Reinsurance News
Korean flooding losses to hamper non-life insurers’ earnings: Fitch
16th August 2022
A Fitch Ratings report has estimated insurance losses from the severe floods in South Korea will place pressure on the financial performance of the country’s non-life insurers. Industry estimates indicate that insurance claims from the flooding are likely to exceed KRW 150bn, or less than 0.2% of Korea’s entire non-life direct ... Read the full article
Renewed interest in Hong Kong’s insurance market, says PWC
16th August 2022
As the effects of Covid-19 start to clear, there is a renewal of interest and activity on the horizon in Hong Kong’s Insurance market from some of the largest Western international insurance groups, says a recent PWC report. The Special Administrative Region of Hong Kong remains the most attractive gateway for ... Read the full article
ARC and partners launch climate insurance pilot project
16th August 2022
A climate insurance pilot for agricultural value chains has been launched for Côte d'Ivoire rice farmers, initiated by the African Risk Capacity Limited (ARC Ltd), the Côte d'Ivoire Environment and Sustainable Development Ministry (MINEDD), and the United Nations Development Programme (UNDP) in Côte d’Ivoire. According to the announcement, the project aims ... Read the full article
Reinsurers continue to cut exposure to property catastrophe perils: AM Best
15th August 2022
A recent AM Best report suggests that companies continue to actively shrink their property cat exposures to avoid perils and reduce volatility. Some have even modified their organizational structures or exited the property cat space altogether, though most of the largest European players remain committed to catastrophe risks and continue to ... Read the full article
Cigna expands health insurance products into Philadelphia area
15th August 2022
Cigna Corporation is to expand its Cigna + Oscar small business health insurance into the Philadelphia metro area. Following regulatory approval, the insurer said the product will go out across the territory into the counties of Bucks, Chester, Delaware, Montgomery, and Philadelphia at the beginning of next year. Bruce Grimm, senior vice ... Read the full article
Aon & University of California collaborate on wildfire modelling
15th August 2022
Re/insurance broker Aon has announced a new collaboration between its Impact Forecasting team, the University of California, Merced and the University of California, Los Angeles to implement the latest climate change science and research into Aon’s US wildfire catastrophe model. The academic collaboration will support the development of climate-conditioned fire danger ... Read the full article
Insurance sector codes to be revised due to BMA Act amendment
15th August 2022
Insurance sector codes in the Bermuda Monetary Authority Act 1969 (BMA Act) have been revised as part of the passing of a bill to amend the BMA Act by adding a principal object to cover matters related to the conduct of business by financial institutions. The BMA Act is the statute ... Read the full article
CNA Hardy appoints Raphael Borrel to new role
15th August 2022
CNA Hardy has named Raphael Borrel as its new director of risk management. In his new role, Borrel will be responsible for developing the risk strategy and framework, and providing leadership to the Risk function. He will continue to be based in London and will report to Carl Kearney, chief actuary ... Read the full article
US life insurers’ commercial mortgages stable amid growing headwinds: Fitch
15th August 2022
A recent Fitch Ratings report has said U.S life insurers’ commercial mortgage fundamentals have largely recovered since the pandemic, with stable property outlooks for hotel, office retail, and multifamily sectors. The Federal Reserve’s monetary tightening and the current recession will pressure some sectors of commercial mortgages over the midterm, with high ... Read the full article
VIPR names Gregory J. Massey North American Advisor
15th August 2022
VIPR, an insurance industry IT solutions provider, has appointed Gregory J. Massey to the role of North American Advisor. Massey brings nearly 40 years’ experience in commercial lines underwriting. He joined VIPR following his retirement from Zurich North America where he worked for 13 years in various senior roles. During his tenure ... Read the full article
AXA Investment Managers appoints Tim Banks to new role
15th August 2022
AXA Investment Managers has appointed Tim Banks as its new sales director for UK institutional core clients. The company said that Banks will be an additional resource to continue the growth of AXA IM’s business in the UK institutional market and harnessing AXA IM’s competitive edge in responsible and impact investing. He ... Read the full article
Oneglobal Broking Brazil adds three new hires
15th August 2022
Commercial insurance and reinsurance broker, Oneglobal Broking, is welcoming three new members to their Brazil reinsurance team. Bruna Pesenato Xavier has been appointed P&C and Construction reinsurance broker; Caroline Morett as Oil & Gas and Marine reinsurance broker; and Monique Gusmão as Claims & Operations analyst. The new hires will be reporting ... Read the full article
Lemonade buys catastrophe excess-of-loss reinsurance at July renewal
15th August 2022
Growing insurtech Lemonade has secured catastrophe excess-of-loss reinsurance to protect its business at the July 1 2022 renewals. The insurtech company continues to utilise reinsurance more for capital efficiency reasons than for risk management, but the catastrophe excess-of-loss treaty is clearly designed to moderate the impacts of major US catastrophe events ... Read the full article
Neyme promoted to Head of Alternative Solutions for the Americas, SCOR
15th August 2022
Global insurer and reinsurer SCOR has promoted Cyril Neyme to Senior Underwriter – Head of Alternative Solutions for the Americas. Within this role, he will continue to based in New York. Most recently, Neyme served as SCOR’s Vice President for its US Casualty Treaty division. He first joined SCOR in 2014, where he ... Read the full article
“Fires and explosions largest source of corporate insurance losses” – AGCS
15th August 2022
Allianz Global Corporate & Specialty’s Global Claims Review 2022 says that fires and explosions (excluding wildfires) are the single largest identified cause of corporate insurance losses, accounting for 21% of the value of all claims. According to the firm, the past five years such incidents have caused in excess of €18bn ... Read the full article
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