Reinsurance News
Digital success requires both tech partnerships & internal agendas: GC’s Steven Jones
11th September 2019
Success in the increasingly digitalised re/insurance industry will require companies to focus equally on collaboration with insurtech firms and on improving internal transformation agendas, according to Steven Jones, Global InsurTech Client Services Lead at Guy Carpenter. Jones argued that technology in the re/insurance industry is advancing at an ever-increasing pace, with ... Read the full article
PERILS lowers cyclone Dragi-Eberhard industry loss estimate to €772 million
11th September 2019
Catastrophe loss data aggregator PERILS has disclosed its third loss estimate for windstorm Dragi-Eberhard, which, at €772 million is lower than the previous estimate of €798 million. Dragi-Eberhard consisted of two low pressure systems that affected areas of the British Isles, and Western and Central Europe over the 9th and 10th ... Read the full article
Beazley to leverage Guidewire’s Cyence analytics solution
11th September 2019
Specialist insurer Beazley has selected Guidewire Software’s Cyence product to help improve underwriting, capital and pricing efficiencies. Cyence offers a data listening and risk analytics solution that combines curation of external data with machine learning and risk modelling. Beazley will implement Cyence data models to augment its existing data modelling applications for ... Read the full article
BMS adds Neil Prior as Director of Global Risks division
11th September 2019
Independent specialist re/insurance brokerage BMS Group has announced the appointment of Neil Prior as Director in its Global Risks division. Prior, who brings over 30 years’ experience to the role, joins from Priority Underwriting, a company he Co-founded and served as Chief Executive Officer. Reporting to BMS Managing Director Ian Gormley, he ... Read the full article
TigerRisk hires new COO from Third Point Re
11th September 2019
Reinsurance broker TigerRisk Partners LLC has announced the appointment of Manoj Gupta as Chief Operating Officer (COO), based in New York. Prior to joining TigerRisk, Gupta was President of Third Point Reinsurance Ltd.’s US subsidiary. He held several senior level positions during his time at Third Point Re, including as Head of ... Read the full article
Brokerage is not an expense, says Willis Re Deputy Chair Hvidsten
11th September 2019
Reinsurance brokerage costs and commissions are not an expense for reinsurers and Willis Re sees little demand for substantial change on broker remuneration, according to Deputy Chairman Mark Hvidsten. Speaking to Reinsurance News in an interview, Hvidsten laid out the value that he feels a reinsurance broker brings to its clients, ... Read the full article
Experts anticipate <$10bn industry loss from Hurricane Dorian
11th September 2019
The consensus among experts speaking at the Reinsurance Rendevzous event in Monte Carlo this week seems to be that Hurricane Dorian will result in an overall insured loss of less than $10 billion. Asked about the impact of Dorian, representatives from rating agencies and large reinsurers said that the storm was ... Read the full article
AM Best stays negative on China’s non-life re/insurance market
11th September 2019
Rating agency AM Best has maintained its negative outlook on the China non-life re/insurance sector, citing persistent pressure on motor business and a dependence on investment returns to support earnings. Analysts also highlighted potential execution risks as the market turns toward a non-motor-focused business model. Adding further pressure is the backdrop of ... Read the full article
Reinsurance is still as much art as science, says Allianz Re CEO, Amer Ahmed
10th September 2019
Despite the rise of technology and other market disruptions, relationships remain a key component of the reinsurance landscape and the business is still a combination of both art and science. This is according to Amer Ahmed, Chief Executive Officer (CEO) of global insurer Allianz’s reinsurance division, Allianz Re. Reinsurance News met ... Read the full article
Knowledge of wildfire risk vital in developing a proper underwriting strategy: Guy Carpenter
10th September 2019
Losses from wildfire events have increased significantly over the past couple of years, and as a result, it’s important that insurers and reinsurers have solid understanding of the exposure in order to maintain a sound underwriting strategy, says Managing Director, Guy Carpenter, Robert Reader. Underpinned by the devastating impacts of the ... Read the full article
KCC pegs total insured losses from Dorian at $5.2bn
10th September 2019
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that the total insured cost of Hurricane Dorian in both the Caribbean and the US will be $5.2 billion. The estimate reflects a $3.6 billion loss in the Caribbean and a $1.5 billion loss in the US, as well as losses ... Read the full article
Annual global cyber losses to reach $6 trillion by 2021
10th September 2019
With analysts suggesting that annual global cyber losses could reach US $6 trillion by 2021, Aon has gathered views from cyber-focused business leaders in the EMEA region on how to build more cyber-resilient organisations. This research, which was conducted by CyberSecurity Ventures, also forecast that cyber security spending is set to ... Read the full article
Consistent underwriting & strong partnerships the focus for NewRe: CUO Klinger
10th September 2019
Over the next few years, NewRe, a wholly owned subsidiary of Munich Re, is committed to consistent underwriting and the establishment of strong partnerships across Europe. This is according to Artur Klinger, Chief Underwriting Officer (CUO) Property & Casualty at NewRe, who recently met with Reinsurance News to discuss the firm’s ... Read the full article
Technology won’t replace relationships in reinsurance: Hvidsten, Willis Re
10th September 2019
The important role technology plays in brokers’ service offering is set to increase and while it can and will help to improve efficiency, it’s unlikely to disrupt the reinsurance broking market, says Deputy Chairman of Willis Re, Mark Hvidsten. Technology continues to advance at a rapid pace and is increasingly influencing ... Read the full article
Dorian could drive industry loss of $6.5bn in the Caribbean, says RMS
10th September 2019
Hurricane Dorian is likely to drive an insured loss of between $3.5 billion and $6.5 billion in the Caribbean, according to estimates from risk modelling and analytics firm RMS. The estimate represents insured losses from wind and storm surge damage across the Caribbean, but most notably in the Bahamas, parts of ... Read the full article
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