Reinsurance News
Australia bushfires become costliest ever as payouts top AU $1.65bn
24th January 2020
The devastating series of fires that continue to rage across southeastern Australia have officially become the costliest bushfire event on record, with payouts now exceeding AU $1.65 billion (US $1.13 billion), according to the Insurance Council of Australia (ICA). The latest data from the ICA shows that 20,000 bushfire-related claims have ... Read the full article
AXA considering sale of Middle Eastern operations, reports
24th January 2020
French insurance and investment giant AXA may be looking to offload its Middle Eastern operations as Chief Executive Officer Thomas Buberl looks to continue streamlining efforts, according to reports from Bloomberg. While AXA is yet to begin a formal sale process, people close to the matter have told Bloomberg that the ... Read the full article
Ping An pushes for poverty alleviation using insurance at Davos
24th January 2020
Ping An Insurance, China’s largest insurer by market value, has used its platform at the World Economic Forum Annual Meeting 2020 in Davos to advocate for the alleviation of poverty using insurance. The theme of this year’s Davos Forum is ‘Stakeholders for a Cohesive and Sustainable World,’ with poverty alleviation as ... Read the full article
Too early to understand China coronavirus threat, Swiss Re CEO explains
24th January 2020
The emerging outbreak of a previously unknown coronavirus in China is still in its early stages and data remains scarce making it challenging to understand how large a threat the virus could be, Swiss Re CEO Christian Mumenthaler explained recently. Speaking during an interview with Bloomberg TV at the World Economic ... Read the full article
CFC acquires London-based insurtech ThreatInformer
24th January 2020
Specialist insurer CFC has announced the acquisition of London-based insurtech ThreatInformer. ThreatInformer leverages big data and machine learning tools to help insurers better understand their customers’ exposures. The insurtech compiles readily-available information about their risk profile from a variety of external sources. CFC hopes to streamline and improve its underwriting process and uncover ... Read the full article
North P&I partners with insurtech Concirrus
24th January 2020
North P&I Club, the UK-based marine mutual liability re/insurer, has partnered with insurtech Concirrus as it looks to bolster its loss prevention and risk assessment capabilities. Concirrus platform Quest Marine P&I brings together billions of rows of dynamic marine and customer data into a single web application. Furthermore, the predictive risk modelling ... Read the full article
Travelers renews aggregate catastrophe reinsurance under tighter terms
23rd January 2020
Travelers has successfully renewed some of its catastrophe reinsurance treaties at the January 1st, 2020 renewals, which shows that the firm is to retain a much higher share of its losses this year under changes made to its underlying property aggregate catastrophe excess-of-loss reinsurance treaty. This time last year, the ... Read the full article
Orchid’s Joe Zuk joins Altamont Capital as an Operating Partner
23rd January 2020
Altamont Capital Partners, a private investment firm based in the San Francisco Bay Area, has hired Joe Zuk, previously of Orchid Underwriters, as an Operating Partner with a focus on insurance and insurance-service investments. He most recently served as the Managing Director of Corporate Development and Strategy at Orchid, and prior ... Read the full article
Korean Re Switzerland grows portfolio by over 50% at first renewal
23rd January 2020
Korean Re Switzerland, the Zurich-based subsidiary of Asian reinsurer Korean Re, has announced the successful completion of its first reinsurance renewal on the 1st of January, 2020. The Seoul-based reinsurer established its European subsidiary as part of a push to expand in the region. The new entity was licensed to ... Read the full article
Swiss Re adds Allianz’ Youngran Kim as group CTO
23rd January 2020
Global reinsurer Swiss Re has appointed Youngran Kim to the role of group Chief Technology Officer, a newly created position. Kim joins from Allianz Asia Pacific, where she has served as regional Chief Information Officer for the past two years. The appointment, based in Zurich, is effective April 1. Prior to Allianz, she ... Read the full article
Generali signs up to UN net-zero emissions pact
23rd January 2020
Italian re/insurer Generali has joined the Net-Zero Asset Owner Alliance, an international group of institutional investors that have committed to decarbonise their portfolios to net-zero emissions by 2050. Convened by the United Nations (UN), the Alliance aims to help avoid a global temperature increase above the 1.5°C Paris target. To achieve this ... Read the full article
Swiss Re passing climate-related price rises on to clients, says CEO at Davos
23rd January 2020
As the risk transfer industry continues to adapt to the changing climate, Swiss Re is in the process of passing climate-related price increases on to its clients, according to the firm's Chief Executive Officer (CEO), Christian Mumenthaler. In an interview with CNBC at the 2020 annual World Economic Forum (WEF) in ... Read the full article
Top reinsurers’ exposure to Wuhan coronavirus, Asia pandemic analysed
23rd January 2020
With official numbers of the Wuhan coronavirus currently standing at 585 confirmed infected and 17 dead, Morgan Stanley analysts have detailed the extent to which the top four European global reinsurers are exposed to pandemic risk in Asia. As of 2018, Munich Re wrote €2.3 billion in premiums in Asia via ... Read the full article
Bermuda sees modest slowdown in registered re/insurers
23rd January 2020
The Bermuda Monetary Authority (BMA) has reported that a total of 69 new re/insurance entities were registered in 2019, representing a modest slowdown from the previous year. In 2018, Bermuda recorded 75 new re/insurance registrations, but in 2017 the number was slightly lower at 58 new registrations. Last year, registrations consisted ... Read the full article
ProAssurance warns of losses in healthcare professional liability in Q4
23rd January 2020
Specialty insurer ProAssurance Corporation recently announced a preliminary estimate of $37 million of adverse development in its prior accident loss year reserves within its Specialty Property & Casualty unit. This adverse development is within the company's fourth-quarter 2019 results, and is a result of deteriorating loss experience, which is being driven ... Read the full article
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