Reinsurance News
Lower supply coupled with greater demand means pricing “will go up”, says Hiscox CEO
17th November 2017
According to Bronek Masojada, the Chief Executive Officer (CEO) of global insurer and reinsurer Hiscox, a reduction in the supply of capital combined with greater demand for re/insurance protection is the reason pricing "will go up and needs to go up." Unsurprisingly, insurance and reinsurance industry talk is focused on companies' ... Read the full article
Coriolis Capital to provide weatherXchange platform with indicative pricing
17th November 2017
WeatherXchange has announced Coriolis Capital as a new provider of indicative pricing as part of the platform's Instantaneous Indicative Pricing service. The platform's Instantaneous Indicative Pricing helps streamline the structuring process for hedgers and broker-advisors by providing an immediate idea of the costs of a structure without the need to approach ... Read the full article
Large majority of California wildfire losses to be retained by insurers: Fitch
17th November 2017
Fitch expects primary insurers to retain the majority of losses from the California wildfires, warning that the impact of the event, on top of recent hurricanes, could see insurers report aggregate 2017 catastrophe losses at levels that pressure ratings and ultimately strain capital. The October 2017 California wildfires are expected to ... Read the full article
Lutece Re begins Bermuda operations, focuses on retro
17th November 2017
Lutece Re has begun operating in Bermuda and plans to underwrite new business from January 1st 2018 with a near-term focus on retro. Erik Manning and Angus Ayliffe, both co-founders of Lutece Re and its affiliates will head up the management team. Lutece Chief Executive Officer, (CEO) Erik Manning, said the firm's ... Read the full article
Cyber coverage to grow fastest in retail and manufacturing industries
17th November 2017
The cyber insurance market has been forecast to reach almost $17 billion by 2023, growing over 20% CAGR between 2017-2023, according to P&S Market Research Global. The Banking Financial Services and Insurance (BFSI) sector has been the largest consumer of cyber insurance, as these companies are more prone to cyber-attacks - ... Read the full article
Florida experts say reinsurance pricing could rise by 10%
17th November 2017
Florida experts believe reinsurance pricing in the $500-$700 million market could rise by 10%, according to the Buckingham Research Group. Kapil Bhatia, head of Raymond James’ Insurance Advisory Group, noted that while a meaningful change doesn't appear to be on the cards for Citizens book, reinsurance pricing for companies primarily domiciled in Florida ... Read the full article
U.S. life insurance sector outlook revised from negative to stable
17th November 2017
The U.S. life insurance sector outlook has been revised from negative to stable by Moody's Investors Service, reflecting the segment's strong capitalisation, equity markets and low asset defaults. After demonstrating resilience in the face of a low-interest rate environment, life insurers are expected to see revenue and capital improvement supported by ... Read the full article
Extratropical Cyclone Xavier insured loss tops $342 million: PERILS
17th November 2017
Catastrophe data loss aggregation and estimation firm, PERILS AG, has provided an initial insured property market loss estimate of €291 million (roughly US$342mn) for extratropical Cyclone Xavier. Xavier mostly affected Germany on October 5th, 2017, developing very early in the European winter storm season, claiming seven lives in the country as ... Read the full article
Lloyd’s needs to disrupt itself rather than be disrupted: Hancock
17th November 2017
The Lloyd's insurance and reinsurance market faces numerous challenges, from an extremely competitive business environment, to the threat posed by new re/insurance market entrants, but it needs to embrace disruption, according to Jon Hancock. Speaking at an A.M. Best industry event in London this week, Jon Hancock the Performance Management Director ... Read the full article
AIR says California wildfires to cost re/insurers up to $10.5 billion
17th November 2017
Catastrophe risk modelling firm AIR Worldwide has updated its estimate for insurance and reinsurance market losses from the recent California wildfires, saying they are expected to be in a range from $8 billion to $10.5 billion. Having completed a recent damage survey, received new information about policy terms, and re-examined the ... Read the full article
Investment returns highlight divergence in hedge fund reinsurer performance
16th November 2017
The performance of hedge fund backed reinsurers Third Point Re and Greenlight Re continues to diverge, while investment returns remain the driver of profitability for market participants that adopt a total-return strategy. Investment-oriented reinsurance companies, such as Third Point Re and Greenlight Re, seek to bolster poor underwriting returns by optimising ... Read the full article
Compre to acquire assumed non-life reinsurance portfolio from Allianz Versicherungs
16th November 2017
Compre, the insurance and reinsurance legacy specialist, has announced its seventh acquisition of the year, agreeing to purchase a portfolio of assumed non-life reinsurance business from Allianz Versicherungs. Originally, the business was underwritten by Vereinte Versicherung AG and its legal predecessors, and has been discontinued since the late 1990s. The transaction fee ... Read the full article
Re/insurers to shift from products to platforms with cloud technology
16th November 2017
Insurance technology software provider, Majesco, said a new generation of cloud business platforms, Digital Insurance 2.0, are the stage from which re/insurers will achieve the digitisation of internal processes as well as bring new digital insurance solutions into the market, in its latest report on the capabilities of cloud platforms ... Read the full article
Allstate sees pre-tax California wildfire losses of $452 million
16th November 2017
Primary insurance giant, Allstate, has revealed that the five October wildfires that occurred in California accounted for approximately 90% of the firm's monthly catastrophe losses, totalling roughly $452 million. Allstate has announced pre-tax catastrophe losses for the month of October of $516 million, which includes losses from 11 events totalling $502 ... Read the full article
Europe’s big four hit with record Q3 losses but capitalisation remains strong: Fitch
16th November 2017
The capitalisation of Europe's big four reinsurers remains strong, despite a heavy hit to earnings after significant claims from hurricanes Harvey, Irma and Maria (HIM), the Mexico earthquakes and the California wildfires could make Q3 a record year for reinsurers' catastrophe losses. Rating agency Fitch said that while all four reported significant ... Read the full article
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