Reinsurance News
InsurTech spending up 248% to near $1 billion in Q2: Willis
24th July 2017
Willis Towers Watson has released its second quarterly InsurTech Briefing, revealing a stark increase of 248%, or nearly $1 billion in InsurTech investment from the first quarter and pointing to insurance claims management streamlining as the biggest opportunity for reinsurers. The 2017 second quarter (Q2) was characterised by a record number of transactions ... Read the full article
Liberty Specialty Markets hires new casualty reinsurance underwriter
24th July 2017
Liberty Specialty Markets (LSM), the London headquartered unit of Liberty Mutual Insurance Group, has hired Angus Hampton as an Underwriter for the firms Casualty Reinsurance Division. Hampton, who moves over from Ascot where has worked as an assistant underwriter since 2014, will be based in Liberty Specialty Market's London headquarters and ... Read the full article
Howden strengthens Asia presence with Sterling Knight acquisition
24th July 2017
Hyperion Insurance Group's retail broking unit, Howden, has completed the acquisition of Singapore-based specialist broker, Sterling Knight, after receiving regulatory approval from the Monetary Authority of Singapore (MAS). Brokerage Sterling Knight specialises in specie and international employee benefits, and the firm's clients include multinationals and SMEs. After the acquisition, Sterling Knight ... Read the full article
Re/insurers in South Africa adapt to growing severe weather risk after Cape Town fire
24th July 2017
South Africa re/insurers and government will have to adapt pricing and policies and step up risk mitigation efforts after the recent Cape Town wildfire, that's expected to cause a hardening of the market, demonstrated the growing risk of increasing size and scale of severe weather events. Christo Rautenbach, a coastal modeller at ... Read the full article
UK seeks to keep reinsurance market competitive with new ILS rules
24th July 2017
The UK government has announced updates to its regulatory and tax regime for Insurance Linked Securities (ILS) as it seeks to ensure the re/insurance business environment remains competitive throughout the transition out of European Union membership. The regulatory reforms cover how to set up an ILS vehicle, the associated taxation system ... Read the full article
Swiss Re becomes first to offer typhoon warning cover
24th July 2017
Swiss Re has become the first reinsurer to offer cover for losses related to typhoon warning for Hong Kong businesses, where the overall impact of this level of typhoon warning to Hong Kong's economy is estimated at U.S. $627 million a day. The typhoon cover, Insur8, indemnifies against loss of earnings ... Read the full article
IRB Brasil RE licenses RMS’ China & India agricultural models
24th July 2017
Brazilian reinsurer, IRB Brasil RE, has licensed RMS' China and India agricultural models in an effort to expand its presence in the global reinsurance market. Global catastrophe risk modeller and analytics firm, RMS, announced recently that IRB Brasil RE has licensed the RMS® China Agricultural Model and RMS® India Agricultural Model, as ... Read the full article
Reports of extensive damage from Greece & Turkey earthquake: AIR Worldwide
24th July 2017
Risk modelling firm AIR Worldwide said that extensive damage has been reported from an M6.7 earthquake that struck 10.3 km south-southeast of Bodrum, Turkey, in the Aegean Sea on 20th July 2017, with damage seen in the area of Bodrum, Turkey, and the Greek island of Kos. Both areas affected are ... Read the full article
Evolving business models and risks are “massive opportunity”: Inga Beale
24th July 2017
Lloyd's CEO Inga Beale said in an interview with Pia Tischhauser, a BCG senior partner and the firm’s insurance segment global leader, that as the new digital economy causes businesses in all sectors to re-examine and change business models, an evolving set of risks is emerging that constitute the next ... Read the full article
UK & Germany praised for efforts to reduce protection gap in emerging regions
21st July 2017
Intentions of the UK partnership with the World Bank Group and Germany to establish a Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions, has been praised by the Insurance Development Forum (IDF), the United Nations Development Programme (UNDP), and global re/insurers. Expanding on the announcement that the Read the full article
Re/insurers application of InsurTech growing: Report
21st July 2017
Application of InsurTech to re/insurance has seen a considerable shift this year, moving out of its fledgling stages of development into what could be considered an intermediate level of adaptation to technology and Artificial Intelligence (AI), Startupbootcamp InsurTech said in its latest tech trends report, issued in association with PwC after gathering ... Read the full article
Blue Marble agrees microinsurance deal for Nature Conservancy programme in Latin America
21st July 2017
The Nature Conservancy and Blue Marble Microinsurance have announced an agreement to embed insurance protection into ecofriendly Silvopastoral Systems in Latin America. The Silvopastoral system minimises greenhouse gas emissions from cattle ranching - reportedly one of the highest contributors to global warming - helping to prevent climate change and create sustainable ... Read the full article
Lloyd’s introduces new measures for faster post-Market Turning Event response
21st July 2017
Lloyd's has revealed new measures to facilitate faster response in case of a market turning-event (MTE) as it aims to improve market support with "smarter, stronger" oversight. Lloyd’s said it would focus on shortening the review and agreement process of business and capital plans, allowing syndicates to respond more effectively to ... Read the full article
Generali sells Colombian business to Talanx for €30 million
21st July 2017
International insurer, Generali Group, has announced the signing of an agreement to sell its Colombian business to the Talanx Group for roughly €30 million (roughly US$35mn), and the completed sale of its stake in Aseguradora General S.A. Talanx, a large German insurer and the parent of reinsurer Hannover Re, will acquire ... Read the full article
Inaugural IFTRIP a defining moment for terror risk pools: Pool Re’s Enoizi
21st July 2017
Speaking ahead of the inaugural International Forum of Terrorism Risk Pools' (IFTRIP) conference, held in Paris on June 28th, 2017, Pool Re Chief Executive Officer (CEO), Julian Enoizi said that as the first formal collaboration event between the world's terrorism re/insurance entities it would be a defining moment for national ... Read the full article
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