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Reports of extensive damage from Greece & Turkey earthquake: AIR Worldwide

24th July 2017

Risk modelling firm AIR Worldwide said that extensive damage has been reported from an M6.7 earthquake that struck 10.3 km south-southeast of Bodrum, Turkey, in the Aegean Sea on 20th July 2017, with damage seen in the area of Bodrum, Turkey, and the Greek island of Kos. Both areas affected are ... Read the full article

Evolving business models and risks are “massive opportunity”: Inga Beale

24th July 2017

Lloyd's CEO Inga Beale said in an interview with Pia Tischhauser, a BCG senior partner and the firm’s insurance segment global leader, that as the new digital economy causes businesses in all sectors to re-examine and change business models, an evolving set of risks is emerging that constitute the next ... Read the full article

UK & Germany praised for efforts to reduce protection gap in emerging regions

21st July 2017

Intentions of the UK partnership with the World Bank Group and Germany to establish a Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions, has been praised by the Insurance Development Forum (IDF), the United Nations Development Programme (UNDP), and global re/insurers. Expanding on the announcement that the Read the full article

Re/insurers application of InsurTech growing: Report

21st July 2017

Application of InsurTech to re/insurance has seen a considerable shift this year, moving out of its fledgling stages of development into what could be considered an intermediate level of adaptation to technology and Artificial Intelligence (AI), Startupbootcamp InsurTech said in its latest tech trends report, issued in association with PwC after gathering ... Read the full article

Blue Marble agrees microinsurance deal for Nature Conservancy programme in Latin America

21st July 2017

The Nature Conservancy and Blue Marble Microinsurance have announced an agreement to embed insurance protection into ecofriendly Silvopastoral Systems in Latin America. The Silvopastoral system minimises greenhouse gas emissions from cattle ranching - reportedly one of the highest contributors to global warming - helping to prevent climate change and create sustainable ... Read the full article

Lloyd’s introduces new measures for faster post-Market Turning Event response

21st July 2017

Lloyd's has revealed new measures to facilitate faster response in case of a market turning-event (MTE) as it aims to improve market support with "smarter, stronger" oversight. Lloyd’s said it would focus on shortening the review and agreement process of business and capital plans, allowing syndicates to respond more effectively to ... Read the full article

Generali sells Colombian business to Talanx for €30 million

21st July 2017

International insurer, Generali Group, has announced the signing of an agreement to sell its Colombian business to the Talanx Group for roughly €30 million (roughly US$35mn), and the completed sale of its stake in Aseguradora General S.A. Talanx, a large German insurer and the parent of reinsurer Hannover Re, will acquire ... Read the full article

Inaugural IFTRIP a defining moment for terror risk pools: Pool Re’s Enoizi

21st July 2017

Speaking ahead of the inaugural International Forum of Terrorism Risk Pools' (IFTRIP) conference, held in Paris on June 28th, 2017, Pool Re Chief Executive Officer (CEO), Julian Enoizi said that as the first formal collaboration event between the world's terrorism re/insurance entities it would be a defining moment for national ... Read the full article

Hannover Re completes acquisition of Lloyd’s focused Argenta Holdings

21st July 2017

German reinsurance firm Hannover Re has announced the completion of its acquisition of Lloyd's of London focused player Argenta Holdings Limited, which gives the reinsurer a ready-made syndicate and Lloyd's private capital manager. The acquisition, which was completed yesterday and is effective today, sees Hannover Re gain a Lloyd's syndicate manager ... Read the full article

Higher catastrophe losses dent Travelers’ Q2 performance

21st July 2017

High levels of both catastrophe and non-catastrophe weather losses saw insurer Travelers record lower net income in the second-quarter of 2017 when compared with the previous year, while the insurer's combined ratio weakened to 96.7%. The firm has reported pre-tax catastrophe losses, net of reinsurance, of $433 million for the second-quarter ... Read the full article

Q2 result expected to keep Munich Re on track for 2017 profit ambition: J.P. Morgan

21st July 2017

Munich Re is expected to record increased first-half 2017 profits of roughly €1.45 billion (US$1.67 billion) driven by a strong Q2, which suggests the reinsurer is on track to meet its full-year 2017 €2 billion - €2.4 billion (US$2.31 billion - US$2.66 billion) net profit ambition, according to analysis from J.P. ... Read the full article

Proportion of 2017 cat losses covered by re/insurance up 10%: Aon

20th July 2017

The first-half of 2017 brought catastrophe losses to the global economy of $53 billion, 42% of which, or $22 billion was covered by re/insurance protection, according to Aon Benfield unit, Impact Forecasting's latest catastrophe report. 76% of total global catastrophe losses were from U.S. events, making the U.S. the only region ... Read the full article

B3i to launch blockchain reinsurance platform at Monte Carlo RVS 2017

20th July 2017

The Blockchain Insurance Industry Initiative, better known as B3i, is going to launch and present its blockchain reinsurance platform, showing a prototype smart contract management system at the 2017 Monte Carlo Rendez-Vous. B3i is an initiative with 15 members that are all leading firms in the insurance and reinsurance industry. ... Read the full article

U.S. acres burned by wildfires in H1 2017 up 34%, says Verisk

20th July 2017

Verisk Insurance Solutions, a Verisk Analytics company, has produced data that highlights the potential for significant wildfire risk across the U.S., with 4.5 million homes in the country at high or extreme risk of wildfire. Verisk has published its 2017 FireLine State Risk Reports, which examine wildfire exposure in 13 states ... Read the full article

UK motor premiums soar at highest ever levels following Ogden rate change

20th July 2017

Motor premiums for UK re/insurers have risen at a faster rate than ever before, up by 11% from this time last year as the industry adjusts to the Ogden rate hike by passing on its increased costs to policyholders, according to the Association of British Insurers’ (ABI) Motor Premium Tracker. The ABI ... Read the full article

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