re subsidiary E+S Rück has said it expects significant improvements in risk-adjusted prices and conditions in property and casualty reinsurance on the back of continued heavy claims expenditure and soaring inflation. Dr. Michael Pickel, chief executive officer of E+S Rück, said: "Both insurers and reinsurers alike find themselves facing a ... Read the full article
Elpha Secure raises $20m in Series A funding led by Canapi Ventures
7th October 2022
Elpha Secure Technologies has completed a $20m Series A funding round led by Canapi Ventures, with participation from Stone Point Ventures, AXIS Capital, State Farm Ventures, The Hartford STAG Ventures, Fermat Capital Management, and EOS Venture Partners. Elpha Secure provides a cyber protection solution for small and midsize businesses that marries ... Read the full article
Technological advancements and talent driving MGA growth: AM Best
26th September 2022
A new report from AM Best highlights that premium growth attributable to managing general agents (MGAs) has increased significantly over the last decade. Fuelled by premium growth, delegated underwriting authority enterprises (DUAE) are gaining a more prominent role with insurers when it comes to addressing more specialized coverage needs. Both experience and ... Read the full article
Japan’s general insurance market to reach $133.1bn in 2026: GlobalData
24th August 2022
According to GlobalData, the general insurance market in Japan is set to grow at a compound annual growth rate (CAGR) of 3% from $101.6 bn in 2021 to $133.1bn in 2026, in terms of gross written premiums (GWP), driven by a rise in demand for commercial insurance lines. The report also ... Read the full article
CFC expands into North America and Australia
27th July 2022
CFC, the specialist insurance provider, has expanded its cyber threat analysis capability into North America and Australia. The company’s cyber threat analysis focuses solely on identifying new cyber threats and working with cyber customers to prevent attacks before they happen. Roger Francis, Managing Director of CFC Response, said: ... Read the full article
Geneva Association says industry has important role in combatting ransomware
22nd July 2022
A new report from the Geneva Association says that there is an important role for private re/insurers in helping combat the rising threat of ransomware. The report says that cyber insurance does more than provide cover against attacks, covering also first- and third-party losses incurred by victims and providing support to ... Read the full article
Travelers upsizes northeast catastrophe reinsurance by $100m at July renewal
21st July 2022
US primary insurance carrier Travelers has grown the size of its main Northeast Property Catastrophe Excess-of-Loss Reinsurance coverage by $100 million at the July 1st, 2022, reinsurance renewals, as the firm saw price increases aligned with those seen on its inwards book. For 2022, the Northeast Property Catastrophe reinsurance agreement sees ... Read the full article
Allianz partners up with Coalition
4th July 2022
Allianz has gone into a multi-year partnership with cyber insurance and security provider Coalition. The terms of the agreement will see Allianz provide Coalition with long-term committed capacity for its US cyber insurance programs and will lead the latter’s UK cyber program when it launches later this year. Scott Sayce, global head ... Read the full article
Stoïk completes €11 million Series A round
30th June 2022
Andreessen Horowitz (a16z), one of the world’s largest venture capital funds, known for investments in companies such as Skype, Twitter, Facebook, Airbnb, and more recently Pinterest and Slack, has invested in Stoïk. The company is a startup brokerage specialising in cyber insurance products. Stoïk, which is based in ... Read the full article
Swiss Re’s CEO of reinsurance says insurers must embrace building digital trust
30th May 2022
Insurers need to face up to the task of building ‘digital trust’ between themselves and the consumers they serve, according to a new blog post from Moses Ojeisekhoba, CEO of Reinsurance at Swiss Re. The post, ‘Why insurance leaders should care about digital trust’, refers heavily to work put out ... Read the full article
Swiss Re unveils nine-step, digital trust methodology
19th May 2022
Swiss Re has unveiled a nine-step methodology for companies to position themselves as trustworthy in an increasingly online world. The thirty-page report, Decoding Digital Trust: An Insurance Perspective, provides a framework for understanding digital trust, highlighting its relevance against the backdrop of increasing digital automation, both in insurance and across ... Read the full article