Reinsurance News
Surplus lines market remains “solid” despite 2016 underwriting loss: A.M. Best
12th September 2017
U.S. domiciled surplus lines insurance companies recorded modest premium growth in 2016 combined with an underwriting loss for the second consecutive year, although solid investment income helped the sector record net income of $2.2 billion, according to A.M. Best. Sluggish growth in certain industries and the increasingly competitive landscape, saw underwriters ... Read the full article
Assurant sees up to $140mn Harvey loss, Irma to stay within reinsurance program
12th September 2017
Assurant has announced that it expects hurricane Harvey to result in an estimated pre-tax catastrophe loss of between $134 million to $140 million within its third-quarter results, net of reinsurance. Following the devastating impact of hurricane Harvey in the U.S., companies and the global insurance and reinsurance industry will start to ... Read the full article
“Cyber probably not insurable,” Swiss Re CEO
12th September 2017
While cyber cover has often been heralded as one of the biggest re/insurance opportunities of the future, the Chief Executive Officer (CEO) of reinsurer Swiss Re, has a very different take on the realities of the emerging risk, saying that despite the hype he remains "extremely skeptical about cyber.” Speaking at ... Read the full article
DARAG completes Israeli reinsurance transaction
12th September 2017
Legacy acquirer DARAG has completed an Israeli reinsurance transaction and has received regulatory approval for the acquisition of Ikano Försäkring AB. DARAG finalised the transaction in cooperation with brokers Guy Carpenter and Resolutions Reinsurance Broker DARAG, a leading European legacy acquirer, today announces completion of a pioneering Israeli reinsurance transaction and, both ... Read the full article
Re/insurers’ ignoring certain exposures & soft market creates “perfect storm”, warns XL Catlin
12th September 2017
The absence of a major landfalling hurricane in the state of Florida and across the U.S. has seen some insurers and reinsurers turn a blind eye to certain exposures, which, combined with the ongoing soft market conditions creates "a perfect storm of its own," according to Wade Stier, Underwriter, U.S. ... Read the full article
Harvey to be one of costliest disasters to hit the U.S. on record: Aon Benfield
12th September 2017
Reinsurance broker Aon Benfield's catastrophe risk modelling unit, Impact Forecasting, has said that hurricane Harvey is most likely to be one of the costliest natural catastrophe events on record in the U.S. As part of the unit's latest catastrophe recap report, which looks at the month of August, 2017, hurricane Harvey ... Read the full article
AI could “fundamentally close a lot of the protection gap,” Swiss Re CEO Mumenthaler
12th September 2017
The Chief Executive Officer (CEO) of reinsurance giant Swiss Re, Christian Mumenthaler, believes advanced technology, such as artificial intelligence (AI), can help to close the global protection gap. Addressing an audience during the PwC breakfast at the 2017 meeting of the reinsurance industry in Monte-Carlo, Mumenthaler spoke about the increased digitisation ... Read the full article
Hannover Re expects renewal price increase for hurricane hit areas
12th September 2017
As Hannover Re prepares for upcoming renewals, the reinsurance giant believes the uncertainty left by hurricanes Irma and Harvey will push up prices for segments of North American business as well as create new opportunities for reinsurance as the devastated regions' economic losses highlight the U.S. flood protection gap. Hannover Re ... Read the full article
PERILS based limits up 17% driven by Australia and Turkey
11th September 2017
Catastrophe insurance data provider PERILS AG said its recorded limits at risk are up 17% from a year ago at $3.1 billion after the firm added Australia and Turkey to its covered territories. Out of the total PERILS-based limits at risk, U.S. $3 billion cover Europe, U.S. $1.38 billion cover Australia ... Read the full article
InsurTech investments up as reinsurers embrace collaboration: PwC
11th September 2017
The global reinsurance industry increasingly views the InsurTech space as an opportunity, as its sentiment shifts from "fear to bullishness" and collaboration replaces scepticism, according to a new survey from PwC. During the second-quarter of 2017 investment in InsurTech by insurers, reinsurers, and also venture capital firms increased by a huge ... Read the full article
Insurers benefit from spectrum of reinsurance solutions: Guy Carpenter
11th September 2017
Reinsurance purchasing strategies have shifted from capital protection to a focus on managing volatility and de-commoditising solutions as cedants continue to seek out stability and growth from the ‘vibrant’ array of market solutions, according to Guy Carpenter executives President James Nash and Managing Director Julia Chu. The Guy Carpenter executives commented ... Read the full article
Irma and Harvey will drive uncertainty at renewals: Munich Re’s Jeworrek
11th September 2017
In the middle of the 2017 hurricane season weather conditions are causing high intensity storms and hurricanes to form in the Atlantic basin, and with the industry still waiting for the tally from Harvey and now Irma, reinsurers will have to go into renewals under a cloud of "uncertainty." Speaking at ... Read the full article
U.S. insured Irma loss up to $40 billion: AIR Worldwide
11th September 2017
International catastrophe risk modeller, AIR Worldwide, has released an insurance industry loss range estimate for the U.S. for hurricane Irma, of between $20 billion and $40 billion. AIR underlines that the estimates are based on the NHC's Sunday, September 10th, 5pm EDT forecast. Exposure value in coastal counties along the Gulf Coast ... Read the full article
Reinsurance industry must “step up to the occasion,” says Christian Mumenthaler
11th September 2017
In light of the devastation caused by hurricane Irma, Swiss Re Chief Executive Officer (CEO), Christian Mumenthaler, speaking at the 2017 meeting of the reinsurance industry in Monte-Carlo, called for the global reinsurance industry to step up and do what it's here for. During the PwC event in Monte-Carlo earlier this ... Read the full article
B3i launches market testing programme for re/insurance blockchain prototype
11th September 2017
B3i, the blockchain Insurance Industry Initiative, launched a market beta-testing programme for its newly developed blockchain driven platform for reinsurance transactions at the Monte Carlo RVS conference. All insurance industry participants have been invited to join in B3i's market beta-testing programme for the prototype which is set to begin from October. The ... Read the full article
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