Reinsurance News
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
Price Forbes acquires stake in HK broker Sino
25th September 2019
Independent Lloyd's of London insurance broker Price Forbes has purchased a minority stake in Hong Kong-based Sino Insurance and Reinsurance. Since its founding in 2006, Sino has focused on providing risk management and insurance solutions for Chinese multinational companies’ overseas investments and infrastructure construction, engineering, project management, and various aspects of ... Read the full article
Australian Reinsurance Pool names Helen Williams as COO
25th September 2019
Australian Reinsurance Pool Corporation (ARPC), the Australian Government’s terrorism reinsurance agency, has appointed Helen Williams to the position of Chief Operating Officer (COO). Williams joins ARPC from strategy consulting firm Strategy& (part of the PwC network), where she has served as a strategy consultant since 2014. Previously, Williams gained over 12 years ... Read the full article
GCube sets up post-Brexit hub in Amsterdam, names senior underwriters
25th September 2019
Specialist renewable energy insurer GCube has bolstered its European presence with the establishment of a new base in Amsterdam, which will serve as a hub to service clients following the UK’s exit from the European Union (EU). At the same time, GCube has appointed Andries Veldstra and Elkhadir El Hammdaoui as ... Read the full article
Australian re/insurers endorse call for investment in disaster mitigation
25th September 2019
The Insurance Council of Australia (ICA) has lent its weight to a call for more investment in natural disaster mitigation, made recently by the Australian Prudential Regulation Authority (APRA). The regulator believes that more funding in this area will improve the affordability and availability of general insurance in Northern Australia. “The ICA ... Read the full article
Typhoon Faxai to mark first catastrophe designated under PCS Japan
24th September 2019
Property Claims Services (PCS), a Verisk Analytics business, has confirmed that Typhoon Faxai will become the first catastrophe loss event to be designated under the firm’s new PCS Japan service. PCS expanded its industry loss data aggregation and index reporting capabilities to include non-marine catastrophe losses in Japan back in ... Read the full article
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