Reinsurance News
ICEYE launches geospatial flood analysis platform
30th June 2022
ICEYE, a provider of SAR data and natural catastrophe analysis solutions, has announced the launch of ICEYE Insights, a geospatial platform that allows insurers to combine ICEYE’s flood observation data with their property insurance information. Utilising the EigenPrism catastrophe risk management tool, the ICEYE Insights platform is automatically updated with data ... Read the full article
Kazakhstan insurance resilient as economy recovers: AM Best
30th June 2022
The insurance market in Kazakhstan showed a high degree of resilience to the challenging economic conditions brought on by the COVID-19 pandemic, according to analysts at AM Best. In a new report, the rating agency also said that it expects the country’s industry to withstand economic uncertainty driven by the military ... Read the full article
Stoïk completes €11 million Series A round
30th June 2022
Andreessen Horowitz (a16z), one of the world’s largest venture capital funds, known for investments in companies such as Skype, Twitter, Facebook, Airbnb, and more recently Pinterest and Slack, has invested in Stoïk. The company is a startup brokerage specialising in cyber insurance products. Stoïk, which is based in ... Read the full article
African insurers can help to reduce climate change impact in the country: Faber
30th June 2022
According to the Africa Insurance Pulse, produced by Zurich-based Faber Consulting, Africa is particularly vulnerable to the effects of climate change due to low adaptive capacity and widespread poverty. Yet, by working with policymakers, the sector can help to mitigate and protect Africa from the consequences of climate change while creating ... Read the full article
Insurers “relatively well prepared for a recession” – Berenberg
29th June 2022
Insurers are relatively well prepared for a recession, according to a newly issued sector note by Berenberg. The privately owned bank also predicts a “shallow recession” in 2022-23 across Europe, the UK and the US. Reasons given include the strength of cash positions and cash flows, solvency ratios nearing ... Read the full article
Oil Insurance Limited switches to become Everen
29th June 2022
Mutual insurance company Oil Insurance Limited has rebranded itself as Everen, while Oil Casualty Insurance will now be called Everen Specialty. In a statement, it was said that the new brands have been created to better reflect the companies’ steadfast dedication to their existing members and to show their commitment to ... Read the full article
Mass shooting insurance spikes 10% in the US
29th June 2022
The cost of insurance in the US related to mass shooting has gone up more than 10% this year, according to Reuters. The news service reported that even though mass shootings fell from 309 in the same period last year to 293 in the same period this year, the price of ... Read the full article
G7 leaders pledge to scale up CDRFI
29th June 2022
The leaders of the Group of Seven (G7) met in Elmau, Germany, between June 26th and 28th. In a statement issued after the meeting, the G7 committed to scaling up climate and disaster risk finance and insurance (CDRFI) and working towards a Global Shield against ... Read the full article
APRA finalises prudential framework changes to support cyclone reinsurance pool
29th June 2022
The Australian Prudential Regulation Authority (APRA) has finalised amendments to the prudential framework for general insurers, to support the operation of the government’s cyclone and related flood damage reinsurance pool. The legislation was passed through in March 2022 and will be administered by ARPC. Changes to GPS 001, GPS 114, GPS 116 ... Read the full article
Lockton appoints new Director of Compliance Services
29th June 2022
Lockton Companies, the world's largest independent insurance brokerage firm, has appointed Beth Latchana as Director of Compliance Services. Within this role, she will lead Lockton’s expert team of attorneys who assist clients in navigating the increasingly complex benefits compliance landscape. Latchana is a seasoned expert in all areas of employee benefits compliance ... Read the full article
New tech helping to “predict” adverse events in real-time: AXA
29th June 2022
A move towards prevention through predictive technologies will become commonplace in certain insurance sectors, according to the chief strategy and business development officer at the global insurer, AXA. The two main trends that are making insurers shift to prevention, noted Georges Desvaux, are the growing complexity of risks society faces, and ... Read the full article
Cyber insurance prices set to increase for energy companies
29th June 2022
Energy and utility companies have become the main target for cyber attacks, according to a recent report by re/insurance broker Gallagher. Given the growing threat of such attacks, demand for cyber insurance from these companies has skyrocketed in recent months, the broker noted. According to the report, in response to a surge ... Read the full article
MGAM and SCOR to lead Gov-backed scheme for fire assessors
29th June 2022
UK insurer MGAM, an Acrisure partner, and SCOR, in partnership with the Department for Levelling Up, Housing and Communities, will deliver a new Government backed professional indemnity insurance (PII) scheme for EWS1 assessors, according to an announcement. The external wall fire review process forms (EWS1) were developed by the Royal Institution ... Read the full article
Gallagher acquires Erimus
29th June 2022
Global insurance and reinsurance brokerage Gallagher has acquired broker firm Erimus. The firm has said it bought the privately-owned firm, which is based in the north east of England and deals with around 2,500 clients. Michael Rea, CEO of Gallagher’s Retail Division, UK & Ireland, said: “We are delighted to welcome Paul, ... Read the full article
Verisk and Loveland integrate property claims scoping process
29th June 2022
Verisk’s claims-handling solutions, Xactimate, XactAnalysis and Loveland’s IMGING property inspection data platform are to be integrated, simplifying the process of estimate creation for insurance adjustors. The result is a full artificial intelligence and data-driven end-to-end property adjusting software solution that provides complete 3-D models and measurements of structures while keeping ... Read the full article
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