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European Big Four retrocession largely intact despite heavy loss year: CreditSights
11th December 2017
Although SCOR and Swiss Re have dramatically increased their exposure to U.S. natural catastrophes in recent years, all of the European big four reinsurers still boast ample capacity with retrocession cover largely intact, according to a CreditSights report. Analysts explained that in 2005, Swiss Re had incurred about €1 billion from ... Read the full article
Reinsurers’ upwards loss provisions in 2018 to fill $20bn loss gap: Jefferies
7th December 2017
Remaining catastrophe losses still unaccounted for are estimated by Jefferies to be in the $20 billion ballpark - a disparity likely to fuel reinsurance price rises when some companies' provide upwards loss provisions in 2018. "At first glance, it appears that the industry midpoint estimate of $95bn may have overestimated the ... Read the full article
InsurTech Gateway launches as first start-up “accelerator”
4th December 2017
InsurTech Gateway has launched as the first 'InsurTech' accelerator - an enterprise with the aim to leverage expertise and resources from a panel of reinsurers and angel investors from the insurance sector to offer InsurTech start-ups a kickstart into the market. InsurTech Gateway is a co-investment from Hambro Perks and Robert ... Read the full article
Aetna to be acquired by CVS Health in $77bn deal
4th December 2017
Health insurance giant Aetna is to be acquired by pharmacy and healthcare service provider CVS Health, in an M&A transaction estimated to be worth around $77 billion. CVS Health will acquire all of Aetna's outstanding shares using a combination of cash and stock. Aetna shareholders will receive $145.00 per share in ... Read the full article
AGCS boosts UK cyber division with two appointments
1st December 2017
Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz, has announced the promotion of Yogesh Virji to lead its UK Cyber division and the appointment of Hui Yu as a Senior Underwriter, within the UK Cyber team. Virji was previously Underwriting Manager for Financial Lines at AGCS, and ... Read the full article
UnipolRe automates internal systems with NIIT Technologies’ Navigator
29th November 2017
UnipolRe has adopted NIIT Technologies' Navigator portal solution - an underwriting platform which delivers full pre-bind workflows with submission and quote administration capabilities. The Navigator system allows UnipolRe to simplify its pre-bind business processes and automatically integrate with its back office post-bind system. Manuela Mangiagalli, Chief Operations Officer (COO) of UnipolRe, said the ... Read the full article
Bermuda reinsurers pay out $209bn to U.S. customers since 1997
22nd November 2017
Reinsurers in Bermuda have paid out a stunning $209 billion in losses to U.S. customers since 1997, including around $31 billion for losses from the recent hurricanes, according to data collected by the Bermuda Monetary Authority (BMA). The figure of $208.7 billion paid out to U.S. policyholders and cedants for losses ... Read the full article
U.S. life insurance sector outlook revised from negative to stable
17th November 2017
The U.S. life insurance sector outlook has been revised from negative to stable by Moody's Investors Service, reflecting the segment's strong capitalisation, equity markets and low asset defaults. After demonstrating resilience in the face of a low-interest rate environment, life insurers are expected to see revenue and capital improvement supported by ... Read the full article
InsuResilience Global Partnership launches at 2017 UN Climate Conference
16th November 2017
An international initiative with the goal to provide insurance to 400 more million poor and vulnerable people by 2020, the InsuResilience Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions, was launched today at the 2017 UN Climate Conference in Bonn. Germany launched the Global Partnership with the Ethiopian Chair of ... Read the full article
Reinsurance profits will fall to six-year low on catastrophes: A.M. Best
16th November 2017
Reinsurance company profits are expected to fall to a six-year low on the back of recent catastrophe losses, but while the catastrophes are a drag on earnings, they aren't expected to meaningfully change market dynamics and pricing, A.M. Best says. "In some respects this is a dreaded scenario, where losses are ... Read the full article
Talanx approves leadership changes, including new CEO
10th November 2017
The Supervisory Board of Talanx AG has approved a series of upcoming leadership changes, nominating Torsten Leue as Chief Executive Officer (CEO), Sven Fokkema as a member of the Talanx AG Board of Management, and Herbert Haas as a Supervisory Board member. The personnel changes at Talanx AG, the parent company to ... Read the full article
Incumbents could be relegated, if tech giants come for re/insurance
10th November 2017
Incumbent insurance and reinsurance firms could be relegated if tech-savvy, customer focused players like Amazon or Google decide to enter the sector in a meaningful way, and it looks like at least one of these giants is preparing its first foray. While the insurance and reinsurance industry is focused on InsurTech ... Read the full article
IUA urges scope of EU Motor Insurance Directive to not be extended
9th November 2017
In response to a recent review of the European Motor Insurance Directive (MID), the International Underwriting Association (IUA) has called for the MID to not be extended to include liability for accidents on private property. Commenting on a review of the MID, the IUA states that protection provided via the legislation can ... Read the full article
Allianz’s captive insurance blockchain prototype shows efficiency potential
7th November 2017
Allianz Risk Transfer (ART), a division of Allianz Global Corporate & Specialty (AGCS), which is part of global insurer Allianz, has created and successfully implemented a blockchain prototype solution for a global captive insurance program of an existing ART client. ART collaborated with Ernst & Young (EY) as blockchain advisory service ... Read the full article
Emerging ransomware attack ‘Bad Rabbit’ hits Europe
25th October 2017
An emerging ransomware attack, Bad Rabbit, has infected systems across Russia and Ukraine and is spreading across the globe - even as firms are still recovering from recent widespread disruption caused by the devastating WannaCry and Petya cyber attacks. Bad Rabbit encrypts computers' contents and asks for a payment of 0.05 ... Read the full article