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Reinsurance demand to remain strong but prices to peak in 2024, says Moody’s
5th March 2024
Analysts at Moody's Investors Service expect demand for reinsurance protection to remain strong in 2024 but warns that while reinsurers have scope to push through further price increases, as competition intensifies in the sector, prices will likely peak this year. Moody's is the latest to predict a peak in reinsurance pricing ... Read the full article
AM Best turns negative on US D&O insurance
5th March 2024
AM Best’s recent market segment report highlights the challenges facing the directors and officers liability insurance (D&O) sector in the US. The risks associated with D&O have significantly increased amid the ever-evolving business world, attributed to factors such as heightened competition, regulatory pressure, rising settlement costs, emerging technology risks, talent retention ... Read the full article
Inigo, Samsara launch data-driven product to revolutionise fleet insurance
4th March 2024
Inigo Limited (Inigo), a specialist insurance company, has recently announced its partnership with Samsara, an Industrial Internet of Things (IoT) firm. Together, they aim to revolutionise insurance solutions for US companies with large automotive fleets. Inigo plans to utilise Samsara's telematics data to develop a new type of insurance product tailored ... Read the full article
Dale Underwriting names Curran Head of Global Property Reinsurance
4th March 2024
Dale Underwriting Partners, the trading name for Dale Managing Agency Limited’s Lloyd’s Syndicate 1729, has appointed Will Curran as Head of Global Property Reinsurance, effective 11 March, 2024. Based in London, Curran will be responsible for building and optimising Dale's Global Property Reinsurance business. He will report to Dominic Peters, Active Underwriter. Curran ... Read the full article
Apollo and Innovative Risk Labs new insurance product to de-risk parental leave for UK SMEs
1st March 2024
Apollo and Innovative Risk Labs have partnered to launch “first-of-its-kind” insurance product JustParent, a novel solution that aims to de-risk parental leave for small and medium sized UK businesses. JustParent was designed to enable businesses to offer substantial paid parental leave, such as full maternity and paternity pay for six months ... Read the full article
CIS insurers to face new risks as they expand reinsurance business internationally: Moody’s
27th February 2024
To compete against international reinsurers’ better prices, and increase profitability, insurers in countries part of the Commonwealth of Independent States (CIS), will likely grow their reinsurance business, but this would also bring new risks, according to Moody’s analysts. According to the agency’s report, CIS insurers, led by companies in Uzbekistan and ... Read the full article
Global property insurance market shows signs of softening in Q1’24: Gallagher Specialty
27th February 2024
In the latest update from Gallagher Specialty on the global property insurance market, significant shifts are noted, particularly in the USA region. Reports indicate smoother treaty renewals towards the end of the year, with reinsurers largely maintaining high attachment points on Cat Excess of Loss (XOL) programs. Modest rate increases are observed ... Read the full article
Ron Lockton returns as Lockton CEO succeeding Peter Clune
26th February 2024
Executive Chairman Ron Lockton is returning to the role of Chief Executive Officer of Lockton, the independent insurance broker has recently announced. “The Lockton Board of Directors, Mr. Lockton and former CEO Peter Clune have mutually agreed that now is the moment for Peter to step down as CEO. Mr. Lockton ... Read the full article
2023 insurance M&A activity at lowest level for a decade: Clyde & Co
26th February 2024
Clyde & Co’s Insurance Growth Report has revealed that mergers and acquisitions (M&A) activity worldwide in the insurance sector was down in 2023, reaching the lowest level for a decade. According to the firm, there were 346 completed M&As worldwide in the insurance sector in 2023, down from 449 in the ... Read the full article
Reinsurers “continue to have a solid path” relative to other insurance sub-sectors: Morgan Stanley
26th February 2024
According to a new report from Morgan Stanley, relative to other sub-sectors of insurance, reinsurers "continue to have a solid path", generating strong ROE, with robust underwriting and steady premium growth. Morgan Stanley noted that investors have been asking if the firm continues to favour reinsurers going forward, given the slower ... Read the full article
Marine insurance sector urged to collaborate with shipowners for maritime sustainability
23rd February 2024
In a joint effort to address the pressing issue of maritime sustainability, marine insurance experts are calling for closer collaboration with shipowners to develop decarbonisation strategies. A white paper, co-authored by underwriting firm Atrium and Bayes Business School (formerly Cass), City, University of London, emphasises the critical role insurers can play ... Read the full article
IRDAI to implement collateral requirements for reinsurance deals with CBRs: report
23rd February 2024
According to a report from Business Standard, the Insurance Regulatory and Development Authority of India (IRDAI) is planning to introduce collaterals for reinsurance transactions with Cross Border Reinsurers (CBR). These changes aim to protect both policyholders and insurers, building confidence in the market and creating a healthier insurance system. These guidelines ... Read the full article
Fitch expects new regulations to enhance Indonesia’s re/insurance sector
22nd February 2024
Fitch Ratings reports that new regulations for Indonesian insurers and reinsurers are likely to reduce the number of companies operating in the sector and encourage a healthier competitive environment. The country's Financial Services Authority will significantly raise minimum equity requirements starting from the end of 2026. Currently, Indonesian insurers must maintain a ... Read the full article
New Solvency rules not expected to change EU and UK insurer’s risk appetites: DBRS
20th February 2024
In a new report from DBRS Morningstar discussing the Solvency II prudential regime, the rating agency has noted that the new rules are not expected to materially change EU and UK insurer's risk appetites. DBRS's analysts explained in the report that both in the EU and the UK, one of the ... Read the full article
European insurance industry accelerates digitalisation efforts amid recession concerns: ISG
20th February 2024
In response to the looming threat of recession, European insurance industry leaders are doubling down on their digitalisation initiatives to enhance customer experiences and streamline operations, according to a recent survey conducted by Information Services Group (ISG). The survey, titled "Pulse Check - State of the European Insurance Industry," conducted in ... Read the full article