Reinsurance News
Typhoon Nanmadol insured loss lower than initially feared at $773m, says PERILS
1st November 2022
Typhoon Nanmadol, which impacted southern Japanese islands Kyushu and Shikoku as well as the western and central regions of Japan's main island of Honshu in September, is estimated to have caused an insured market loss of roughly USD 773 million (JPY 114 billion), according to an initial estimate from PERILS. The ... Read the full article
Ransomware remains top cyber risk for organisations globally, says Allianz
1st November 2022
According to an Allianz Global Corporate & Specialty cyber report, ransomware remains a top cyber risk for organisations globally, while the threat of state-sponsored cyber attacks grows. There was a record 623 million attacks in 2021, which was double that of 2020, says Allianz. It also notes that despite the frequency reducing ... Read the full article
ICMIF launches new insurance sustainability impact quantification tool
1st November 2022
The International Cooperative and Mutual Insurance Federation (ICMIF) has launched a tool to quantify insurance sustainability impact against the Insurance Sustainable Development Goals (iSDGs). Described as the first tool of its kind, the ICMIF-calibrated Insurance SDG Calculator was developed by the Swiss Re Institute under the UN Principles for Sustainable Insurance ... Read the full article
SCOR partners with Bowtie and Take2 on cancer screening solution
1st November 2022
Global reinsurer SCOR has partnered with Hong Kong's first virtual insurer Bowtie and Take2, a healthcare and biotech company, to develop an innovative cancer screening solution. According to the announcement, Bowtie will sponsor 1,300 of its selected life insurance customers within the age group of 40 - 60 to conduct the ... Read the full article
AURIGON welcomes two new Partners
1st November 2022
European consultancy firm for the re/insurance industry, AURIGON Advisors, has announced the appointment of two new Partners in Italy and Central and Eastern Europe (CEE). Aurel Fratila, former insurance executive and actuary will cover France and CEE as Local Partner CEE, whereas Prof. Antonino Barletta will join our team as Local ... Read the full article
Eliot Partnership appoints Jenni Smith and George Kesselman to new roles
1st November 2022
Executive search firm Eliot Partnership has appointed Jenni Smith and George Kesselman to the respective roles of senior advisor and special advisor for insurtech. The firm said that Smith will be based in Sydney and will work with Graeme Young, who leads the ANZ region, and Ricarda Simon, senior partner and ... Read the full article
AM Best maintains negative outlook on Indonesia non-life market
1st November 2022
Global credit rating agency AM Best has announced it is maintaining its negative outlook on the Indonesia non-life insurance market. According to the agency this decision is mainly due to challenges in credit and motor insurance and ongoing macroeconomic uncertainties. Claims frequency normalisation, which has the potential to dampen the segment’s ... Read the full article
Swiss Re highlights need for solutions to digitalisation risks
31st October 2022
In Swiss Re's 'the perfect remedy for the risks posed by digitalisation' report, Group Chief Digital & Technology Officer, Pravina Ladva, and Antonio Grasso, digital entrepreneur, author, and founder & CEO, discuss how digital solutions can mitigate the risks of digitalisation. Grasso observes that while digitalisation has brought many benefits, it ... Read the full article
Kin receives $145mn in debt financing
31st October 2022
Growing homeowners insurtech company, Kin, has announced the closing of a $145 million committed credit facility. The facility, which was led by Runway Growth Capital LLC and the Avenue Venture Opportunities Fund, L.P. will provide Kin with additional capital to support the expansion of the Kin Interinsurance Network, a reciprocal exchange. Runway ... Read the full article
V20 & G7 to jointly launch Global Shield against Climate Risks at COP27
31st October 2022
The V20 Group of Finance Ministers from climate-vulnerable economies and the G7 Presidency have announced they have reached an agreement on financial protection cooperation, to launch the Global Shield against Climate Risks at COP27. According to a joint press release of V20 and the German Ministry for Economic Cooperation and Development, ... Read the full article
Reask appoints new Climate Science Advisor
31st October 2022
Climate analytics and technology driven risk modelling firm Reask, has appointed Daniel Swain, PhD, as Climate Science Advisor as the company expands perils covered by its global climate connected technology. According to the announcement, Reask’s new advisor will provide academic oversight of existing technology and advise in the development of its ... Read the full article
FutureProof expands team to support Florida E&S homeowners product launch
31st October 2022
FutureProof Technologies has announced two key hires to support the launch of a Florida E&S homeowners product through its algorithmic underwriting MGA. Andrea Ferrari joins FutureProof as Director of Underwriting, while Michael DSouza joins as Director of Catastrophe and Portfolio Management. FutureProof notes that Ferrari brings extensive experience from underwriting both admitted ... Read the full article
Integration process of Lloyd’s European network completed
31st October 2022
Lloyd’s has announced the transfer of Lloyd’s Italian Branch to Lloyd’s Insurance Company (LIC) concluding the integration of the European network into LIC, a post-Brexit move to consolidate Lloyd's European business. The UK’s exit from the European Union meant British insurers like Lloyd’s were no longer able to underwrite EU risks ... Read the full article
Verisk sells energy business Wood Mackenzie to Veritas for £3.1bn
31st October 2022
Global data analytics provider Verisk has announced plans to sell its energy business, Wood Mackenzie, to Veritas Capital for $3.1 billion as it continues to shift its focus towards becoming a pure-play re/insurance business. Having joined Verisk in 2015, Wood Mackenzie provides data, analytics, and insights to support the energy, ... Read the full article
Fitch revises Allstate’s rating outlook to negative
31st October 2022
Fitch Ratings has revised the Rating Outlook of US primary insurer Allstate from stable to negative. Fitch states that the outlook revision to Negative primarily reflects sharp deterioration in 9M22 underwriting results, compared to rating sensitivities, declines in statutory capital and adverse revisions to prior reserves outside of expectations. The ratings agency ... Read the full article