Reinsurance News
London re/insurance centre will remain unchallenged by Brexit: Aon Benfield
16th June 2017
An Aon Benfield publication on the potential impact of Brexit on re/insurers states the London specialty re/insurance centre will remain unscathed and unchallenged by EU departure, due to London-based reinsurers' not having to rely on single market access to sell solutions to European clients. This is down to the relative proportion of ... Read the full article
Reinsurance driving international growth at Qatar Insurance Company (QIC)
16th June 2017
Qatar Insurance Company (QIC) has highlighted the strong performance and growth of its reinsurance business, Qatar Re and its Lloyd's platform, Antares, as significant drivers of its international expansion and diversification. QIC's Board of Directors recently held its fourth meeting, chaired by Sheikh Khalid bin Mohammed bin Ali al-Thani, Chairman of ... Read the full article
Lack of employee knowledge threatens firms’ cyber security: Willis Towers Watson
16th June 2017
The so-called human element of the cyber equation, employees' understanding of cyber risk, was ranked by 79% of U.S. employees as the biggest barrier to firms' cyber risk management in a recent Willis Towers Watson survey. The survey revealed a massive disparity between firms' beliefs about their level of protection, and ... Read the full article
SCOR enters U.S. medical reinsurance market
16th June 2017
French insurer and reinsurer SCOR's international life and health reinsurance subsidiary, SCOR Global Life, has entered the U.S. medical reinsurance market with an experienced team based in Minneapolis, U.S. Paolo De Martin, Chief Executive Officer (CEO) of SCOR Global Life, said; "We are a market leader in US life reinsurance and ... Read the full article
Disaster re/insurance proving vital in Africa but continent must be proactive: ARC
16th June 2017
Dolika Banda, Chief Executive Officer (CEO) of the African Risk Capacity Insurance Company Ltd. (ARC Ltd), the insurance mutual of the African Risk Capacity (ARC), has called for a more proactive response across Africa in the face of climate and weather related catastrophes, reports The Nigerian Voice. ARC, Africa’s sovereign parametric catastrophe insurance ... Read the full article
Reinsurers shift from quota share arrangements to directly acess cyber risk: Aon Benfield
16th June 2017
Evolving consumer demand and increased regulation and awareness of cyber risk are driving an expected near-term exponential market growth, and reinsurers who have so far cautiously tread into the cyber space through quota share arrangements with insurers are making bolder moves to directly take on the risk, Aon Benfield said ... Read the full article
AIG utilises blockchain for “smart” insurance solution pilot
16th June 2017
Global insurer American International Group (AIG) and Standard Chartered have partnered with International Business Machines Corp (IBM) to create a "smart" insurance solution that utilises blockchain technology to make complicated insurance policies much simpler. AIG and UK-based international bank Standard Chartered have now completed a blockchain pilot, using the open-source Hyperledger Fabric protocol, which was built ... Read the full article
£3.5 billion loss for UK car insurers in 2016 after Ogden rate change: EY
15th June 2017
EY has estimated the overall Odgen rate change cost to insurers and reinsurers at £3.5 billion in 2016, contributing to a predicted motor premium rate increase of 9% this year. Approximately £2.4 billion of losses have been publicly disclosed to date, following the rate change. Tony Sault, UK General Insurance Market Lead at ... Read the full article
Hamilton reveals senior role changes in its Bermuda operations
15th June 2017
Hamilton Insurance Group has announced two senior role changes in its Bermuda operations, with Keith Bernhard taking on the role of Chief Audit Officer, and Wendy Davis Johnson assuming the role of Chief Communications & Culture Officer. The Bermuda-based insurer and reinsurer announced that Bernhard has responsibility for the development and execution of a ... Read the full article
United more likely to call on reinsurance after $20 million losses
15th June 2017
United Insurance Holdings (UPC) has announced second quarter pretax losses of about $20 million, meaning any future losses up to another $30 million will automatically be ceded to reinsurers, as its catastrophe aggregate reinsurance programme retention of $30 million has now been blown. The firm's catastrophe aggregate reinsurance programme provides cover for up ... Read the full article
Re/insurers investment in tech to increase with focus on AI: Moody’s
15th June 2017
The Internet of Things (IoT) and Artificial Intelligence (AI) are becoming focal points for re/insurance investment, after 90% of firms said they'd successfully incorporated technologies to improve digital consumer engagement and Big Data use, according to a Moody's survey of 18 of Europe's biggest re/insurers. "In recent years, many groups have ... Read the full article
Reinsurers in Florida advised caution over AOB epidemic: Hiscox Re
15th June 2017
If the Assignment of Benefits (AOB) epidemic sweeping Florida continues unchecked, insurers with weaker capitalisation could see rating downgrades or be put out of business entirely, while reinsurers' credit risk skyrockets, Bevis Tetlow, Chair of Hiscox Re’s North America business warned. Florida insurers have been struggling to keep their head above ... Read the full article
Swiss Re appoints D’Andrea to Italy CEO, as Coletta takes EMEA run-off role
15th June 2017
Global reinsurance specialist Swiss Re has appointed Daniela Read the full article
Munich Re leads Grenfell Tower reinsurance, fire loss seen at £25m+
15th June 2017
The insurer of the Grenfell Tower apartment building in London's Royal Borough of Kensington and Chelsea, that was the site of a tragic fire this week, has said that the insurance loss is anticipated at over £25 million ($31.8m) and said that Munich Re is its lead provider of reinsurance. The ... Read the full article
Bruce Carnegie-Brown starts as Lloyd’s Chairman today
15th June 2017
Bruce Carnegie-Brown has formally begun his position as the Chairman of the Lloyd's of London specialist insurance and reinsurance market today. Carnegie-Brown takes over from the outgoing John Nelson who has retired from the position. Carnegie-Brown commented on the appointment; “I am very excited to get started. In the months since my ... Read the full article
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