Reinsurance News
“Insurers need to be more active to help cyber sector grow” – Coalition CEO
15th July 2022
Insurers needs to help customers with their cybersecurity if the sector is to grow, said Joshua Motta, CEO and cofounder of Coalition. Speaking at the Marsh McLennan Rising Professionals’ Global Forum in London, Motta said that the insurance market has not excelled on the cyber underwriting front in recent years. He said: ... Read the full article
US personal accident insurance grew by 5.3% in 2021
15th July 2022
Written premium sales in personal accident and health (PA&H) in North America are projected to grow from $1.2 trillion in 2021 to $1.5 trillion in 2026, according to a new report from GlobalData. The report, ‘Personal Accident and Health Insurance Market to 2025’, finds that this is largely due to ... Read the full article
Munich Re could face Russian jet loss via war risk policies: Jefferies
15th July 2022
Analysts at investment bank Jefferies have contended that Munich Re faces a “non-trivial” exposure to the ongoing aviation crisis concerning jets stranded in Russia, possibly via its “war risk” policies. Munich Re has a 49.96% share of Global Aerospace, which is on the all-risks cover for aircraft lessing giant Aercap, which ... Read the full article
Protective Life hires RGA’s Cox as President of Protection Division
15th July 2022
Protective Life, a wholly owned US subsidiary of Dai-ichi Life Holdings, Inc. has appointed Reinsurance Group of America’s (RGA) Kathryn Cox as Senior Vice President, and President of the company’s Protection Division. Within her new role, Cox will lead sales, as well as new business operations, product development and underwriting for ... Read the full article
Increased population in the path of hurricanes – Triple I
15th July 2022
The populations of Florida, South Carolina, Georgia, and Delaware are growing dramatically. And that puts a greater number of people in the paths of hurricanes, and increases the property damage a hurricane could cause in those states, according to a new report from Triple-I. The company, citing US census data from 2020, says the double-digit ... Read the full article
Berenberg forecasts improved underwriting for AXA XL
15th July 2022
Analysts at Berenberg are forecasting improved results for AXA ahead of the company’s forthcoming H1 results, including better underwriting both on a group level and within the AXA XL business unit. During Q1 2022 results, AXA said that AXA XL’s Russia loss would be at about the same level as the ... Read the full article
Element adding a Co-CEO and raising new capital
15th July 2022
Berlin-based Element, an insurtech start-up, has announced that insurance expert Astrid Stange will join the management team as Co-CEO of the company as of August 1, 2022 and subject to approval by the German Federal Financial Supervisory Authority. She will work alongside Element CEO - Christian Macht, to help lead and ... Read the full article
SCOR appoints Augustin Gas as CUO APAC FGM
15th July 2022
Global insurer and reinsurer SCOR has made a key appointment in the Asia Pacific region, appointing long-standing employee and former retrocession specialist Augustin Gas as Chief Underwriting Officer for APAC fast growth markets. Gas highlighted his new role as APAC, FGM Chief Underwriting Officer at SCOR on Linkedin today. In the Asia ... Read the full article
Pattern appoints Joyce Segall as Head of Underwriting
15th July 2022
Global insurtech Managing General Agent (MGA), Pattern, has appointed Joyce Segall as Head of Underwriting. Segall joins the firms US office and brings over 20 years of experience within underwriting and product development. Some of her previous roles have included leadership positions, heavily focused on innovation, underwriting, end-to-end product development and strategy ... Read the full article
WTW appoints Iris Chan as Head of Corporate Risk and Broking, Hong Kong
15th July 2022
WTW has announced the appointment of Iris Chan as Head of Corporate Risk and Broking (CRB) for Hong Kong. Iris has held various senior positions with major insurance brokers in Asia over a 20 year career. She joined WTW in 2012 and has been expanding the construction ... Read the full article
Tensorflight partners with Airbus to boost property assessment capability
15th July 2022
Tensorflight, the AI imaging based insurtech, is partnering with Airbus Defence and Space to increase its property analysis and assessment capabilities. Tensorflight uses three sources of imagery - satellite, aerial and ground level - to automate the process of property inspections and to help insurance companies evaluate commercial ... Read the full article
Expenses around implementing tech top concerns for insurers
15th July 2022
A new report from PwC has found that the most-important driver for insurers embracing new technology has been to lower expense ratios. The survey, Underwriting Transformation Survey: Invest in Change – Drivers, Opportunities, and Risk in the London Market, found that only 3% of respondents saying that this reason was of ... Read the full article
AXA to sell a closed life & pensions insurance portfolio to Athora Germany
15th July 2022
AXA Germany has reached an agreement to sell a portfolio of life and pensions insurance reserves worth €16 billion. Under the terms of the agreement, AXA Germany will sell the portfolio to Athora Germany for a consideration of EUR660 million. AXA noted that the portfolio has been closed to new business since ... Read the full article
Monkeypox outbreak not a significant event for re/insurers: SCOR
15th July 2022
Global reinsurer SCOR has said it does not expect the recent monkeypox virus outbreak to cause a significant impact for re/insurers. This is due to the fact that monkeypox has relatively low mortality and morbidity rates and the existing protection among certain groups of the population, SCOR noted. People vaccinated against smallpox ... Read the full article
Inflation weighs heavily on results of UK motor insurer Sabre
15th July 2022
UK motor insurer Sabre Insurance Group has reported that the “exceptional inflation event” experienced so far in 2022 has weighed heavily on its results for the first half of the year. The company last year factored in claims inflation of approximately 8%, but believes that levels have now reached approximately 12%, ... Read the full article