Reinsurance News
Kaikoura earthquake claims costs over NZ $2 billion
18th September 2017
The total value of insurance claims for the November Kaikōura earthquake as at 31 August 2017 is over $2 billion; the majority of losses are from $1.48 billion in commercial claims, while residential claims amount to nearly $0.55 billion, according the Insurance Council of New Zealand. Private insurers have received nearly ... Read the full article
Hurricane hit to reinsurers won’t stop the capital return: Deutsche Bank analysts
18th September 2017
The industry losses from hurricanes Harvey and Irma are not expected to be sufficiently high to drain capital from the major four reinsurance firms and stop them buying back shares or paying dividends, analysts at Deutsche Bank said. The analysts estimate that the pre-tax losses for the big four will stack ... Read the full article
ICT estimates Hurricane Harvey insured losses at $19 billion
18th September 2017
The Insurance Council of Texas (ICT) has placed Hurricane Harvey insured losses at $19 billion, $11 billion of which is expected to be paid out by the NFIP flood insurance, making the hurricane the second highest on record for flood damage after hurricane Katrina. “The number of uninsured homeowners who felt ... Read the full article
Canadian P&C re/insurers’ stable but feeling the heat
18th September 2017
Despite the low interest rate environment and growing threat to Canadian re/insurers from severe weather events, A.M. Best's outlook for the country's property/casualty and life sectors remains stable as these well-capitalised firms show pricing discipline and solid earnings. Possible earthquakes, economic volatility and regulatory changes are variables ahead of the industry ... Read the full article
AIR puts hurricane Irma industry loss at $32bn – $50bn
18th September 2017
AIR Worldwide has updated its estimate of insurance and reinsurance industry losses caused by hurricane Irma in the U.S. and Caribbean to between $32 billion and $50 billion. The United States is expected to see $25 billion to $35 billion of insured losses, while the Caribbean is expected to see $7 ... Read the full article
Hiscox estimates net hurricane Harvey loss of approx $150 million
18th September 2017
Specialist insurance and reinsurance firm Hiscox Ltd. has estimated its net loss from hurricane Harvey's impacts at around $150 million. Hiscox has based its hurricane Harvey loss estimate on an industry wide loss of $25 billion excluding the NFIP. The company said that this fell within its modelled range of claims ... Read the full article
Lack of capacity and demand hindering terror market expansion: GC
15th September 2017
The changing terror risk landscape, underlined by an increased focus on "mass casualty and fear-inducing" events, suggests a need for greater capacity and a different approach to the peril, according to Guy Carpenter Managing Director, Charles Gibbs, and Vice President, Jamie Russell. "There has been a major shift in the focus ... Read the full article
ASEAN disaster management centre to open Indonesia branch
15th September 2017
The Association of Southeast Asian Nations (ASEAN) has announced plans to expand the role of the disaster management centre, the AHA Centre, with the addition of a Coordinating Centre for Humanitarian Assistance in Indonesia to respond to disasters within and outside of Southeast Asia, the Asia Insurance Review reported. The AHA Centre ... Read the full article
R Street Institute warns of higher premiums in light of cross-border reinsurance tax
15th September 2017
A study on the impact on the New Madrid zone in light of a potential cross-border reinsurance taxation, by R Street Institute, claims that such a tax would increase property & casualty (P&C) premiums in the region by $740 million over the next decade. A recent paper by R Street Institute's Lars ... Read the full article
Chubb launches innovative Flight Delay cover with App in the Air
15th September 2017
Flight Delay Insurance, a new innovative insurance solution for airline travellers has been launched by global insurer Chubb and App in the Air. The solution was underwritten by Chubb's European group in collaboration with reinsurance giant Swiss Re and FlightStats, and will be made available to UK App in the ... Read the full article
Argo Group member, Colony, hires two within its U.S. Casualty Division
15th September 2017
Argo Group International Holdings, Ltd. member, Colony Specialty, has announced two new appointments within its U.S. Casualty Division. Mike York has been named regional manager, North Region, and brings more than 22 years of industry experience to the firm. Prior to his new position, York was Assistant Vice President (AVP), Underwriting ... Read the full article
Pen Underwriting promotes Tom Downey to Chief Underwriting Officer
15th September 2017
Pen Underwriting, a multi-territory managing general agent (MGA), has promoted Tom Downey to Chief Underwriting Officer (CUO), with effect from 1 October 2017. Downey, who has been on Pen Underwriting’s executive team as Managing Director of Specialty since 2014, will now assume responsibility for underwriting, capacity management, pricing, analytics, risk & ... Read the full article
For reinsurance buyers, size isn’t everything: Survey
15th September 2017
When it comes to reinsurance purchasing, diversification of reinsurance panels and long-term reinsurer relationships matters more than size, according to a survey released by SIGNAL IDUNA Reinsurance (SI Re). In an empirical study of reinsurance purchasing habits of the European market, Dr. Schanz, Alms & Company interviewed senior executives responsible for ... Read the full article
Closing the protection gap in Asia one of the biggest opportunities: Peak Re
15th September 2017
The Chief Executive Officer (CEO) of Hong Kong domiciled reinsurance company Peak Re, Franz Josef Hahn, believes bridging the protection gap in Asia is one of the re/insurance industry’s biggest opportunities. The global protection gap (disparity between economic and insured losses post-event) has been discussed in the risk transfer industry for ... Read the full article
The stars are “aligned” for private capital to enter Florida: JLT Re’s Flandro
15th September 2017
At the 2017 reinsurance conference Monte-Carlo press briefing, JLT Re's David Flandro highlighted potential opportunities for greater levels of private capital to enter the Florida market, in light of hurricane Irma. David Flandro, Global Head of Analytics at JLT Re, speaking at the reinsurance broker's press briefing, said; "The thing to ... Read the full article
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