Reinsurance News

Swiss Re highlights role of re/insurance in cyber risk

6th March 2017

Swiss Re has launched its new re/insurance think tank, the Swiss Re Institute, with the release of a report that investigates the growing sphere of cyber risk, examining constraints in risk assessment as well as potential new models for risk analytics and coverage. Opportunities for reinsurance are expanding in the fast-developing ... Read the full article

Sydney and NSW hailstorm costs soar for Australian re/insurers

6th March 2017

As claims from a freak Sydney and New South Wales (NSW) summer hailstorm continue to pour in, the Insurance Australia Group (IAG) has updated its loss estimates to around AU$160 million, after having received over 20,000 claims, and insurer Suncorp Group has reported a similar figure for anticipated losses. Under the firm’s ... Read the full article

AXIS expects $50m Ogden rate hit to UK motor reinsurance business

6th March 2017

Insurer and reinsurer AXIS Capital Holdings Limited has revealed an expectation of a $50 million hit under its UK motor reinsurance book due to the recent Ogden Rate change. AXIS Capital said that the impact of the UK Ministry of Justice’s recent reduction in the discount rate used to calculate lump ... Read the full article

Asian insurance market must embrace the rise of Insurtech

6th March 2017

The rise of technology or Insurtech in the global insurance and reinsurance industry is driving innovations and opportunities in the Asian marketplace as should be embraced rather than avoided, according to industry leaders and experts. Speaking to A.MBestTV at the 2017 Asia CEO Insurance Summit held in Singapore recently, insurance industry ... Read the full article

Hiscox Re finding opportunities in casualty & speciality lines

6th March 2017

Insurer and reinsurer Hiscox has reported a record year for profit in 2016 despite tough market conditions and helped by the performance of its Hiscox Re and insurance-linked securities (ILS) unit where it found opportunity for growth in casualty and specialty business lines. Overall, the re/insurer reported a record £354.4 million profit ... Read the full article

Reinsurance News – Monday 6th March 2017

6th March 2017

Here’s your daily Reinsurance News for Monday 6th March 2017: Sydney hail loss rises, as IAG & Suncorp estimate up to AU$370m The Insurance Council of Australia (ICA) has said that the final re/insurance industry loss bill from the severe summer hailstorm that struck Sydney and parts of New South Wales, ... Read the full article

PartnerRe hires Cabrera from Aon Benfield to head up Latin America

3rd March 2017

Reinsurance firm PartnerRe has hired Humberto Cabrera, coming from broker Aon Benfield,  to the role of Head of Latin America, where he will lead the reinsurers business operations in that region. Cabrera will replace PartnerRe's Interim Head of Latin America, Salvatore Orlando, who will continue in his role as Head of ... Read the full article

Hong Kong wants to further develop its reinsurance industry

3rd March 2017

Hong Kong is concerned that it has been losing reinsurance business, as it faces considerable competition both from the region and world in areas such as reinsurance, marine insurance and captive business. A new report from Hong Kong's Financial Services Development Council (FSDC) notes that reinsurance is crucial for Hong Kong's ... Read the full article

U.S. hurricane tail risk potentially higher than averages suggest: JLT Re

3rd March 2017

JLT Re, the reinsurance arm of international brokerage JLT, has warned that future climate scenarios suggest that Northeast U.S. hurricane tail exposure is greater than historical averages claim. The warning comes from Josh Darr, Senior Vice President (SVP) & Lead Meteorologist of JLT Re North America, addressing an audience at a ... Read the full article

Insured loss estimate from Sydney & NSW storms up to AU$186 million, so far: ICA

3rd March 2017

The freak summer storm that impacted parts of Sydney & New South Wales (NSW) in February has so far caused an insurance and reinsurance industry loss of AU$186 million (US$140.6 million), according to the Insurance Council of Australia (ICA). The ICA had previously put the insured loss estimate from damages ... Read the full article

DARAG CEO Gossmann to leave run-off insurer

3rd March 2017

Specialist European run-off insurer DARAG is losing its CEO, after Arndt Gossmann stepped down from the role as of the 28th February 2017. Gossmann will remain with DARAG in an advisory capacity through a transition period. DARAG specialises in legacy and run-off transactions, helping other insurers to transfer portfolios of legacy business ... Read the full article

Pool Re ups retro reinsurance protection to almost £2 billion

3rd March 2017

Pool Re, the UK government and industry backed terrorism reinsurance scheme, has increased the size of its retrocessional reinsurance program to almost £2 billion. In the last year Pool Re had £1.95 billion of retrocession in place, so the increase is not all that significant in terms of size, but it ... Read the full article

Blockchain prototype improves efficiency and reduces costs for insurers, says PwC

3rd March 2017

PwC has announced that its blockchain division in Belfast has created a working blockchain prototype for the London Market Target Operating Model (TOM) Innovation Exchange, which it says reduces costs for London insurance market claims. PwC's blockchain team in Belfast is made up of 25 specialist blockchain engineers, and the new proof ... Read the full article

Reinsurance News – Friday 3rd March 2017

3rd March 2017

Here’s your daily Reinsurance News for Friday 3rd March 2017: Pool Re ups retro reinsurance protection to almost £2 billion UK government and industry backed terrorism reinsurance scheme, Pool Re, has grown the size of its retrocessional reinsurance program to nearly £2 billion. U.S. hurricane tail risk could be ... Read the full article

Re/insurers need to cooperate to realise benefits of Insurtech: Celent

2nd March 2017

Celent - a finance information technology consultancy firm - has highlighted how the insurance and reinsurance sector could benefit from cross-sector collaboration by leveraging the finance sectors' experience of cooperative development and applying R3 earnings to the re/insurance sector. R3 is a membership organization which facilitates exploration of distributed ledger technology ... Read the full article

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