Reinsurance News
EY praises “world-leading” UK insurance, flags fundamental ESG concerns
1st April 2021
The UK's insurance industry has been praised for its transparency and efficiency in a new EY indexing report that also describes its Environmental Social and Governance (ESG) performance lagging behind its European peers. Both the UK and Belgian insurance markets are described by EY in its global indexing report as being ... Read the full article
Post-pandemic, re/insurers must be more forward-looking: Harrison, D&B
31st March 2021
Historically characterised as stuck in its ways and slow to adjust, as the world emerges from the pandemic, the re/insurance industry has an opportunity to accelerate its transformation through investments into digital and data technologies for the benefit of both carriers and clients. This is according to James Harrison, UKI Head ... Read the full article
London Market insurers’ 2020 profits cancelled out by Covid losses, says Fitch
31st March 2021
A majority of London Market insurers are reported by Fitch Ratings to have fallen to either a loss or a very slight profit in 2020, as pandemic-related costs offset most underwriting and investment profits. Despite investment returns having recovered well in the second half of 2020, Fitch states that returns were ... Read the full article
Metromile plans reinsurance restructure as loss narrows
31st March 2021
San Francisco based car insurance start-up Metromile has announced that it plans to restructure its reinsurance program going forward, as the company reported improved performance over 2020. Metromile recorded a net loss of $37.4 million for 2020, as it narrowed its annual loss from $69.8 million in 2019 and $65.7 million ... Read the full article
Aspen posts $40.1mn 2020 net loss
31st March 2021
Bermudian re/insurer Aspen Insurance Holdings has announced a $40.1 million net loss for 2020, driven by above average catastrophe losses and $181.2 million in costs associated with COVID-19. These factors, as well as an incurred cost on interest rate swaps totalling $81.1 million, were also a driver in the company's $37.2 ... Read the full article
ILS and reinsurance market show resilience at 2021 renewals: AM Best
31st March 2021
The insurance-linked securities (ILS) and traditional reinsurance markets have shown resilience at the January 2021 renewals, despite multiple small-to-medium-sized catastrophe losses and the COVID-19 pandemic, according to analysts at AM Best. A report by the rating agency shows that there was sufficient ILS and traditional reinsurance capital to meet demand at ... Read the full article
Arch secures over $640mn of mortgage reinsurance
31st March 2021
Arch MI, the private mortgage insurance subsidiary of Arch Capital, has obtained over $640 million of indemnity reinsurance from the capital markets. The company secured coverage on a pool representing $38 billion of mortgages from Bellemeade Re 2020-3 Ltd., a special purpose reinsurer. Arch MI explained that the reinsurance was obtained by ... Read the full article
Peak Re profits surge on top line growth
31st March 2021
Hong Kong-based reinsurer Peak Re has reported a year-on-year rise in net profit in 2020 to US $90.8 million, on the back of 18.1% growth in gross written premiums. Profit was significantly up from the $35 million that Peak Re reported in 2019, while premium income rose to $1.966 billion, up ... Read the full article
Reinsurers to achieve low single digit rate improvements in April, says Morgan Stanley
31st March 2021
Analysts at Morgan Stanley expect European reinsurers to achieve low single digit rate improvements in the Japan-focused, April renewals, alongside further tightening in terms and conditions (T&C). After consecutive heavy loss years and the impacts of the pandemic in 2020, reinsurers were hopeful of meaningful rate rises at the January 1st, ... Read the full article
Suncorp estimates current flood loss at $250m as ICA sees claims rise
31st March 2021
Australian insurer Suncorp has announced an expected losses of between $230 million and $250 million from the recent heavy rainfall and flooding across New South Wales, South East Queensland and Victoria. Concurrently, the Insurance Council of Australia has raised its estimate from the $438 announced earlier this week to $497 ... Read the full article
Robus PCC Captive Cell authorised by GFSC
31st March 2021
Robus’ Protected Cell Company (PCC) has been approved for participation in the Guernsey Financial Services Commission (GFSC) pre-authorisation pilot scheme for captive cells. The scheme ensures Robus’ captive cell’s are pre-authorised for a client making use of the pilot scheme for their Professional Indemnity (PI) programme. A protected cell company (PCC) is ... Read the full article
Lloyd’s reports net loss for 2020 on COVID-19 losses of £3.4bn
31st March 2021
The specialist Lloyd's of London insurance and reinsurance marketplace has reported a net loss of £900 million for 2020 against profit of £2.5 billion a year earlier, as net incurred COVID-19 losses, net of reinsurance, reached a significant £3.4 billion. On a gross basis, customer payouts related to the pandemic are ... Read the full article
Climate change regulation to benefit re/insurers: Moody’s
31st March 2021
Analysts at Moody’s believe that a growing focus on climate change by global re/insurance regulators will ultimately be beneficial to the industry. The rating agency suggested that closer regulatory scrutiny of climate risk will push re/insurers to better evaluate and monitor climate-related threats. It is also expected to support re/insurers in making ... Read the full article
Swiss Re backs disaster risk insurance scheme in Nagaland, India
31st March 2021
Swiss Re has been confirmed as the reinsurance partner to a new public-private disaster risk insurance scheme in the Indian state of Nagaland, which aims to increase the region’s climate resilience. The scheme is co-funded by InsuResilience Solutions Fund (ISF), an initiative managed by Frankfurt School of Finance and Management and ... Read the full article
Pandemic widened protection gap in emerging Asia: Peak Re
30th March 2021
Clarence Wong, Chief Economist at Hong Kong domiciled reinsurer Peak Re, has asserted that the economic fallout from the COVID-19 pandemic has served to further widen the protection gap in emerging Asian countries. The prevalence of under-insurance and non-insurance in emerging markets is well-documented and exists across various different risks, from ... Read the full article