Reinsurance News
Negligible rate increases at June 1st, Florida RoL Index up just 1.2%: JLT Re
1st June 2018
Reinsurance broker JLT Re has said that rate increases achieved at the key June 1st 2018 reinsurance renewals were negligible, as the firms Risk-Adjusted Florida Property-Catastrophe Rate-on-Line (ROL) Index rose by only 1.2%. JLT Re's research found that only low single-digit reinsurance rate increases were seen at the June 1st 2018 ... Read the full article
Insurers must innovate to counter disruption from BigTech: World Insurance Report 2018
1st June 2018
The World Insurance Report (WIR) from Capgemini, in collaboration with Efma, has found Insurers face losing significant ground to the likes of Amazon, Google and Apple as a willingness from customers to buy insurance products from BigTech - coupled with a need for improved customer service across digital platforms - provide ... Read the full article
Guernsey capital market sector looks to partner with London
1st June 2018
Guernsey’s insurance-linked securities (ILS) sector has revealed that it aims to work closely with the developing market in London following the introduction of an ILS regime there in 2017. During a roadshow earlier this year, Guernsey practitioners learned that ILS business in London has been slow to take off, indicating that ... Read the full article
Willis Towers Watson the majority investor in insurtech Innovisk Capital Partners
1st June 2018
Innovisk Capital Partners, a new global InsurTech start-up that aims to address both the current and future fundamental changes in the insurance sector has been established, with insurance and reinsurance broker Willis Towers Watson as the majority investor. The new InsurTech partnership has been launched with technology, data and modelling core ... Read the full article
Chubb expands cyber offering, signs up to CyberCube
1st June 2018
Chubb, the world’s largest publicly traded property and casualty insurer, has rolled out comprehensive new protections for its policyholders against cyber-related incidents. Following its agreement with CyberCube, a leading provider of cyber risk analytics for the insurance industry, Chubb is able to leverage the firms’ analytical capabilities to supplement their ability ... Read the full article
Huangpu, Shanghai secures catastrophe insurance for residents: Shanghai Daily
1st June 2018
Residents and those working or travelling in the Huangpu district in Shanghai - one of the most densely populated urban districts in the world - will receive financial protection from natural disasters during 2018’s flood season thanks to a first-of-its-kind purchase of catastrophe insurance by the district government, according to ... Read the full article
Drone tech could reduce storm damage assessment costs by 40%
1st June 2018
Aerial data collection company DataWing Global has claimed that insurers could significantly reduce their response times and lower costs by 40% if they use drone technology for their damage assessments during the upcoming 2018 storm season. DataWing suggests that by working with independent drone pilots, insurers could inspect roofs and other ... Read the full article
The Hartford closes $2.75bn sale of Talcott Resolution
1st June 2018
Property and casualty insurer The Hartford has announced the completion of the previously announced sale of its run-off life and annuity businesses Talcott Resolution to a group of investors led by Cornell Capital LLC, Atlas Merchant Capital LLC, TRB Advisors LP, Global Atlantic Financial Group, Pine Brook and J. ... Read the full article
Simplitium partners with UK academics on catastrophe risk assessment
1st June 2018
Simplitium, a provider of risk analysis services, has partnered with Fathom, a global flood model provider formed out of the University of Bristol Hydrology Research Group, and has commissioned the wind hazard maps of UCL Space & Climate Physics researchers. The flood and wind hazard data sets provided by the teams ... Read the full article
ETNA Insurance Agency acquired by RightSure Insurance Group
1st June 2018
RightSure Insurance Group has completed its eleventh book of business acquisition after acquiring Tucson-based ETNA Insurance Agency in a deal effective May 21. The acquisition provides ETNA customers with free access to RATEGuard - an AI-powered insurance management platform introduced by RightSure that automatically shops up to 40 carriers in preparation ... Read the full article
SCOR announces landmark $300m Atlas Capital UK 2018 cat bond
1st June 2018
France-based reinsurance company SCOR has announced today the successful sponsorship of its new $300 million Atlas Capital UK 2018 catastrophe bond, the first of its kind following new UK legislation. The multi-year collateralised deal will protect SCOR from named storms in the U.S., earthquakes in the U.S. and Canada, and windstorms ... Read the full article
PIC announce PwC Partner Dominic Veney as new Chief Actuary
1st June 2018
London-based, specialist insurer of defined pension funds Pension Insurance Corporation (PIC) has announced the appointment of Dominic Veney as its new Chief Actuary and member of the senior management team. Responsibilities include leading the actuarial team at PIC, providing the regular reporting and analysis of the company’s financial performance across all ... Read the full article
Strong U.S. casualty market growth driven by quota shares: Munich Re’s Steve Levy
1st June 2018
The U.S casualty reinsurance market has experienced strong growth over the last few years, which has largely been driven by quota share business, according to Steve Levy, President and Chief Executive Officer (CEO) of Munich Re U.S’s Reinsurance Division. Levy explained that U.S casualty insurers are increasingly relying on reinsurance to ... Read the full article
Cyber insurance must tackle ‘hidden costs’ of franchise value impact: JLT Re
1st June 2018
JLT Re has reported that cyber re/insurance must be expanded to better account for the ‘hidden costs’ of franchise value impact following a cyber breach, which often outstrip the reported losses of affected organisations by mid to high single-digit multiples. Many re/insurers already offer cyber liability policies that account for reputational ... Read the full article
Everest Re partners with tech firm on updated safety platform ZERO
1st June 2018
Everest Re Group has partnered with technology firm Salus Systems, LLC on an updated version of its safety communication platform ZERO, a real-time sharing platform that allows employees to actively contribute to their company’s safety programme. ZERO 2.0 now includes several enhanced features, such as a comprehensive dashboard, live-chat capabilities, bulletin ... Read the full article
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