Reinsurance News
France declares state of natural disaster as major hail storm hits agriculture
18th June 2019
French authorities have declared a state of natural disaster following a destructive hail storm that ravaged crops in the Auvergne-Rhône-Alps region, a major centre of agriculture for the country. Strong winds and hailstones up to 7cm wide lashed south-east France over the weekend, causing many farmers in the area to lose ... Read the full article
Legacy IT systems, inefficient processes a detriment to insurers digitalisation efforts: Report
18th June 2019
A report from MarkLogic Corporation, which is based on research undertaken by Research in Insurance, claims that inefficient processes and complex legacy IT systems are a hindrance to the insurance industry's digital transformation efforts. Ultimately, the report finds a disparity between what insurance companies want to do and what they can ... Read the full article
Gallagher acquires Australian consulting firm P2 Group
18th June 2019
Global insurance brokerage Arthur J. Gallagher & Co. has announced the acquisition of specialist consulting firm, P2 Group. The Hawthorn, Victoria-based P2 Group assists employers proactively manage occupational health, while at the same time lowering the risk of worker injuries and WorkCover claims. According to an announcement on the deal, P2 Group ... Read the full article
Lloyd’s CEO Neal says marketplace is taking steps to address autonomous vehicles: Bloomberg
18th June 2019
The Chief Executive Officer (CEO) of Lloyd's of London, John Neal, has revealed that the specialist insurance and reinsurance marketplace is in discussions with automakers about new and different types of insurance protection in response to the rise of driverless cars, reports Bloomberg. In a recent interview and in light of ... Read the full article
Hiscox releases free-to-use Cyber Exposure Calculator tool
18th June 2019
Global specialist insurer Hiscox has announced the launch of its Cyber Exposure Calculator, an online tool designed to help companies estimate the potential financial impact of a cyber attack. The calculator, which is free to use, provides a number of insights into the types of cyber attacks a business may face. Results ... Read the full article
LIIBA adds heads of Price Forbes & Lonmar Global Risks to Board
18th June 2019
The London and International Insurance Brokers’ Association (LIIBA) has announced the appointments of James Masterton and David Pexton to its Board of Directors, effective immediately. Masterton is currently Chief Executive Officer (CEO) of Price Forbes and Partners, part of the Ardonagh Group of companies, while Pexton is CEO of Lonmar Global ... Read the full article
JLT’s Marcel Chad joins BGC to lead new aviation brokerage
18th June 2019
BGC Insurance Group (BGCI), a division of global brokerage and financial technology firm BGC Partners, is set to launch a specialist global aviation and aerospace re/insurance brokerage overseen by Marcel Chad as President. The new brokerage will be built to provide the market with an independent alternative operating at global scale. The ... Read the full article
Rate rises now largely factored into reinsurance shares, say analysts
18th June 2019
Analysts at Peel Hunt believe rate increases are already largely factored into reinsurance share prices, and suggest market participants trim their sector exposures in light of the U.S. hurricane season. In 2019, a flattish January European renewals season was followed by modest price firming in April in Japan, on the back ... Read the full article
WTW adds EY’s Sutcliffe to insurance consulting, tech UK life business
18th June 2019
Global re/insurance brokerage Willis Towers Watson has appointed Gareth Sutcliffe to its insurance consulting and technology (ICT) UK Life business as Head of the Insurance Investment Solutions Group (IISG). Sutcliffe, who joins from professional services firm EY having most recently served as Head of its UK Investment Advisory team, holds over ... Read the full article
Climate action needed to limit fallout for life re/insurers: Swiss Re
17th June 2019
Unless further action is taken, the effects of climate change are likely to have “significant consequences” for life and health re/insurers, who will have to deal with increase risks from heatwaves, floods, droughts, fires and vector-borne diseases. This is according to a new report from Swiss Re, which linked climate change ... Read the full article
Argo adopts new tech from AVYST to simplify distribution process
17th June 2019
Specialty re/insurer Argo Group International Holdings, Ltd has adopted technology from insurtech firm AVYST to improve the efficiency of its retail distribution processes. AVYST’s bi-directional forms system, eForms Wizard, enables clients and brokers to enter risk details just once, at the source, for automatic processing by Argo. By using this technology, Argo ... Read the full article
IAIS outlines new 5-year plan to address insurtech, cyber & climate risk
17th June 2019
The International Association of Insurance Supervisors (IAIS) has outlined its new 2020-24 strategic plan, which includes a shift in focus to fully address emerging policy issues such as insurtech, cyber risks, and climate risk, as well as the challenge of sustainable development. In recent years, the IAIS has focused primarily on ... Read the full article
US cyber premiums up 10% to $2.03bn in 2018: Aon study
17th June 2019
A new study by global re/insurance brokerage Aon indicates that cyber premiums grew to just over $2 billion in 2018, roughly a 10% increase from the prior year. Premiums from package business grew modestly, rising 6% year on year, while standalone cyber premiums grew 14%. Premiums for small commercial-focused cyber insurers ... Read the full article
Salvage underway after Gulf of Oman attacks, but situation still worrisome
17th June 2019
Taiwan's state-owned oil supplier, CPC Corp. has said that it expects last week's attack on oil tanker Front Altair in the Gulf of Oman to drive losses of just NT$ 8 million (USD 253, 968). Chiu Chia-shou, Vice President of CPC Corp., which chartered the Front Altair to deliver naphtha, said ... Read the full article
PERILS acquires Canadian catastrophe data provider CatIQ
17th June 2019
Catastrophe loss data aggregator PERILS has announced that it has acquired Catastrophe Indices & Quantification Inc. (CatIQ), the Toronto-based provider of catastrophe loss and exposure information in Canada. Established in 2014, CatIQ collects data from the majority of the Canadian re/insurance market and provides and independent Industry Exposure & Loss Database ... Read the full article
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