Reinsurance News
Reinsurance premium growth at 11%, but clouds on horizon: Gallagher Re
31st May 2022
Gallagher Re is reporting that premium growth among the reinsurers it tracks remained strong in Q1 2022, reaching 11%. The firm said that this result had been achieved partly through continued favourable pricing for commercial lines and reinsurance business. Strongest premium growth, the company said, came from the global reinsurers, along ... Read the full article
Premiums up twofold for Ukraine-exposed specialty business: reports
31st May 2022
Insurance premiums are being hiked to double or more than their pre-conflict levels for some aviation and marine businesses with exposure to the war in Ukraine, industry sources have reported. Reports from the Financial Express of India suggest that aviation war cover premiums have doubled globally, despite coverage already having been ... Read the full article
RMS warns of above-average hurricane activity as season begins
31st May 2022
With the 2022 North Atlantic hurricane season officially beginning on June 1st, analysts at RMS have warned the insurance and reinsurance industry of the potential for another above-average year for hurricane activity. Several forecasting agencies have already forecast above normal activity for this year’s season, which runs for six months through ... Read the full article
Fitch: “Minimal impact to insurers from Sri Lanka riots”
31st May 2022
Fitch Ratings has said that insurers will see little impact from recent riots in Sri Lankan, with the burden falling on the state’s National Insurance Trust Fund Board’s (NITF) Strike, Riot, Civil Commotion and Terrorism (SRCCT) fund. The agency said in a note that it expected gross losses to exceed LKR ... Read the full article
Zurbuchen joins Board of Peak Re Bermuda unit
31st May 2022
Barry Zurbuchen has been appointed as a Non-Executive Director to the Board of Directors of Peak Capital Ltd., the wholly-owned Bermuda subsidiary of the Hong Kong-based global reinsurer, Peak Re. He joins the Board of Peak Capital after a 35-year career specializing in risk management, actuarial analyses and capital modelling. Zurbuchen was ... Read the full article
Insurers need to change business models to drive climate resiliency, report shows
31st May 2022
New research published from Capgemini and Efma’s recent World Property and Casualty Insurance Report reveals that climate change is hurting the insurance industry, and that insurers need to change their business models to achieve climate resiliency. The inaugural report titled – “Walking the Talk: How insurers can lead climate change resiliency”, ... Read the full article
UK Gov claims success over £400m live events reinsurance scheme
31st May 2022
The UK Government says that nearly three million people are expected to have attended events supported by the Government’s Live Events Reinsurance Scheme by the end of summer 2022. Launched in August 2021 and set to close this September, the scheme has supported almost 15,000 jobs and 150 events, including Wimbledon, ... Read the full article
AM Best revises implication of review statuses for R&Q companies
31st May 2022
AM Best has revised the implications of the review statuses of several firms under the Randall & Quilter Investment Holdings (R&Q) umbrella. In a statement, the company said it had the implications of the under review status to negative from developing for the Financial Strength Rating of A- (Excellent) and the ... Read the full article
South African market open to political violence and terrorism cover
31st May 2022
A new note from Cameron Cupido, CEO of Reinsurance Solutions Intermediary Services, says that there is a huge gap in the market for insurers to bring in political violence and terrorism (PVT) cover. Cupido wrote that recent amendments from the South African Special Risks Insurance Association (SASRIA) means that insurers and ... Read the full article
Hippo’s First Connect insurtech marketplace to offer cyber protection from Blink by Chubb
31st May 2022
First Connect Insurance Services LLC, a subsidiary of Hippo Insurance Group, has announced a collaboration with Blink, a suite of Chubb-backed consumer insurance products, to make personal cyber insurance protection available to independent agents that participate in First Connect’s insurtech marketplace platform. First Connect – a digital platform designed to provide ... Read the full article
Swiss Re’s CEO of reinsurance says insurers must embrace building digital trust
30th May 2022
Insurers need to face up to the task of building ‘digital trust’ between themselves and the consumers they serve, according to a new blog post from Moses Ojeisekhoba, CEO of Reinsurance at Swiss Re. The post, ‘Why insurance leaders should care about digital trust’, refers heavily to work put out ... Read the full article
Cyber risk confidence stagnating, says new Marsh report
30th May 2022
Confidence in being able to manage cyber risk has not improved in the last two years, according to a new report from Marsh. The report, The State of Cyber Resilience, questioned over 660 cyber risk decision makers globally and analyses how cyber risk is viewed by various functions and executives ... Read the full article
Association of Average Adjusters warn on cost to shipping industry from net zero targets
30th May 2022
The chairman of the Association of Average Adjusters has said that the shipping industry will soon face the potential impact on General Average recoveries of tighter rules on emission prevention. Michiel Starmans called for heightened awareness of what planned new levies under green transition measures could mean for assessing allowances in ... Read the full article
GIC reports big jump in gross written premiums in Q1
30th May 2022
The General Insurance Corporation of India (GIC) is reporting that its gross written premiums between Q1 2021 and Q1 2022 jumped from 88.1bn rupees ($1.1bn) to 103bn ($1.3bn). The increase of 16.9% has been revealed in the firm’s latest results, coming from its board meeting held on 27 May. In a statement ... Read the full article
ICEYE partners with ESA on flood insights for Copernicus Emergency Services
30th May 2022
SAR data provider, ICEYE has announced the start of a pilot activity with the European Space Agency (ESA), to support the Copernicus Emergency Management Services (CEMS) team with flood insights. Through the pilot, ICEYE will deliver critical flood impact information that show the extent and depth of flooding at the structure ... Read the full article
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