Reinsurance News
2018 saw non-life ILS hit $93bn: Willis Re
29th January 2019
The Insurance Linked Securities (ILS) market underwent further growth in 2018, reaching $93 billion of outstanding non-life capital, according to an ILS Market Update from Willis Re. With roughly $9.2 billion of new capital delivered - the second most active calendar year ever despite a slow-down during the final quarter - ... Read the full article
Reinsurance Group of America’s net income drops at Q4
29th January 2019
Reinsurance Group of America (RGA) has reported net income of $110.0 million for the fourth quarter of 2018, representing a significant drop from the $1.217 billion reported for the same period in 2017. This difference is largely attributable to the Tax Cuts and Jobs Act of 2017, which benefited RGA’s Q4 ... Read the full article
Insured losses from November California wildfires surpass $11.4bn
29th January 2019
Ricardo Lara, California's Insurance Commissioner, has revealed that insured losses of more than $11.4 billion have now been reported from the November 2018 Wildfires. The new figure represents growth of roughly 25%, or more than $2.3 billion from the total reported by the Department of Insurance in December 2018. Insurers have reported ... Read the full article
Allianz to shoulder some losses from burst Vale dam, reports
29th January 2019
Reports are emerging from Reuters that indicate global re/insurer Allianz may have to shoulder some of the costs associated with the deadly dam collapse at Vale’s Corrego do Feijao mine in Brazil. Sources have said the firm’s Global Corporate & Specialty division leads a consortium of reinsurers that assumed some risks ... Read the full article
Technical or human factors account for majority of corporate claims: AGCS
29th January 2019
The vast majority of corporate insurance claims over the last five years have originated from technical or human factors, accounting for 87% of all claims by value, according to new research by Allianz Global Corporate & Specialty (AGCS). The firm’s latest Global Claims Review, which looked at data from 470,000 claims ... Read the full article
Risk Strategies rolls out national health care practice across all lines
29th January 2019
The privately held insurance brokerage and risk management firm Risk Strategies has successfully integrated its national health care practice across all lines of insurance and reinsurance. Led by industry veteran Bob Dubraski, the practice is driven by a dedicated team of experts with resources across the U.S, providing analytics, consulting and ... Read the full article
Re/insurers must “lean-in” to new political standards: ABI’s Huw Evans
28th January 2019
Insurers and reinsurers must respond to new ethical standards and increasing levels of public scrutiny by “leaning-in” to politics and engaging in solutions with policy-makers, according to Huw Evans, Director General of the Association of British Insurers (ABI). Speaking as part of a keynote address at Fitch Ratings’ Insurance Roadshow 2019 ... Read the full article
AIG appoints Global Head of A&H, General Insurance
28th January 2019
Edward Levin has been named as the new Global Head of Accident & Health, General Insurance, at American International Group, Inc. (AIG), effective next month. Levin will be based in London and will report to Christopher Townsend, Chief Executive Officer (CEO) of AIG International General Insurance. In his new position, Levin will ... Read the full article
40% retro hike to bump property reinsurance pricing to double digits: Credit Suisse
28th January 2019
Property reinsurance price increases are expected to rise from current low-single digit levels to double-digits as 2019 progresses, according to analysts at multinational investment bank and financial services firm Credit Suisse. Credit Suisse underlines the ~40% retrocessional pricing increase reinsurers have faced, following substantial retro market losses in both 2017 and ... Read the full article
JP Morgan identifies benefits of Swiss Re’s planned ReAssure IPO
28th January 2019
Swiss Re’s planned initial public offering (IPO) of its UK closed book business, ReAssure, is expected to result in a number of benefits for the reinsurer, according to analysts at JP Morgan. Swiss Re has stated that it intends to reduce its stake in ReAssure to below 50% this year to ... Read the full article
Chubb enters 15-year distribution agreement with Banco de Chile
28th January 2019
Global insurer Chubb has entered into a 15-year distribution agreement with the largest bank based in Chile, Banco de Chile. The new agreement sees Chubb utilise multiple Banco de Chile distribution channels for its life and general insurance solutions. Banco de Chile's distribution avenues include in-branch, automated teller machines, direct marketing ... Read the full article
ACORD reveals 2019 Board of Directors
28th January 2019
International standard-setting body for the insurance sector, ACORD, has announced its new 2019 Board of Directors, as well as numerous returning members. J. Spero Zacharias will continue as Chair of the Board of Directors, which consists of 27 members, including nine new Directors. ACORD President and Chief Executive Officer (CEO), Bill Pieroni, ... Read the full article
Personal lines rate changes driven by improved margins and desire for growth: KBW
28th January 2019
Much-improved margins and the accompanying, and predictably widespread, desire for top-line growth should translate into steadily-declining personal lines rate changes, according to Keefe, Bruyette & Woods (KBW). KBW expects most commercial lines’ rates to rise in response to weak underwriting profits, although workers compensation rates should keep falling, probably more slowly ... Read the full article
PCS to expand industry loss estimates, index services to Japan
28th January 2019
Property Claims Services (PCS), a Verisk Analytics business, is expanding its industry loss data aggregation and index reporting capabilities to include non-marine catastrophe losses in Japan, according to reports from our sister site Artemis. The product - which can be used as a trigger input for industry loss warranties (ILWs), cat bonds ... Read the full article
Allianz to automate legal proceedings for injury claims using AI
28th January 2019
Allianz Insurance has launched a new digital proposition, called Defendant Hub, that uses artificial intelligence (AI) technology to automate Ministry of Justice Stage 3 injury claims. Developed in partnership with UK law firm Keoghs, Defendant Hub will provide Allianz’s injury claims handlers with an end-to-end solution for Stage 3 claims. This is ... Read the full article
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