Reinsurance News
Re/insurance associations seek IFRS 17 delay to 2023
26th September 2019
A group of international insurance associations have called on the International Accounting Standards Board (IASB) to delay the implementation date of International Financial Reporting Standard (IFRS) 17 to January 2023. The group, which includes Insurance Europe, argue that more time is needed to make further vital improvements to the new accounting ... Read the full article
Rothesay Life completes record-sized UK pension buy-out
26th September 2019
Rothesay Life, the specialist insurer of defined benefit pension schemes, has agreed to a £4.7 billion bulk annuity insurance buy-out of the pension scheme of telent, the UK radio, telecommunication, and internet systems installation and services provider. The deal, which is the largest full scheme buy-out ever undertaken in the UK, ... Read the full article
Swiss Re, Allianz & Zurich commit to net zero emissions by 2050
26th September 2019
Re/insurance giants Swiss Re, Allianz and Zurich are among a group 12 global companies that have committed to transitioning their investment portfolios to net zero greenhouse gas emissions. The Net-Zero Asset Owner Alliance represents more than US $2.4 trillion, and was convened by the UN Environment Programme’s Finance Initiative and the ... Read the full article
Guidewire updates cyber risk model Cyence
26th September 2019
Guidewire Software, a platform provider for property and casualty re/insurers, has updated its cyber risk management modelling solution Cyence. Cyence, acquired by Guidewire in 2017, combines economic modelling, cybersecurity, machine learning and Internet scale data collection to help risk takers assess the financial impact of cyber threats. This latest model update, the ... Read the full article
Climate resilience requires action on both sides of the balance sheet: BoE Governor
25th September 2019
Building global climate resilience will require insurers and reinsurers to take more action on both sides of their balance sheet, according to Mark Carney, Governor of the Bank of England (BoE). Speaking at the UN General’s Climate Action Summit 2019, Carney said that, on the liability side, re/insurers must focus on ... Read the full article
Swiss Re’s iptiQ and Samsung partner to close $26trn L&H protection gap
25th September 2019
A subsidiary of reinsurance giant Swiss Re, iptiQ Americas, has entered into a strategic partnership with Samsung Electronics Ltd. designed to close the $26 trillion life and health (L&H) insurance protection gap. According to analysis by the Swiss Re Institute in September 2018, the huge life and health protection gap impacts ... Read the full article
Aon introduces AI-powered claims analysis platform
25th September 2019
Global re/insurance broker Aon has announced the launch of ClaimsMonitor.X, an artificial intelligence-driven platform that can quickly analyse claims notes and provide insights into an insurer’s efficiency and profitability. The platform, available to insurers in the US and Canada, has been developed in collaboration with CLARA analytics, a provider of AI ... Read the full article
Kemper appoints Chubb Life’s Omiridis to deputy CFO role
25th September 2019
US insurer Kemper has announced the appointment of Anastasios Omiridis as deputy chief financial officer and principal accounting officer. Omiridis, who will report to the firm’s CFO James McKinney, joins from Chubb Life, where he served as senior vice president and CFO. Prior to that, he was senior vice president and chief ... Read the full article
Travelers develops aerial imaging tool for damage assessment
25th September 2019
U.S. primary insurer Travelers has announced the launch of a new high-resolution aerial imaging capability that enables agents and brokers to assess property damage immediately following a catastrophe event. Travelers Catastrophe Map Viewer will provide a before-and-after photographic comparison within one or two days after an event – normally before anyone ... Read the full article
Insurers should engage with public on appropriate AI usage: CII
25th September 2019
Re/insurance industry body the Chartered Insurance Institute (CII) has argued that the profession should engage with the public to reach a consensus on what constitute a responsible use of artificial intelligence (AI) and data. The recommendation follows a report for the Centre for Data Ethics and Innovation, which examined the potential ... Read the full article
AXA XL to offer cybersecurity services via Accenture partnership
25th September 2019
AXA XL, the property & casualty (P&C) and specialty risk division at AXA, has announced it will provide global cybersecurity services to its clients via a new partnership with professional services firm Accenture. Using Accenture’s cybersecurity capabilities, AXA XL will help its underwriters, brokers and clients to gain a deeper understanding ... Read the full article
Orchid recruits COO Katherine Cody from Farmers Insurance
25th September 2019
Orchid Underwriters Agency, LLC (Orchid Insurance), a specialty underwriter of catastrophe exposed property insurance, has announced the appointment of Katherine Cody as Executive Vice President and Chief Operating Officer (COO). Cody joins Orchid from Farmers Insurance Group, where she has worked for the previous 10 years, most recently as COO for ... Read the full article
Hannover Re US partners with Sweatcoin to research health risks
25th September 2019
Hannover Life Reassurance Company of America (Hannover Re US), a member of Hannover Re Group, has partnered with SweatCo Ltd. (Sweatcoin) to study the links between physical activity and individual health. Launched in 2015 as a health and fitness app, Sweatcoin converts steps into a digital virtual currency, called sweatcoins, which ... Read the full article
Marsh trials blockchain-powered placement platform
25th September 2019
Global re/insurance brokerage Marsh has announced plans to pilot a new digital placement platform powered by blockchain technology, called Risk Exchange. The Risk Exchange concept was proposed by a winning Marsh hackathon team and further developed in Marsh Digital Labs. The broker believes the platform has the potential to transform the insurance ... Read the full article
CoreLogic updates RCT Express solution to include valuations for large tract homes
25th September 2019
Catastrophe risk modeller CoreLogic has released its updated RCT Express reconstruction estimating and risk assessment solution, which now provides re/insurers with the ability to provide valuations for large tract homes (LTH). CoreLogic says that the available update provides users with more powerful coverage adequacy tools, which ultimately enables insurers to better ... Read the full article
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