Reinsurance News
Situation in London & other re/insurance markets unsustainable: Argo CEO Watson
10th September 2017
The situation in London and similar insurance and reinsurance markets is "unsustainable" as soft pricing, excess capital and high competition are leading underwriters to make decisions they may regret, according to Argo Group CEO Mark E. Watson III. In a letter to shareholders Argo CEO Watson recognises the tough re/insurance market ... Read the full article
Recent events will see reinsurance industry “shaken up,” says SCOR’s Kessler
10th September 2017
Speaking at the annual meeting of the reinsurance industry in Monte-Carlo, Denis Kessler, the Chairman and Chief Executive Officer (CEO) of SCOR, said the industry is going to be shaken up by the impacts of hurricane Harvey and hurricane Irma. After devastating parts of the Caribbean, Cuba and the Bahamas, hurricane ... Read the full article
We love cyber. But how do we bring more into the reinsurance market?
10th September 2017
Cyber risk is a hot topic for the insurance and reinsurance industry, perhaps the highest profile of the new lines of business everyone would like to break into. But to date, the industry has been a little tentative at assuming too much cyber risk, something that can change according to ... Read the full article
Technology and government initiatives key to emerging markets: Swiss Re
10th September 2017
Innovative use of insurance platforms, technology, and government initiatives have been key to getting markets off the ground in emerging regions, said Swiss Re Chief Economist Kurt Karl and CEO of Asia reinsurance, Jayne Plunkett, at the reinsurance industry's annual meeting in Monte Carlo. While governments are often the catalyst for ... Read the full article
Massive opportunity for reinsurance industry to shine: John Cavanagh, Willis Re
10th September 2017
In light of hurricane Harvey and the potential impact of hurricane Irma, John Cavanagh, the outgoing Chief Executive Officer (CEO) of Willis Re, highlighted the "massive" opportunity the reinsurance industry has to show what it can do. "This is a massive opportunity for us, as a reinsurance industry, to shine," said ... Read the full article
Large reinsurance agreements impact performance of U.S. life/annuity sector in 2017
10th September 2017
The U.S. life/annuity market recorded net income of $18.5 billion in the first-half 2017, compared with a $2.6 billion net loss for the same period in 2016. Results that A.M. Best says were significantly impacted by the effects of large reinsurance agreements over the last two years. Global ratings agency A.M. ... Read the full article
Willis Re survey highlights uncertainty of silent cyber exposures
10th September 2017
A recent survey by the reinsurance arm of brokerage Willis Towers Watson, Willis Re, reveals that over the coming year the risk of "silent cyber" exposure has the potential to increase, although uncertainty remains across the risk transfer industry. Silent cyber refers to potential cyber-related losses from an insurance policy not ... Read the full article
Despite improvements in Q2, reinsurers’ income to fall in 2017: Moody’s
10th September 2017
Despite reinsurers' earnings increasing in the second-quarter of 2017 and an improved median combined ratio, on the back of lower catastrophe losses and high reserve releases, year-on-year, Moody's analysts expect combined returns to decline for its cohort of reinsurance companies for the remainder of 2017. For the 12 months ending June ... Read the full article
Hurricane Irma could drive higher insured losses than Harvey, warns S&P
10th September 2017
While the potential impact of hurricane Irma on the state of Florida remains uncertain as the storm tracks towards the U.S. coast, Standard & Poor's (S&P) has warned that the insured loss could "much higher" than that seen with hurricane Harvey. In a recent report, global ratings agency S&P has warned ... Read the full article
Insurance industry loss from Irma could reach $65 billion: AIR Worldwide
9th September 2017
Global catastrophe risk modeller, AIR Worldwide, has released an estimate for the insurance industry loss for Hurricane Irma for the U.S. and selected Islands in the Caribbean, of between $20 billion and $65 billion, combined. For the U.S., AIR Worldwide estimates an insurance industry loss of between $15 billion and $50 ... Read the full article
Projected Irma path suggests “majority of reinsurers” will experience losses: A.M. Best
9th September 2017
Although some uncertainty regarding the intensity of hurricane Irma and the storms track as it approaches Florida, A.M. Best warns that the majority of reinsurers will incur losses from the event. Irma, currently a Category 4 storm, which has already battered parts of the Caribbean and is expected to maintain ... Read the full article
Private re/insurance loss from hurricane Harvey $18-25bn: RMS
9th September 2017
Private re/insurance market insured Hurricane Harvey losses for wind, storm surge and inland flood damage across Texas and Louisiana are estimated to reach about $18-25 billion, according to RMS. The risk modeller estimated total insured losses, including the government's National Flood Insurance Programme (NFIP), at $25 to $35 billion, with an ... Read the full article
8.5 million Florida properties at “significant risk” from Hurricane Irma: CoreLogic
9th September 2017
About 8.5 million Florida properties are at significant risk of potential wind damage from Hurricane Irma, according to Analytics and data-solutions provider, CoreLogic. Data analysis released yesterday shows an estimated 8.5 million residential and commercial Florida properties are at either "Extreme", "Very High" or "High" risk of Hurricane Irma wind damage. Furthermore, some ... Read the full article
Insured Irma losses for French Islands reach €1.2 billion: CCR
9th September 2017
Insured losses from widespread flooding and damage after Hurricane Irma hit Saint Martin and Saint Barthelemy Islands has reached roughly €1.2 billion (approx US$1.44bn), according to preliminary CCR estimates. This loss estimate is for insured losses covered by the French Natural Disaster scheme from damage to residential buildings, vehicles and businesses, ... Read the full article
Floridian re/insurers at risk of “notable financial strain” from Irma: Fitch
9th September 2017
As hurricane Irma maintains its track towards the state of Florida, U.S., Fitch Ratings has warned of the potential impact the storm could have on the Florida insurance and reinsurance market. Hurricane Irma is on track to hit Florida on Sunday morning, September 10th, 2017, potentially as a Category 4 ... Read the full article
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