Reinsurance News
IRB Brasil Re, Aon launch tool to help analyse pandemic risk exposure
26th May 2020
Brazilian reinsurer IRB Brasil Re is partnering with Aon Resseguros on a tool that allows insurers to analyse the risk exposure of their life and home insurance portfolios and technically estimate possible losses with claims. The analysis will also enable shaping custom-designed coverage products for the pandemic, meeting the expectations of ... Read the full article
Cyclone Amphan costs pegged at $13bn in India, Bangladesh
26th May 2020
Cyclone Amphan, which hit the Indian states of West Bengal and Odisha on May 20th, is expected to cause Rs 1 trillion (US $13 billion) of damage, and Rs 350 crore ($47 million) of insured losses, according to initial estimates. The cyclone made landfall in coastal areas as a Category 3 ... Read the full article
Lloyd’s Part VII transfer progresses after High Court strategy approval
26th May 2020
The specialist Lloyd's of London re/insurance marketplace has received approval from the High Court of England and Wales for its Part VII strategy for notifying policyholders about the proposed transfer of its existing European business to Lloyd's Brussels. Lloyd's announced in March of 2017 that it had selected Brussels as ... Read the full article
Potential BI litigation enhances uncertainty for UK non-life carriers: Fitch
26th May 2020
Uncertainty remains for some UK non-life insurers amid concerns courts might rule in favour of claims in cases where business interruption (BI) policy wording is loose, warns Fitch Ratings. It's been well documented that, overall, BI losses as a result of the COVID-19 pandemic are expected to be manageable owing to ... Read the full article
Reinsurance will cap UK BI costs at $75mn, says QBE
26th May 2020
Australian insurer QBE has said that its reinsurance coverage should limit the costs of COVID-19 related business interruption (BI) claims to £75 million in the UK. However, the company maintained that its BI policies do not typically cover claims arising from COVID-19. “Many businesses are facing an extremely concerning time at present ... Read the full article
Andrew Robinson appointed CEO of HIIG
26th May 2020
Andrew Robinson has been appointed as the new Chief Executive Officer (CEO) of the Houston International Insurance Group, Ltd. (HIIG), succeeding the company's founder and outgoing CEO, Stephen Way. Way has resigned as Chairman of the Board but is set to continue to serve HIIG as Director of the Company. Robinson's appointment ... Read the full article
Capsicum Re launches Gh0st, a ransomware modelling solution
26th May 2020
Specialist reinsurance broker Capsicum Re has announced the launch of Gh0st, a dedicated ransomware modelling solution. The proprietary model is designed to help clients and markets quantify diverse and realistic ransomware scenarios and optimise their portfolios. Gh0st allows clients to input all their affirmative cyber policies and extract a picture of exposure ... Read the full article
$100bn industry loss from COVID-19, says Chubb CEO Greenberg
26th May 2020
Evan Greenberg, the Chief Executive Officer of global insurer Chubb, expects coronavirus to inflict upwards of $100 billion in losses for the industry. Speaking to the New York Times, Greenberg said claims will come from all sides and be exacerbated by the accumulation of investment losses. However, Greenberg noted that business interruption ... Read the full article
SCOR cancels dividend, reduces Kessler’s compensation
26th May 2020
Global insurer and reinsurer SCOR has announced that its Board of Directors has proposed that no dividend be distributed for the 2019 fiscal year, while Chairman and Chief Executive Officer (CEO) Denis Kessler has proposed that his annual variable compensation for the year be reduced by 30%. Following SCOR's performance in ... Read the full article
Swiss Re strengthens leadership team for the Asia region
26th May 2020
Global reinsurance giant Swiss Re has announced a number of key leadership appointments for the Asia region, bolstering the executive bench to support the reinsurer's regional expansion. Anna Lee, who has been with Swiss Re for more than 17 years, has been appointed Head of New Business Development, Property & Casualty ... Read the full article
Nordic Capital to acquire Max Matthiessen from WTW
26th May 2020
Nordic Capital, a leading investor in the financial services sector, has announced the acquisition of Max Matthiessen from global insurance and reinsurance broker, Willis Towers Watson (WTW). Max Matthiessen is one of the leading financial advisors within pensions, insurance and investment in the Nordic region. Established in 1889 and headquartered in ... Read the full article
Pandemic an opportunity for reinsurance growth in India: Rohit Boda
26th May 2020
The COVID-19 pandemic presents many opportunities for the growth of reinsurance business in India, according to Rohit Boda, Managing Director of J.B. Boda Group, an insurance and reinsurance broker based in the country. Speaking in an interview with Reinsurance News, Boda noted that the contention around business interruption claims linked to ... Read the full article
Aon announces enhanced workers’ comp cost management tool
26th May 2020
Global insurance and reinsurance broker Aon has announced the release of the latest version of its workers' compensation cost management tool, Aon Spectrum Analytics. The brokerage states that its interactive analytics tool provides organisations with the ability to help manage Total Cost of Risk (TCoR) and track quarterly performance as part ... Read the full article
ClarionDoor announces launch of MGA Hub
26th May 2020
ClarionDoor, a provider of cloud-only, frontline insurance distribution solutions, has announced the launch of the ClarionDoor MGA Hub, in an effort to revolutionise MGA distribution. While offering insurers the ability to rapidly and expertly find markets for new products, ClarionDoor says MGAs have had the daunting challenge of working with technology ... Read the full article
Forced BI claims would put “systemic strain” on the insurance industry: Triple-I CEO
22nd May 2020
The Chief Executive Officer (CEO) of the Insurance Information Institute (Triple-I), Sean Kevelighan, has warned that systematic strains would be placed on the insurance industry if carriers are forced to pay out retroactive claims. As the fallout surrounding business interruption (BI) insurance related to the COVID-19 pandemic has persisted, leaders from ... Read the full article
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