Reinsurance News
Cat 5 storm landfall near Miami would drive residential losses of over $200bn, says KCC
19th June 2019
A new risk model from Karen Clark & Company (KCC), which contains over 90,000 hurricanes, estimates that a strong Category 5 storm making landfall near Miami would drive re/insured residential losses of more than $200 billion. KCC explains that one of the worse-case scenarios for the state of Florida is a ... Read the full article
All Caribbean CCRIF members renew, some expand coverage
19th June 2019
The CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) has announced that as of June 1st, all of its Caribbean members have renewed their parametric insurance coverage for the 2019/2020 year. In fact, the CCRIF SPC reveals that nine Caribbean Governments decided to expand their level of coverage for at ... Read the full article
Nephila’s Schauble appeals for more climate action using new products & data
19th June 2019
Barney Schauble, Managing Principle at Nephila Advisors, has urged the re/insurance industry to utilise new products and data in tackling the risks posed by climate change, which he believes are not being adequately addressed. Speaking at the MMC Rising Professionals’ Global Forum, Schauble argued that, with the success of the capital ... Read the full article
MMC urges U.S Senate to renew terrorism risk insurance act
19th June 2019
Tarique Nageer, Property Terrorism Placement and Advisory Leader at Marsh, a Marsh & McLennan firm, has testified before a U.S Senate Committee to highlight the importance of the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA). Nageer urged members of the Committee on Banking, Housing and Urban Affairs to renew the Act, ... Read the full article
Alan Quilter, Dr. Roger Sellek appointed Joint CEOs of R&Q
19th June 2019
Randall & Quilter Investment Holdings Ltd. (R&Q) has revealed that Group Chief Executive Officer (CEO) Ken Randall is to step down from his position, and is to be replaced by Alan Quilter and Dr. Roger Sellek as Joint CEOs. Randall, who jointly founded the company with Quilter in 1991, will continue ... Read the full article
Pakistani regulator looks to increase retention of reinsurance premiums
19th June 2019
The Securities and Exchange Commission of Pakistan (SECP) has announced that it is exploring options to reduce the outflow of foreign exchange related to reinsurance business. The regulator recently held a roundtable attended by private and public sector non-life re/insurers, as well as representatives of the State Bank to address the ... Read the full article
AIG’s Robert Klepper joins AXA XL as CUO for short-tail insurance
18th June 2019
AXA XL, the property & casualty and specialty risk division of AXA, has announced the appointment of Robert Klepper as Chief Underwriting Officer (CUO), Short Tail Insurance Lines. He joins AXA XL from AIG, where he has spent the previous seven years, having most recently served as President of Client Risk ... Read the full article
Series of Munich area storms to cost insurers €650mn: German Insurance Association
18th June 2019
The German Insurance Association (GDV) has said that insurers and reinsurers are set to pay out €650 million (USD 727 million) as a result of a series of hail storms that hit the Munich area of Germany around the Pentecost holiday. Actuaries had previously estimated that one of the severe hail ... Read the full article
W.R. Berkley appoints Daniel Spragg as President of professional liability unit
18th June 2019
Re/insurance holding company W. R. Berkley Corporation has announced the appointment of Daniel R. Spragg as President of Berkley Select, the company’s professional liability insurance unit. Spragg has over 30 years’ experience in the specialty insurance and consulting industries, and joins Berkley Select after almost 12 years at A&M Insurance & ... Read the full article
Fractal Industries’ AIDP to host Oasis LMF catastrophe models
18th June 2019
Insurance and reinsurance industry players that utilise Fractal Industries, Inc.'s Fractal Advanced Insurance Decision Platform (Fractal AIDP) will now be able to both access and operate open source catastrophe modelling tool, Oasis Loss Modelling Framework (Oasis LMF). Fractal Industries is a provider of intelligent decision platforms and has been selected by ... Read the full article
Munich Re backs French satellite imagery home insurer, Luko
18th June 2019
Global reinsurance giant Munich Re has partnered with French InsurTech Luko on the launch of its artificial intelligence (AI) driven satellite imagery home insurance. Luko describes itself as France's first neo insurance, and since the AI powered InsurTech launched roughly one year ago, it's already attracted 10,000 customers in France and, ... Read the full article
AXA XL appoints three leaders within UK Client & Country Management unit
18th June 2019
AXA XL has announced the appointment of three new leaders within its UK Client & Country Management division, all of which will report to Paul Greensmith, Chief Executive Officer (CEO) of UK Legal Entities. Louise Piper and Harpreet Sanghera are existing employees of the firm, and have been appointed Head of ... Read the full article
U.S. commercial insurance lines well placed for further improvement: Fitch
18th June 2019
U.S. commercial insurance lines stand a good chance of improving further in 2019 on the back of 5% sector growth in 2018, so long as unusually large catastrophe losses are avoided and pricing trends remain favourable, says Fitch Ratings. A new report by international financial services ratings agency, Fitch Ratings, states ... Read the full article
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
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