Reinsurance News

AIR puts hurricane Irma industry loss at $32bn – $50bn

18th September 2017

AIR Worldwide has updated its estimate of insurance and reinsurance industry losses caused by hurricane Irma in the U.S. and Caribbean to between $32 billion and $50 billion. The United States is expected to see $25 billion to $35 billion of insured losses, while the Caribbean is expected to see $7 ... Read the full article

Hiscox estimates net hurricane Harvey loss of approx $150 million

18th September 2017

Specialist insurance and reinsurance firm Hiscox Ltd. has estimated its net loss from hurricane Harvey's impacts at around $150 million. Hiscox has based its hurricane Harvey loss estimate on an industry wide loss of $25 billion excluding the NFIP. The company said that this fell within its modelled range of claims ... Read the full article

Lack of capacity and demand hindering terror market expansion: GC

15th September 2017

The changing terror risk landscape, underlined by an increased focus on "mass casualty and fear-inducing" events, suggests a need for greater capacity and a different approach to the peril, according to Guy Carpenter Managing Director, Charles Gibbs, and Vice President, Jamie Russell. "There has been a major shift in the focus ... Read the full article

ASEAN disaster management centre to open Indonesia branch

15th September 2017

The Association of Southeast Asian Nations (ASEAN) has announced plans to expand the role of the disaster management centre, the AHA Centre, with the addition of a Coordinating Centre for Humanitarian Assistance in Indonesia to respond to disasters within and outside of Southeast Asia, the Asia Insurance Review reported. The AHA Centre ... Read the full article

R Street Institute warns of higher premiums in light of cross-border reinsurance tax

15th September 2017

A study on the impact on the New Madrid zone in light of a potential cross-border reinsurance taxation, by R Street Institute, claims that such a tax would increase property & casualty (P&C) premiums in the region by $740 million over the next decade. A recent paper by R Street Institute's Lars ... Read the full article

Chubb launches innovative Flight Delay cover with App in the Air

15th September 2017

Flight Delay Insurance, a new innovative insurance solution for airline travellers has been launched by global insurer Chubb and App in the Air. The solution was underwritten by Chubb's European group in collaboration with reinsurance giant Swiss Re and FlightStats, and will be made available to UK App in the ... Read the full article

Argo Group member, Colony, hires two within its U.S. Casualty Division

15th September 2017

Argo Group International Holdings, Ltd. member, Colony Specialty, has announced two new appointments within its U.S. Casualty Division. Mike York has been named regional manager, North Region, and brings more than 22 years of industry experience to the firm. Prior to his new position, York was Assistant Vice President (AVP), Underwriting ... Read the full article

Pen Underwriting promotes Tom Downey to Chief Underwriting Officer

15th September 2017

Pen Underwriting, a multi-territory managing general agent (MGA), has promoted Tom Downey to Chief Underwriting Officer (CUO), with effect from 1 October 2017. Downey, who has been on Pen Underwriting’s executive team as Managing Director of Specialty since 2014, will now assume responsibility for underwriting, capacity management, pricing, analytics, risk & ... Read the full article

For reinsurance buyers, size isn’t everything: Survey

15th September 2017

When it comes to reinsurance purchasing, diversification of reinsurance panels and long-term reinsurer relationships matters more than size, according to a survey released by SIGNAL IDUNA Reinsurance (SI Re). In an empirical study of reinsurance purchasing habits of the European market, Dr. Schanz, Alms & Company interviewed senior executives responsible for ... Read the full article

Closing the protection gap in Asia one of the biggest opportunities: Peak Re

15th September 2017

The Chief Executive Officer (CEO) of Hong Kong domiciled reinsurance company Peak Re, Franz Josef Hahn, believes bridging the protection gap in Asia is one of the re/insurance industry’s biggest opportunities. The global protection gap (disparity between economic and insured losses post-event) has been discussed in the risk transfer industry for ... Read the full article

The stars are “aligned” for private capital to enter Florida: JLT Re’s Flandro

15th September 2017

At the 2017 reinsurance conference Monte-Carlo press briefing, JLT Re's David Flandro highlighted potential opportunities for greater levels of private capital to enter the Florida market, in light of hurricane Irma. David Flandro, Global Head of Analytics at JLT Re, speaking at the reinsurance broker's press briefing, said; "The thing to ... Read the full article

Re/insurance market must rise to the cargo challenge: Inga Beale, Lloyd’s CEO

15th September 2017

Inga Beale, the Chief Executive Officer (CEO) of the specialist Lloyd's of London insurance and reinsurance marketplace, has called for the re/insurance industry to step up to the challenges facing the cargo insurance industry, or risk losing out to new competitors. Research from Lloyd's underlines the decreasing profitability of the cargo ... Read the full article

AGCS names leader of downstream energy unit, Regional London Energy team

14th September 2017

Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz, has announced that Anthony Vassallo has been appointed as a Senior Underwriter to lead its downstream energy unit within its Regional London Energy team. Vassallo has been with the firm since 2003, and has worked across numerous specialty lines ... Read the full article

Beazley increases social engineering cover to match growing demand

14th September 2017

Beazley has expanded its social engineering cover for the U.S. to match the growing market demand for protection from impersonation scams and other attacks that have been on the increase in recent years. The new policy for social engineering cover provides up to $5,000,000 in excess of underlying cover of at ... Read the full article

Tech and risk research can help improve solutions and bridge protection gap: Swiss Re

14th September 2017

The rise of advanced technology can assist with the development of insurance and reinsurance solutions that meet the changing demands of clients in all parts of the world, ultimately helping to bridge the global protection gap, according to an announcement by reinsurance giant Swiss Re, at the annual reinsurance meeting ... Read the full article