Reinsurance News
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Majority of industry participants feel safe returning to offices
10th May 2021
After consulting our substantial network of industry contacts, Reinsurance News found that a majority of respondents currently feel safe returning to an office-based working environment, 14 months on from COVID-19’s elevation to pandemic status by the World Health Organisation. COVID-19’s impact as a highly contagious respiratory disease, compounded early on by ... Read the full article
Pacific Life Re strikes partnership with ThaiRe Life
22nd February 2021
Pacific Life Re and ThaiRe Life Assurance PCL have announced the formation of a new partnership to provide sustainable life reinsurance solutions to Thailand-based life insurance operators. The collaboration is expected to bring Pacific Life Re’s technical and product development expertise together with ThaiRe Life’s insights and standing in the local ... Read the full article
Amazon prepares to enter motor insurance market
15th September 2020
According to reports from data and analytics company GlobalData, tech giant Amazon is planning to to enter into the car and motorcycle insurance market. The news comes as an unwelcome threat to other insurers who have had to endure a challenging year throughout the COVID-19 pandemic. Amazon’s entry into the insurance market ... Read the full article
Hurricane season presents “unique challenges” for re/insurers: Fitch
3rd June 2020
Insurers and reinsurers will face “unique challenges” during the upcoming hurricane season, according to Fitch Ratings, with the ongoing COVID-19 pandemic set to test many companies. NOAA data shows that 2020 is already forecast to be above average in terms of hurricane activity, and analysts fear that a major event ... Read the full article
Pandemic an opportunity for reinsurance growth in India: Rohit Boda
26th May 2020
The COVID-19 pandemic presents many opportunities for the growth of reinsurance business in India, according to Rohit Boda, Managing Director of J.B. Boda Group, an insurance and reinsurance broker based in the country. Speaking in an interview with Reinsurance News, Boda noted that the contention around business interruption claims linked to ... Read the full article
UK reinsurance backstop to be finalised within days: reports
11th May 2020
A UK government scheme to provide a reinsurance backstop for trade credit insurers during the pandemic is expected to be finalised “within days,” according to reports from Sky News. Ministers began discussing a possible new scheme with insurers last month to prevent the widespread withdrawal of cover across sectors such ... Read the full article
Broker Kingsbridge targets gig economy with acquisition of InsurTech Dinghy
29th January 2019
GlobalData has said that the acquisition of InsurTech start-up Dinghy by specialist insurance broker Kingsbridge, looks set to ignite innovation in the broker community. Dinghy offers freelancers based in the UK with various insurance products, including professional indemnity, public liability, cyber liability, and business equipment insurance for flexible working hours. Kingsbridge specialises ... Read the full article
Compass Underwriting joins with bike insurer Bikmo on gig economy cover
8th August 2018
Compass Underwriting, an independent Accident and Health (A&H) underwriting agency, has partnered with specialist bicycle insurance intermediary Bikmo to provide an accident and injury product for self-employed couriers in the gig-economy. The cover has been designed specifically for gig-economy platforms such as Deliveroo – one of Bikmo’s existing clients – to ... Read the full article
UK brokers’ market share rises as digital channels engage SMEs
9th July 2018
Data analytics company GlobalData and ABI statistics have reported that UK brokers continue to dominate commercial re/insurance distribution, and grew to an estimated footprint of £1.33 billion over 2017 thanks to the prevalence of digital channels like price comparison websites. Despite the dominance of brokers in the UK market, 2016 marked ... Read the full article
Google, Amazon & Apple’s moves into healthcare could create opportunities
3rd April 2018
Google, Amazon, and Apple have all taken moves into the U.S. healthcare industry in recent months with a variety of tech-driven initiatives, and partnering with these new market entrants could provide re/insurers with new inroads into the market, according to GlobalData. Danielle Cripps, Life & Pensions Analyst at GlobalData, said; “the ... Read the full article
Motor premiums must reflect improved safety from tech advances
29th November 2017
Using Tesla as a case in point, GlobalData has underlined the need for motor premium pricing in the UK for owners of vehicles that are equipped with the latest technological advances, such as autopilot, to reflect the improved safety of driving. Elon Musk's U.S. automotive and energy storage company, Tesla, is ... 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
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