Reinsurance News
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Global reinsurers target U.S. property cat rate rises
24th October 2017
The largest global reinsurance players are set to target any U.S. property reinsurance rate increases following the impacts of recent hurricanes and catastrophe losses on the sector. In recent years, the big four European reinsurers and their global counterparts have been seen to pull-back from U.S. property catastrophe exposed lines of ... Read the full article
Premium growth forecast for German market: Hannover Re
23rd October 2017
Hannover Re forecasts modest market growth for its subsidiary, E&S Rueck, with rate increases for loss-impacted programmes and increased demand in cyber and telematics risks, in the upcoming January 1st renewals. Rate improvements are expected in motor insurance lines; prices for natural catastrophe covers are predicted to at least remain stable. "When ... Read the full article
“Disruption doesn’t bring opportunities, we have to earn them” – James Nash
23rd October 2017
“I believe there is substantial value creation potential in the future,” said Guy Carpenter's James Nash, at the Baden-Baden Reinsurance Symposium, “however, disruption does not automatically bring opportunities, we have to earn them. "We won't be able to capture this potential without transforming our industry and without extending our business models, ... Read the full article
Qatar Insurance Company says recent catastrophes “limited to earnings”
23rd October 2017
Qatar Insurance Company (QIC), a leading insurer across Qatar, the Middle East and North African region and parent company to reinsurer Qatar Re and Lloyd's specialist Antares, said that third-quarter catastrophe impacts are limited to its earnings. Mr. Khalifa Abdulla Turki Al Subaey, Group President & CEO of QIC Group, explained; ... Read the full article
Re/insurance solutions evolve to cover intangible corporate assets: Swiss Re
16th October 2017
Re/insurance product development and innovation around data and data analytics have expanded the scope of solutions from tangible to intangible assets, to cover a wider range of threats and improve corporate risk management, according to Swiss Re's latest sigma study. Companies are increasingly using novel insurance solutions to protect earnings, reduce ... Read the full article
Sompo to provide weatherXchange platform with indicative pricing
13th October 2017
The global platform that offers companies access to index-based weather risk protection, weatherXchange, has revealed that Sompo Global Weather, a division of Sompo International Holdings Ltd., is to provide the weatherXchange Instantaneous Indicative Pricing service with indicative pricing. According to an announcement by weatherXchange, the Instantaneous Indicative Pricing service will assist with the ... Read the full article
Industry-first platform developed by IBM & MetLife to enhance insurers capabilities
11th October 2017
IBM has partnered with MetLife to develop a new platform for the global insurance industry on the IBM Cloud, designed to improve both the process and economics for product development, as well as enhancing underwriting and benefits delivery. The new, industry-first platform aims to assist insurers expansion into new products and ... Read the full article
Reinsurers’ opportunity to make underwriting more scientific – Swiss Re CUO
5th October 2017
Swiss Re Group Chief Underwriting Officer (CUO) Edi Schmidt highlighted the need for reinsurers to take a more scientific and forward-looking approach to underwriting to drive down cost of re/insurance at the firm’s 2017 Monte Carlo conference press briefing. “Today we have much more capabilities to use more sources to make ... Read the full article
TigerRisk & Cape Analytics partner to assist Hurricane Irma claims processing
3rd October 2017
TigerRisk Partners, the reinsurance and capital advisory, and Cape Analytics, a property data and analytics company, have partnered to provide proprietary before-and-after aerial imagery to speed up the processing of insurer's Hurricane Irma Claims. Hurricanes Harvey and Irma left many U.S. insurers with limited access to the claims adjustment resources needed ... Read the full article
Duperreault says underwriters should be “part actuary, part data scientist:”reports
28th September 2017
AIG's Chief Executive Brian Duperreault highlighted the changing role of the underwriter as an integral part of re/insurance industries adaptation to the "modern era" of AI and technology, saying they need to become "part actuary, part data scientist," in an interview with Asia Nikkei. The skill set required by underwriters ... Read the full article
Total WannaCry losses pegged at $4 billion
25th September 2017
Ransomware attacks have reached a new peak this year, with WannaCry causing estimated global financial and economic losses of up to $4 billion and infecting 300,00 machines around the world, according to Trend Micro's security and threats report. 2017s WannaCry and Petya attacks show that cybercriminals are upping their game ... Read the full article
Caribbean & Puerto Rico re/insurers at risk from hurricane Maria
20th September 2017
Rating agency A.M. Best has said that major hurricane Maria puts Caribbean and Puerto Rico insurance firms at risk and that the storm will test their financial strength. Hurricane Maria is approaching Puerto Rico with category 5 winds of 155 mph and higher gusts. The hurricane has left ... Read the full article
Lack of capacity and demand hindering terror market expansion: GC
15th September 2017
The changing terror risk landscape, underlined by an increased focus on "mass casualty and fear-inducing" events, suggests a need for greater capacity and a different approach to the peril, according to Guy Carpenter Managing Director, Charles Gibbs, and Vice President, Jamie Russell. "There has been a major shift in the focus ... Read the full article
Chubb launches innovative Flight Delay cover with App in the Air
15th September 2017
Flight Delay Insurance, a new innovative insurance solution for airline travellers has been launched by global insurer Chubb and App in the Air. The solution was underwritten by Chubb's European group in collaboration with reinsurance giant Swiss Re and FlightStats, and will be made available to UK App in the ... Read the full article
Crosswinds’ Monarch joint venture reveals expected Irma impact
13th September 2017
Crosswinds Holdings Inc. has revealed that its joint venture investment in Monarch National Insurance Company (Monarch) expects the impact of hurricane Irma to not exceed its first-event pre-tax retention of $3.4 million, net of reinsurance. Crosswinds is the latest firm to announce the expected impact from hurricane Irma, which tore through ... Read the full article