Reinsurance News
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Mainstream adoption of InsurTech to accelerate
26th June 2017
Adoption of technology based or bought insurance is expected to increase dramatically, as InsurTech's look poised to hit the mainstream, according to data from a survey by EY. Consultancy, assurance, tax, transaction and advisory specialist EY surveyed 22,000 digitally active consumers from across 20 markets as part of its FinTech Adoption Index, ... Read the full article
Deutsche Bank hires Meir Lewis as MD & Head of Insurance Investment Banking
22nd June 2017
Deutsche Bank has hired Meir Lewis from Morgan Stanley as a Managing Director and Head of Insurance Investment Banking. Prior to his appointment Lewis served Morgan Stanley's North America Insurance sector providing investment banking coverage that focused on large-cap P&C carriers, specialty mid-cap companies, and life and reinsurance clients. Lewis will be based ... Read the full article
Reinsurers shift from quota share arrangements to directly acess cyber risk: Aon Benfield
16th June 2017
Evolving consumer demand and increased regulation and awareness of cyber risk are driving an expected near-term exponential market growth, and reinsurers who have so far cautiously tread into the cyber space through quota share arrangements with insurers are making bolder moves to directly take on the risk, Aon Benfield said ... Read the full article
AIG utilises blockchain for “smart” insurance solution pilot
16th June 2017
Global insurer American International Group (AIG) and Standard Chartered have partnered with International Business Machines Corp (IBM) to create a "smart" insurance solution that utilises blockchain technology to make complicated insurance policies much simpler. AIG and UK-based international bank Standard Chartered have now completed a blockchain pilot, using the open-source Hyperledger Fabric protocol, which was built ... Read the full article
United more likely to call on reinsurance after $20 million losses
15th June 2017
United Insurance Holdings (UPC) has announced second quarter pretax losses of about $20 million, meaning any future losses up to another $30 million will automatically be ceded to reinsurers, as its catastrophe aggregate reinsurance programme retention of $30 million has now been blown. The firm's catastrophe aggregate reinsurance programme provides cover for up ... Read the full article
Qatar Re reported bidding on UK motor insurer
12th June 2017
Sky News has reported that Bermuda domiciled reinsurer Qatar Re, part of the Qatar Insurance Company (QIC), has joined forces with another investor to make a £500 million bid for a UK motor insurance group. Qatar Re is reported to have aligned itself with U.S. based private equity investment ... Read the full article
Re/insurers need proactive cyber development and marketing strategies: Inga Beale
5th June 2017
Speaking at Mexico's AMIS Insurance Conference, Lloyd's Inga Beale reiterated the urgency of getting aboard the cyber insurance market, which she said could triple in size to $7.5 billion by 2020. "I don’t think that, as a sector, we are doing enough to promote the benefits of cyber insurance and make ... Read the full article
Reinsurers express regret at Trump’s exit of the Paris Climate Agreement
2nd June 2017
Reinsurance giants Swiss Re and Munich Re have added their voices to the growing international condemnation of Trump’s decision to exit the Paris Climate Agreement. The Swiss reinsurer - which has been researching climate change and its effects for the past 30 years - said; "we can say: it is a ... Read the full article
RenRe leads Sri Lanka natural disaster reinsurance program: Reports
31st May 2017
Renaissance Reinsurance Singapore, a division of the Bermudian reinsurance firm RenaissanceRe (RenRe), is the lead reinsurer on a 15 billion rupee (around $100m) renewal of the Sri Lanka governments natural disaster program. The program, which covers the entire country of Sri Lanka for natural disaster losses, is now entering in its ... Read the full article
Lloyd’s market hit a “turning point” in 2016, listed insurers outperforming market: RBC
25th May 2017
Difficult global insurance and reinsurance market conditions over the past few years intensified in 2016 fuelling additional earnings pressure on both listed Lloyd's insurers and the overall, Lloyd's of London marketplace. And analysts at RBC Capital Markets feel that those with less correlation to Lloyd's market trends are likely to ... Read the full article
InsurTech firm Sherpa & Gen Re partner to disrupt traditional re/insurance model
16th May 2017
InsurTech firm Sherpa has announced plans to collaborate with reinsurer Gen Re to offer customer-driven insurance cover to provide clients with a single underwriting process and account for all risks insured, replacing and simplifying traditional methods of insuring on a product by-product basis with separate policies and processes. The new business ... Read the full article
Commercial P/C rates decline in Q1 as market challenges persist: CIAB
15th May 2017
Commercial property/casualty (P/C) rates declined for the ninth consecutive quarter across small, medium and large accounts in the first-quarter of 2017, while on average, rates across all business lines declined by 0.7%, according to the Council of Insurance Agents & Brokers' (CIAB) latest report. "Commercial premium pricing this quarter was consistent ... Read the full article
AIG names Brian Duperreault President, CEO & Director
15th May 2017
Insurer AIG has now announced the appointment of Brian Duperreault as its new President, Chief Executive Officer (CEO) and Director, signalling his resignation as Chairman and CEO of Hamilton Insurance Group. Rumours suggesting the appointment of Duperreault as the new CEO of AIG had been circulating the insurance and reinsurance industry for the past ... Read the full article
Re/insurers optimistic about investment and asset management opportunity: Goldman Sachs
5th May 2017
Goldman Sachs' latest insurer asset management survey reveals a dramatic change in the usual credit cycle for inflation, rates and equity returns, with only one-third of insurers now believing they're in the late stages of the credit cycle, compared with last year's three quarters of correspondants. This represents a reversal in ... Read the full article
Risk managers not up-to-par on disruptive technologies: Marsh/RIMS
3rd May 2017
Risk management professionals show an "alarming" lack of understanding and preparation to assess risks from disruptive technologies, including telematics, sensors, the Internet of Things (IoT), smart buildings, and robotics, said insurance broker Marsh in a joint report with the Risk Management Society (RIMS). 60% of respondants surveyed said they don't conduct ... Read the full article