Reinsurance News

Reinsurers warned over financial impact of corporate reputational loss

15th January 2018

Corporate reputational crises could have a massive financial impact in 2018, due to the potential for a market correction to expose firms that have suffered reputational losses but have remained artificially shielded by the umbrella of the recent stock market rise, according to research conducted by Steel City Re. A number ... Read the full article

Retro-reinsurance market to be hit with large portion of HIM losses: A.M. Best

12th January 2018

Due to the aggregation of losses from hurricanes Harvey, Irma, and Maria (HIM) the retro-reinsurance market is expected to cover much of the HIM losses, significantly impacting reinsurers earnings but falling short of a capital event, according to A.M. Best. Property/Casualty re/insurers with the biggest HIM reported net losses are; Lloyd's of ... Read the full article

GIG-Egypt renews reinsurance deal with Hannover Re

12th January 2018

Egypt’s Arab Misr Insurance Group (GIG) has renewed a one-year reinsurance deal with Hannover Re under the same conditions and retention rates of last year, the Amwalalghad reported. The Egyptian Life Takaful Company is the first established Takaful life insurer in the Egyptian market, and boasts a good business profile across Egypt's insurance market. Last ... Read the full article

Companies’ uptake of standalone cyber insurance to surge in 2018

12th January 2018

In 2018 uptake of standalone cyber insurance policies is expected to surge as companies respond to the growing cyber threat and regulators more strictly enforce and coordinate cybersecurity regulations, according to Aon's 2018 Cybersecurity Predictions report. As firms increasingly feel the heat of cyber attacks with reduced earnings, operational disruption and ... Read the full article

IRDAI reinsurance framework to continue protectionist policy but with exemptions

12th January 2018

The Insurance Regulatory and Development Authority of India (IRDAI) said in an exposure draft on reinsurance regulation that Indian reinsurers will continue to get order of preference for placing business, but the legislation will be waived for a number of major insurance lines. First preference is to be given to Indian reinsurers ... Read the full article

European reinsurers best placed to benefit from a flight to quality at renewals: Deutsche Bank

12th January 2018

Europe's big four reinsurance players are in a good starting position for the 2018 renewals and Deutsche Bank analysts expect the reinsurers to benefit from a flight to quality during renewals, as clients rethink their reinsurance programmes. In spite of the prolonged softened reinsurance marketplace and the huge level of catastrophe ... Read the full article

LSM names Renske Franke-le-Clercq as Head of European Commercial & Specialty Claims

12th January 2018

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has named Renske Franken-le-Clercq as Head of European Claims for Commercial and Specialty business. Based in The Hague, Renske will join LSM’s claims leadership team reporting to Mike Gillett, Head of Claims for LSM, and to Kadidja Sinz, Head of Europe ... Read the full article

U.S. life insurers can expect mixed impact from tax reforms: Fitch Ratings

12th January 2018

Fitch Ratings has said that the U.S. tax reforms set to come into effect in 2018 will have both positive and negative impacts for domestic life insurers, but warned that a cut in the corporate tax to 21% could result in players using less offshore reinsurance. Essentially, Fitch warns that U.S. ... Read the full article

JLT appoints Lucy Clarke to CEO of JLT Specialty

12th January 2018

Jardine Lloyd Thompson (JLT) has appointed Lucy Clarke to Chief Executive of the group’s worldwide insurance broking activities, with the title Global Chief Executive Officer (CEO) of JLT Specialty. The appointment is effective from the beginning of April 2018; the remit of this new role covers all JLT's business activities except ... Read the full article

Zurich appoints Carsten Schildknecht as CEO Germany

12th January 2018

Carsten Schildknecht has been appointed as the new Chief Executive Officer (CEO) of Zurich Insurance Group's Germany operations, after the existing CEO Marcus Nagel announced he would be stepping down. Schildknecht worked at Generali Group from 2013 to 2016 as Group Chief Operating Officer and a member of the insurers Management ... Read the full article

Weather network & analytics provider Understory announces U.S. expansion plans

12th January 2018

Weather network and analytics provider Understory has announced plans to expand its national coverage to over 90% of U.S. weather catastrophes, growing its network from 500 to 5,000 sensors a ten fold increase by the end of 2019. “The insurance industry has never been able to access such geospatially-specific data on storm-related ... Read the full article

Verisk’s ISO business expands personal lines flood insurance programme

12th January 2018

Verisk has launched a new personal lines flood insurance program designed to make flood coverage widely available to homeowners anywhere in the United States through its ISO business. "The floods of recent years have highlighted the inadequacy or complete lack of coverage for many Americans, including those who didn't think they ... Read the full article

U.S. surety reinsurance soft market terms continue into 2018

12th January 2018

U.S. Surety reinsurance risk adjusted rate reductions have continued into the start of 2018 with the market still characterised by abundant capacity, however, rate reductions were lower than those of previous years due to some price increases seen in loss affected programmes, according to Willis Re. Some loss affected treaties renewed ... Read the full article

California mudslide losses will reach into tens of millions: Aon

12th January 2018

The devastating mudslides that struck southern California after torrential rains are likely to cause an economic loss of over $100 million and insured losses of at least tens of millions of dollars, according to an Aon Benfield division. The latest weekly catastrophe recap report from Aon Benfield's Impact Forecasting unit explains ... Read the full article

Lloyd’s Market Association names leadership of Claims Committee

12th January 2018

The Lloyd's Market Association (LMA) has appointed Tony Rai as Chair and Hannah Purves as Deputy Chair of the LMA Claims Committee (LMACC), each will serve two year terms with effect from 31 January 2018. Rai, the current Head of London Market Claims for Hiscox is set to replace outgoing chair, Anthony Hobkinson; Purves ... Read the full article

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.