Reinsurance News
Destructive winds & storm surge forecast as Dorian reaches Cat 4
30th August 2019
Updated, Sat Aug 31st: The latest update from the National Hurricane Center (NHC) warns of “life threatening storm surge and devastating hurricane-force winds” for parts of the Bahamas and Florida as Dorian continues to build in intensity, now reaching Category 4. Hurricane Dorian has now strengthened to maximum sustained wind speeds ... Read the full article
ABI data shows increase in liability and application fraud
30th August 2019
New data released by the Association of British Insurers (ABI) shows that the number of detected fraudulent insurance applications has increased by 5%, with the average value of detected fraud now in excess of £12,000. In connection with this increase, ABI noted that the Insurance Fraud Bureau (IFB) has seen the ... Read the full article
China’s Ping An to develop nationwide ‘innovation platform’, reports
30th August 2019
Ping An Insurance, China’s largest insurer by market value, has been selected by the country’s Ministry of Science and Technology to build a nationwide innovation platform to help bolster the development of Artificial Intelligence, according to reports from China Daily. The National Open Innovation Platform for Next Generation Artificial Intelligence will ... Read the full article
Market players must think differently following record cat losses: Aon
30th August 2019
While the overall re/insurance market remains resilient despite record losses throughout 2017 and 2018, industry players must adjust to a rapidly hardening market and think differently from the way they have in the last decade, according to a report by Aon. Wildfires, cyclones and severe thunderstorms caused $225 billion in economic ... Read the full article
CCRIF launches web-based platform to monitor natural hazards
30th August 2019
The Caribbean Catastrophe Risk Facility (CCRIF) has launched a new web-based platform through which its members can monitor natural hazards, analyse their intensity, and assess their impact. The platform, which can monitor earthquakes, heavy rainfall and tropical cyclones, also allows members to check whether an active insurance policy with CCRIF is ... Read the full article
Homes with a reconstruction value of $145 billion at risk of Dorian landfall: CoreLogic
30th August 2019
CoreLogic analysis shows that 668,052 single-family and multifamily homes along the east coast of Florida, with a combined reconstruction value (RCV) of $144.6 billion, are at potential risk of storm surge damage from Hurricane Dorian making landfall as a Category 3 storm. Hurricane Dorian continues to track towards a Florida ... Read the full article
CNO Financial hires Karen DeToro as Chief Actuary
30th August 2019
CNO Financial Group, Inc. has recruited Karen DeToro from New York Life as its new Chief Actuary, effective from September 30, 2019. At New York Life, DeToro held a number of executive leadership positions in finance operations, product development, underwriting, strategy, and governance. Her previous roles at the company included Vice President ... Read the full article
Demand for cyber protection rising as clients tackle a top concern: CIAB
30th August 2019
The Council of Insurance Agents & Brokers (CIAB) has revealed that the majority of respondents to a recent survey have reported an increase in demand for cyber insurance, with cyber risk continuing to be a top client concern in the second-quarter of 2019. The CIAB's Commercial Property/Casualty Market Report Q2 2019 ... Read the full article
Sullivan to replace Pelletier as Prudential Financial EVP, Head of US
30th August 2019
US insurance and investment firm Prudential Financial has appointed Andrew Sullivan to succeed Stephen Pelletier as Executive Vice President and Head of US businesses. Pelletier, who is set to retire after 27 years at the firm, is expected to stay on in an advisory capacity until 1 April 2020. Sullivan's appointment is ... Read the full article
Sirius announces business segment leaders, launch of Global Management Committee
30th August 2019
Bermuda-based Sirius Group has announced numerous business segment leaders and also the launch of a Global Management Committee. The firm states that these enhancements are designed to unify its global operating structure, while at the same time elevate and empower some key leaders of its business segments under the Sirius Group ... Read the full article
Hurricane Dorian intensifies further, as projected landfall moves south
30th August 2019
Hurricane Dorian has continued to intensify as it tracks northwest towards Florida, with the latest updates from the National Hurricane Center (NHC) showing maximum sustained winds of 110mph. This puts Dorian towards the upper range of Category 2 status (96-109mph), but the NHC believes that the storm could strengthen to Category ... Read the full article
Meteo Protect launches open insurance API for parametric cover
30th August 2019
Paris-based Lloyd’s coverholder Meteo Protect has announced the launch of an open insurance platform designed to enable insurers and startups worldwide to launch their own parametric insurance programs. Leveraging Lloyd’s insurance and reinsurance licenses globally, ParametricAPI provides direct access to 300 pre-configured parametric or index products designed for weather-related risks. The products ... Read the full article
China’s digitisation opening up previously uninsurable risks: Swiss Re
30th August 2019
The digital transformation currently taking place across China is expanding the boundaries of re/insurance and facilitating the development of solutions for previously uninsurable risks, according to a new report from Swiss Re. Swiss Re describes digitisation as the main engine of China’s economy and expects to see exponential sector growth over ... Read the full article
Swiss Re moves above Munich Re as world’s largest reinsurer: AM Best
29th August 2019
Global reinsurer Swiss Re has knocked Munich Re from its position as the world’s largest reinsurer, as measured by year-end gross premiums written (GPW) in 2018, according to AM Best data viewable at our Top 50 Global Reinsurance Groups directory. Munich Re had led the pack every year since ... Read the full article
Dorian set to become Category 4 hurricane, latest forecasts show
29th August 2019
The latest updates from the National Hurricane Center (NHC) forecast that Hurricane Dorian could now strengthen to a Category 4 storm as it approaches Florida, with maximum wind speeds of 115 knots, or 132mph. Dorian continues to track northwest across the Atlantic at roughly 13mph with wind speeds of 85mph, and ... Read the full article
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