Reinsurance News
Guy Carpenter launches Indonesia Flood Model
9th September 2020
Global risk management and reinsurance brokerage, Guy Carpenter, has announced the launch of its new Indonesia Flood Model (IFM). The IFM will be able to provide its users with countrywide coverage and will enable insurers to assess their flood exposure. The data used is based on a 10,000-year stochastic catalogue simulating ... Read the full article
Chedid Capital takes over Ascoma broking operations in Africa
9th September 2020
Chedid Capital, an insurance and financial services provider that operates across the GCC and Middle east North Africa (MENA) regions, has announced that it plans to acquire the African business of international insurance broker, Ascoma Group. The company has come to an agreement with Ascoma’s owner, the Husson family, to transfer ... Read the full article
Re/insurers looking for “less risky” insurtech investments: Willis Re’s Andrew Johnston
8th September 2020
Re/insurers are looking for insurtech investment opportunities that represent less of a ‘risk’, in that they have a proven track record and are more likely to be successful. In a recent conversation between Reinsurance News and Dr Andrew Johnston, global head of insurtech at Willis Re, it was explained how it ... Read the full article
B.P. Marsh investments half in H1 off COVID-19 disruption
8th September 2020
B.P. Marsh, a specialist venture capital provider to early stage financial services businesses, completed 22 new investments in the first half of 2020, a significant drop from the 49 completed in the prior year period. The company attributes this drop to the challenges posed by COVID-19 but says it remains well ... Read the full article
AM Best upgrades Ascot Group’s credit rating
8th September 2020
Re/insurer, Ascot Group and its subsidiaries have had their credit ratings upgraded by international financial services ratings agency, A.M. Best. Specifically, the ratings agency has upgraded the Financial Strength Rating to positive from stable and the Long-Term Issuer Credit Ratings (Long-Term ICR) is to stay as “A” (excellent) for Ascot Bermuda ... Read the full article
Global reinsurance sector won’t earn cost of capital in 2020: S&P
8th September 2020
Analysts at S&P Global Ratings say the global reinsurance sector won't earn its cost of capital in 2020, just as it has struggled to do so in the past three years. Prospectively, the ratings agency says it could reconsider its negative view of the sector at the point that it believes ... Read the full article
Munich Re endorses state-backed pools for pandemic risk
8th September 2020
Munich Re has argued that pandemic risks are “not insurable by the private sector alone” and has endorsed the use of state-backed risk pools to mitigate their impact. The reinsurer notes that the coronavirus pandemic has highlighted how vulnerable the world still is to very large risks, and says that more ... Read the full article
More COVID travel coverage a good move in the long run: GlobalData
8th September 2020
According to data and analytics company GlobalData, an increasing number of re/insurers are reincorporating COVID-19-related repatriation and medical expenses as well as cancellation coverage. Big names such as Blue Insurance, Allianz, Caster, and Staysure have opted to reintroduce coverage despite the associated risk of these claims in the travel insurance market. This ... Read the full article
Willis Re’s Warren Berkstresser joins Beach Re as SVP
8th September 2020
Reinsurance broker Beach & Associates has hired Warren Berkstresser as senior vice president of its US reinsurance division, Beach Re. Berkstresser joins at the end of October and will report to Simon Hedley, CEO of Beach North America. He will focus on developing Beach’s US property treaty and specialty programs business while also ... Read the full article
PCS: Market sees hurricane Laura offshore energy loss at up to $250m
8th September 2020
Hurricane Laura's impacts to the offshore energy insurance and reinsurance market may be lower than anticipated, as Property Claim Services (PCS) explained to us that that the market sees the offshore loss from the hurricane at up to $250 million. Catastrophe risk modeller RMS said last week that it expects ... Read the full article
Moody’s turns negative on global reinsurance
8th September 2020
Financial services ratings agency Moody's has changed its outlook on the global reinsurance sector to negative from stable. The firm points to coronavirus-related losses and other catastrophe events in 2020 that have already depleted the annual catastrophe loss budgets of many players. Despite stronger reinsurance pricing, low interest rates and shrinking reserve ... Read the full article
AXA Climate, SatSure to offer parametric solutions for private & public sector
8th September 2020
AXA Climate and SatSure AG have signed a Memorandum of Understanding (MoU) to jointly offer parametric insurance solutions for private and public sector institutions on a global scale. AXA sees climate risk understanding and mitigation as key in reducing the financial consequences that climate-related events may have on communities and businesses. As ... Read the full article
Aon sets up coalition in Singapore to aid economic recovery
8th September 2020
Re/insurance broker Aon has formed a new coalition of companies in Singapore to focus on aiding social and economic recovery in the wake of the COVID-19 pandemic. It follows the launch of similar coalitions in Chicago and New York and in London, and plans are underway for another in ... Read the full article
Swiss Re expects rate hardening to continue; sees underwriting discipline as key
8th September 2020
Reinsurance giant Swiss Re expects to see further rate hardening across all lines of business at the upcoming renewals, driven by a combination of the low interest rate environment and the need to cover rising loss trends. Further rate hardening in reinsurance is expected on the back of price improvements in ... Read the full article
Insurance Europe sees key industry opportunities in COVID-19 pandemic
8th September 2020
A new report by Insurance Europe considers a number of industry takeaways from COVID-19 as opportunities for re/insurers to evolve and strengthen against future challenges. For example, COVID-19 has demonstrated the importance of clear contractual wording and, more broadly, confirmed that the information provision to consumers is both key and an area ... Read the full article
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