Reinsurance News
UK regulator identifies disputable BI policy wordings
1st June 2020
As part of its effort to seek legal clarity on business interruption (BI) claims related to the COVID-19 pandemic, the Financial Conduct Authority (FCA) has identified a sample of policy wordings that are representative of the key arguable issues. The UK regulator announced on May 1st that it would seek ... Read the full article
UIH Insurance subsidiaries complete 2020-2021 reinsurance programs
1st June 2020
The insurance subsidiaries of Universal Holdings have completed their 2020-2021 reinsurance programs, effective June 1, 2020. “We are pleased to announce the completion and outcome of the 2020-2021 reinsurance programs for both of our insurance companies,” said Jon W. Springer, President and Chief Risk Officer of the Company. “We are in unprecedented ... Read the full article
Pandemic Re Steering Group establishes Project Committee & working groups
1st June 2020
The Pandemic Re Steering Committee, launched to propose an industry response to both the UK Government and the country for future pandemics, has established a Project Committee and six working groups. The newly formed Project Committee will be led by Michael Dawson of Nuclear Insurance as Chair, who will also be ... Read the full article
COVID-19 to worsen the impact of catastrophe claims: GlobalData
1st June 2020
Re/insurers facing high COVID-19 based payouts will be hit harder by catastrophe claims towards the end of the year, according to data and analytics specialist GlobalData. Analysts predict that companies with large pandemic losses will face a heavier financial burden from catastrophes as the COVID-19 crisis ramps up pressure. “With the hurricane ... Read the full article
India looking at natural catastrophe risk pool: reports
1st June 2020
The Indian Government is reportedly looking into a pool-like structure that would offer natural catastrophe insurance coverage for perils such as floods, earthquakes, cyclones and landslides. A pool style scheme has been the topics of discussions for several years in India now, but plans have yet to be realised due to ... Read the full article
Higher margins may offset fading investment income for major reinsurers: Fitch
29th May 2020
The financial earnings of the big four European reinsurers will be affected negatively by the COVID-19 pandemic in the short-term, but moving forward, improved technical pricing could largely offset fading investment returns, according to Fitch Ratings. As evidenced by first-quarter 2020 results, the financial impact of the COVID-19 pandemic for the ... Read the full article
P&C rates up 9.6% amid pandemic: CIAB
29th May 2020
A new survey from the Council of Insurance Agents & Brokers (CIAB) has found that property and casualty (P&C) premium prices increased by an average of 9.6% in Q1 2020, as the COVID-19 pandemic puts further strain on the market. The figure compares to an average increase of 7.5% in Q4 ... Read the full article
$13bn insured loss from 2020 US severe convective storms: Aon
29th May 2020
Global reinsurance broker Aon has pegged the insured loss in 2020 from US severe convective storm damage at $13 billion. This marks the 13th consecutive year that impacts from the peril in the country have surpassed $10 billion in insured payouts; a trend Aon says signifies a “new normal.” In its weekly ... Read the full article
COVID-19 to ‘turbocharge’ pricing trends, says WR Berkley
29th May 2020
As COVID-19 related losses and uncertainty permeates throughout the marketplace, W.R. Berkley leadership has told Credit Suisse that they expect prior pricing trends and Excess and Surplus growth to become 'turbocharged'. Prior to COVID-19's outbreak, WRB says P&C insurance industry was in a period of transition, with acceleration in insurance rates ... Read the full article
AIG lead reinsurer for Pakistan flight crash: reports
29th May 2020
American International Group, Inc. (AIG) is reportedly on the hook as the lead reinsurer for the plane that crashed into a residential area of Karachi, Pakistan on May 22nd, according to Reuters. Airline documents show that the plane was insured for $19.7 million, with Pakistan’s National Insurance Company (PIC) acting as ... Read the full article
Re/insurers continue to reduce hedge fund exposures: AM Best
29th May 2020
The US insurance industry has continued to reduce its hedge fund investments for a fourth year straight, according to AM Best. The rating agency reported that hedge fund investments were reduced by $2.6 billion to $11.9 billion in 2019, with the property and casualty segment reporting a year-over-year reduction of 22%. Analysts ... Read the full article
Lockton Re adds Paul Hyer as Rating Agency Advisory Leader
29th May 2020
Lockton Re, the reinsurance business of insurance broker Lockton, has appointed Paul Hyer as Rating Agency Advisory Leader. Based in Lockton Re’s Minneapolis office, Hyer reports to Claude Yoder, Head of Global Analytics. He joins from Aon, having worked with various clients in an advisory capacity, including capital and financial modeling. “Paul is ... Read the full article
Helios Underwriting profits boosted by hard market in 2019
29th May 2020
Helios Underwriting, the Lloyd’s of London investment and underwriting vehicle, reported an almost fourfold increase in profits over 2019 due to hardening market conditions. The group recorded profit before impairment for the year of £2.43 million, compared with £608,000 in 2018. “We are now part way through a broad-based turn in the ... Read the full article
Brit marks entry into high net worth market with private client offering
29th May 2020
Specialty re/insurer Brit has announced the launch of a new private client offering aimed at brokers operating in the high and ultra-high net worth market. The private client offering will combine Brit’s brand and reputation in claims and service with a team of market practitioners led by Tara Parchment, Head of ... Read the full article
US P/C reinsurers maintain underwriting profitability in Q1: RAA
29th May 2020
Despite the influence of the ongoing COVID-19 pandemic, a group of 17 U.S. property/casualty (P/C) reinsurers recorded a combined ratio of below 100% in the first-quarter of 2020, according to analysis by the Reinsurance Association of America (RAA). At 97.4%, the group's combined ratio did deteriorate from the 94.9% in the ... Read the full article
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