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Cyber coverage to grow fastest in retail and manufacturing industries

17th November 2017

The cyber insurance market has been forecast to reach almost $17 billion by 2023, growing over 20% CAGR between 2017-2023, according to P&S Market Research Global. The Banking Financial Services and Insurance (BFSI) sector has been the largest consumer of cyber insurance, as these companies are more prone to cyber-attacks - ... Read the full article

Florida experts say reinsurance pricing could rise by 10%

17th November 2017

Florida experts believe reinsurance pricing in the $500-$700 million market could rise by 10%, according to the Buckingham Research Group. Kapil Bhatia, head of Raymond James’ Insurance Advisory Group, noted that while a meaningful change doesn't appear to be on the cards for Citizens book, reinsurance pricing for companies primarily domiciled in Florida ... Read the full article

U.S. life insurance sector outlook revised from negative to stable

17th November 2017

The U.S. life insurance sector outlook has been revised from negative to stable by Moody's Investors Service, reflecting the segment's strong capitalisation, equity markets and low asset defaults. After demonstrating resilience in the face of a low-interest rate environment, life insurers are expected to see revenue and capital improvement supported by ... Read the full article

Extratropical Cyclone Xavier insured loss tops $342 million: PERILS

17th November 2017

Catastrophe data loss aggregation and estimation firm, PERILS AG, has provided an initial insured property market loss estimate of €291 million (roughly US$342mn) for extratropical Cyclone Xavier. Xavier mostly affected Germany on October 5th, 2017, developing very early in the European winter storm season, claiming seven lives in the country as ... Read the full article

Lloyd’s needs to disrupt itself rather than be disrupted: Hancock

17th November 2017

The Lloyd's insurance and reinsurance market faces numerous challenges, from an extremely competitive business environment, to the threat posed by new re/insurance market entrants, but it needs to embrace disruption, according to Jon Hancock. Speaking at an A.M. Best industry event in London this week, Jon Hancock the Performance Management Director ... Read the full article

AIR says California wildfires to cost re/insurers up to $10.5 billion

17th November 2017

Catastrophe risk modelling firm AIR Worldwide has updated its estimate for insurance and reinsurance market losses from the recent California wildfires, saying they are expected to be in a range from $8 billion to $10.5 billion. Having completed a recent damage survey, received new information about policy terms, and re-examined the ... Read the full article

Investment returns highlight divergence in hedge fund reinsurer performance

16th November 2017

The performance of hedge fund backed reinsurers Third Point Re and Greenlight Re continues to diverge, while investment returns remain the driver of profitability for market participants that adopt a total-return strategy. Investment-oriented reinsurance companies, such as Third Point Re and Greenlight Re, seek to bolster poor underwriting returns by optimising ... Read the full article

Compre to acquire assumed non-life reinsurance portfolio from Allianz Versicherungs

16th November 2017

Compre, the insurance and reinsurance legacy specialist, has announced its seventh acquisition of the year, agreeing to purchase a portfolio of assumed non-life reinsurance business from Allianz Versicherungs. Originally, the business was underwritten by Vereinte Versicherung AG and its legal predecessors, and has been discontinued since the late 1990s. The transaction fee ... Read the full article

Re/insurers to shift from products to platforms with cloud technology

16th November 2017

Insurance technology software provider, Majesco, said a new generation of cloud business platforms, Digital Insurance 2.0, are the stage from which re/insurers will achieve the digitisation of internal processes as well as bring new digital insurance solutions into the market, in its latest report on the capabilities of cloud platforms ... Read the full article

Allstate sees pre-tax California wildfire losses of $452 million

16th November 2017

Primary insurance giant, Allstate, has revealed that the five October wildfires that occurred in California accounted for approximately 90% of the firm's monthly catastrophe losses, totalling roughly $452 million. Allstate has announced pre-tax catastrophe losses for the month of October of $516 million, which includes losses from 11 events totalling $502 ... Read the full article

Europe’s big four hit with record Q3 losses but capitalisation remains strong: Fitch

16th November 2017

The capitalisation of Europe's big four reinsurers remains strong, despite a heavy hit to earnings after significant claims from hurricanes Harvey, Irma and Maria (HIM), the Mexico earthquakes and the California wildfires could make Q3 a record year for reinsurers' catastrophe losses. Rating agency Fitch said that while all four reported significant ... Read the full article

National Mortgage Insurance gets new quota share reinsurance for 2018

16th November 2017

NMI Holdings, Inc., the parent of National Mortgage Insurance Corporation, said today that its mortgage insurer subsidiary has already arranged a new quota share reinsurance arrangement for 2018, subject to approvals. National Mortgage Insurance Corporation has entered into an agreement on a new quota share reinsurance treaty with a panel of ... Read the full article

Brand strength to drive re/insurance M&As in digital age: Willis Towers Watson

16th November 2017

Brand strength is expected to be the strongest driver of M&A deals over the next three years, reflecting the re/insurance industry’s transition to digital sales, which require a strong, recognizable brand, according to a survey by Willis Towers Watson and Mergermarket. The survey shows the most powerful motivation for undertaking an ... Read the full article

Milliman to design new flood risk rating plan for NFIP

16th November 2017

The Federal Emergency Management Agency (FEMA) has selected flood risk innovator Milliman to design a new rating plan for National Flood Insurance Programme (NFIP) policies nationwide. The U.S. government programme to provide homeowners with flood insurance, NFIP, has recently been reauthorised and is undergoing reforms after it was hit with an ... Read the full article

Insurers warned they’re becoming less ‘relevant’ to UK power sector

16th November 2017

The UK power sector has warned London insurers they're losing relevance to their customers with overly complex products that fail to provide value for money. In a panel discussion at a recent Onshore Energy Conference in London, Gustavo Penas, Shell Vice President of Risk & Insurance, spoke of how the operating ... Read the full article

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