Reinsurance News
Rising P&C reinsurance rates put pressure on Caribbean cedents: A.M. Best
2nd November 2018
Primary property and casualty (P&C) insurers in the Caribbean market remained mired in a protracted soft market cycle, but rising reinsurance costs could force companies to introduce some much-needed rate increases, according to a report by A.M. Best. The rating agency noted that insurers were unable to implement rate enhancements in ... Read the full article
TransRe’s cat losses push Alleghany to Q3 underwriting loss
2nd November 2018
Alleghany Corporation fell to an underwriting loss of $140 million in the third-quarter of 2018, driven in part by the impacts of catastrophe losses on its reinsurance arm, Transatlantic Reinsurance Company (TransRe). In total, catastrophe losses in the third-quarter cost Alleghany $179.3 million, with more than 81%, or $146.1 million of the losses ... Read the full article
Aon, Etherisc and Oxfam partner on joint micro-insurance program in Sri Lanka
2nd November 2018
Re/insurance broker Aon is collaborating with Oxfam and InsurTech firm Etherisc on a joint program to deliver micro-insurance to small holder paddy field farmers in Sri Lanka using blockchain technology. The parties plan to leverage blockchain to automate parametric insurance products, which will simplify the claims process and remove the need ... Read the full article
Market conditions in Arch’s P&C business relatively unchanged, says CEO
2nd November 2018
Marc Grandisson, President and Chief Executive Officer (CEO) of Arch Capital Group, has said that overall market conditions in the firm’s property and casualty (P&C) business seems relatively unchanged from last-quarter. Furthermore, Grandisson believes that additional rate increases are needed to provide a more adequate margin of safety and broader growth ... Read the full article
Implementing autonomous tech into reserving practices a benefit for re/insurers: Mark Hewitt
2nd November 2018
In light of the potential for future changes to the Ogden discount rate, for insurers and reinsurers, the implementation of autonomous technology into their reserving practices offers both cost and time benefits, according to Mark Hewitt, creator of the Verisk piCalculator and Founder, Director and Head of Development at Rebmark, ... Read the full article
Revenues up at Willis Towers Watson as all segments perform in Q3
2nd November 2018
Global insurance and reinsurance broker Willis Towers Watson (WTW) has reported its results for the third-quarter of 2018, which includes an increase in net income of $139 million and organic revenue growth of 5%. Reported revenue increased 3% to $1.9 billion when compared with the same period in 2017, and net ... Read the full article
RGA completes two annuity transactions covering $3 billion of reserves
2nd November 2018
Reinsurance Group of America, a leading global life reinsurer, has completed a set of transactions with John Hancock Life Insurance Company that will see a subsidiary of the firm acquire an in-force block of individual payout annuities and provide reinsurance on a second block of similar business contracted in New ... Read the full article
AIG targets restructured Japan cat reinsurance program
2nd November 2018
Insurance giant American International Group (AIG) experienced high catastrophe losses in the third-quarter from its operations in Japan, and has revealed that it's working to reorganise its Japanese reinsurance program into a single structure for 2019, in order to reduce both frequency and severity exposure. Yesterday, the firm announced a ... Read the full article
Chubb partners with Munich Re’s HSB on IoT services
2nd November 2018
Global insurer Chubb has entered into a partnership with Munich Re’s Hartford Steam Boiler Inspection and Insurance Company that will provide the firm’s policyholders with access to Internet of Things (IoT) technology for homes and businesses. The IoT sensors and devices will target the threat of water damage by monitoring for ... Read the full article
Flood most significant under-modelled peril for Asia Pacific: Guy Carpenter
2nd November 2018
Flood is the most significant under-modelled peril and of particular concern for the Asia Pacific region, where in excess of $500 billion of GDP is exposed to flood risk every year - the majority of which is not insured - according to a new report by reinsurance broker Guy Carpenter. Furthermore, ... Read the full article
Sompo International announces global partnership with CropTalk
2nd November 2018
Sompo International Holdings Ltd. has announced that it has entered into a strategic partnership with CropTrak™, a provider of technology solutions for the food and agriculture markets. The new partnership is an extension of the 2016 agreement, which resulted in a partnership between CropTrak and ARMtech Insurance Services, a wholly-owned subsidiary of ... Read the full article
Willis Towers Watson names Sales Leader for Corporate Risk & Broking GB Retail business
2nd November 2018
Global insurance and reinsurance broker Willis Towers Watson has hired Adrian Willmott, formerly of Marsh, as Sales Leader of its Corporate Risk & Broking GB Retail business. Willmott will ... Read the full article
‘New realities’ tech presents opportunities for re/insurers: Lloyd’s
1st November 2018
Augmented, virtual and mixed reality technologies are being increasingly used by businesses and will entail a variety of emerging risks that re/insurers can cover, while also allowing them to improve their own products and services, according to a new report by Lloyd’s. Recent estimates suggest that at least 20% of large ... Read the full article
LIIBA CEO outlines key post-brexit challenge
1st November 2018
The Chief Executive of the London and International Insurance Brokers Association (LIIBA), Christopher Croft, has told insurance brokers that the key challenge facing them post-brexit remains the uncertainty around the proposed models for brokers to maintain access to London for European risks. Speaking at a joint LIIBA-Lloyd’s brexit seminar Croft said ... Read the full article
CCRIF makes payout to Trinidad & Tobago after October rains
1st November 2018
CCRIF SPC, a segregated portfolio company owned operated and registered in the Caribbean, announced today that for the second year in a row, Trinidad & Tobago has received a US$2,534,550 payout on its Excess Rainfall (XSR) policy following a period of heavy rainfall in October. Trinidad & Tobago has been a ... Read the full article
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