Reinsurance News
NFIP could payout 7-10 billion hurricane Harvey claims: RMS
4th September 2017
The National Flood Insurance Programme (NFIP), the U.S. government programme to provide homeowners with flood insurance, will payout an estimated $7-10 billion in claims from hurricane Harvey and undoubtedly trigger its $1 billion of reinsurance cover, according to RMS. The NFIP, which is set to be reviewed and potentially reformed in ... Read the full article
Russell Group builds launches data provider service ALPS Casualty
4th September 2017
Russell Group has partnered with data providers Dun & Bradstreet to launch a matching service, ALPS Casualty, that matches and references each portfolio's insureds, allowing any insured to be identified through a universal identifier and thus enhancing the underwriting process. Russell Group CEO, Suki Basi commented on the launch of ALPS ... Read the full article
NFIP receives over 67,000 Harvey claims, puts reinsurance in play
4th September 2017
The National Flood Insurance Program (NFIP) has now received more than 67,000 claims due to hurricane Harvey's flooding in Texas alone, a figure which puts the NFIP's reinsurance clearly in play. The 67,000 claims had been recorded by the end of the 2nd September, having risen from 51,000 on the 31st ... Read the full article
Allianz expands African footprint with Ensure Insurance acquisition
4th September 2017
Global insurer Allianz has announced a new binding agreement to acquire 98% of Nigerian domiciled insurance firm, Ensure Insurance Plc., from its main shareholder, Greenoaks Global Holdings Ltd. Ensure Insurance provides life and non-life insurance services and during 2016 produced gross written premiums (GWP) of €11 million ($13.1mn). Nigeria has the largest ... Read the full article
Reinsurance prices, claims inflation to push up UK non-life premiums: Fitch
4th September 2017
Premiums for UK non-life insurance products could be set to rise on the back of rising claims inflation and higher reinsurance costs, according to rating agency Fitch. Fitch said that it expects UK non-life insurers will increase motor premiums even further to offset rising claims costs and also higher reinsurance costs ... Read the full article
1347 Property Insurance expects Harvey impact of below $5mn, net of reinsurance
4th September 2017
Property and casualty insurance holding company, 1347 Property Insurance Holdings, Inc., has announced that it expects pre-tax losses from hurricane Harvey, net of reinsurance, to come in below $5 million. Based on its own analysis, the company has announced that it expects the overall losses to exceed the $5 million per ... Read the full article
Hallmark Financial Services expects $3 million Harvey loss
4th September 2017
Hallmark Financial Services has announced its expected impact from hurricane Harvey, stating it will retain a loss of $3 million, with the rest to be paid for by reinsurers under its corporate catastrophe reinsurance programme which covers most of the firm's exposed lines of business. The firm said it would be ... Read the full article
Harvey could take $60 billion off Houston’s GDP output in a year: Report
1st September 2017
According to the Centre for Risk Studies at the Cambridge Judge Business School, the city of Houston, Texas could lose as much as $60 billion of its gross domestic product (GDP) output over the next year, as a result of hurricane Harvey. At $60 billion, the loss of economic output could ... Read the full article
JLT announces acquisition of Belgibo
1st September 2017
JLT has acquired Belgium specialty broker Belgibo from EXMAR Group, as it grows its Europe presence and complements its existing Benelux operations. Belgibo is an Antwerp based specialist broker with strengths in marine, credit and political risks, aviation, cargo, employee benefits, logistics, construction and professional services. 66 Belgibo employees will join JLT ... Read the full article
Ghana Re announces new board members
1st September 2017
Ghana's state-owned reinsurer, Ghana Re, has sworn in new board members as Ghana's Ministry of Finance re-establishes the board as part of a drive to narrow the economy's investment gap with national savings. Board members now include The Board Chairman, George Otoo, and George Mensah, Francis Sapara Grant, Marian Mensah, Jennifer Owusu, and ... Read the full article
Insurtech Lemonade expands reinsurance program, now has $325m of cover
1st September 2017
Insurtech start-up insurer Lemonade, one of the most high-profile companies to come out of the insurance technology wave, has recently completed an expansion to its reinsurance program, which sees the firm with a huge $325 million of capacity backing it. Lemonade is utilising reinsurance capital as one of its backers, it ... Read the full article
Japanese insurers to raise quake premiums in some regions by up to 50%
1st September 2017
Japanese insurance firms are reassessing earthquake risks by region, which is expected to result in premiums rising by as much as 50% in some areas, according to reports. Japan's earthquake risks is well documented and in response to the country's vulnerability to earthquake events, insurers in the region are expected to raise ... Read the full article
Hurricane Harvey could surpass Katrina losses: KBRA
1st September 2017
Rating agency KBRA said hurricane Harvey could surpass Katrina losses, as extensive flood damage devastates Houston and commercial and business interruption losses tally up over time, although the event is not expected to materially impact P&C insurers in the region. While Hurricane Katrina caused the National Flood Insurance Program (NFIP) to payout ... Read the full article
Alison Martin joins Zurich from Swiss Re as Group Chief Risk Officer
1st September 2017
Zurich Insurance has named Alison Martin as new Group Chief Risk Officer to succeed Cecilia Reyes, she will join the group on October 1st and commence her new role with effect from January 2018. Martin will work closely with Reyes as Group Chief Risk Officer-Designate, before assuming the Group Chief Risk ... Read the full article
Harvey a $15.4bn insured loss (ex NFIP), over $12bn inland flooding: KCC
1st September 2017
Excluding any National Flood Insurance Program (NFIP) claims, Karen Clark & Company (KCC) has estimated the total insurance and reinsurance industry loss from hurricane Harvey to be at around $15.4 billion. Broken down, KCC estimates inland flooding to drive the majority of the insured loss, accounting for $12.4 billion of the ... Read the full article
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