Reinsurance News
Berkley One expands into four more states
20th June 2022
Berkley One has expanded its insurance portfolio into the US states of Delaware, Montana, South Carolina, and Wyoming. In these four new states, Berkley One is now offering insurance for homes, condos and renters, automobiles, fine art and collectibles, excess liability, and flood and excess flood. In Delaware, the portfolio also ... Read the full article
One Concern partners with WTW on US parametric insurance tool
20th June 2022
Advisory and broking solutions company, WTW and One Concern, a climate analytics company, have teamed up to bring climate resilience scores to the US insurance market. The pair believe their One Concern Resilience Score (1CRX) can “facilitate a better understanding of dependency risk and accelerate the adoption of parametric insurance.” The Score ... Read the full article
Planes stranded in Russia could lead to industry losses topping 9/11
20th June 2022
The aggregate value of planes stuck on Russian territory following the nation’s invasion of Ukraine could even surpass the claims stemming from 9/11, according to a new note from WTW. The firm said that while the impact of the invasion was still unknown on the aviation industry, it said that there ... Read the full article
UIB adds Osama Altajer to Aviation & Space Team
20th June 2022
International re/insurance broker UIB has announced the appointment of Osama Altajer as Aviation Production and Risk Management Executive. Based in UIB’s offices in London, he will report directly to Miles Taffs, Managing Director, Aviation Division. Altajer brings over 20 years of experience negotiating with global brokers & insurers, innovating new facilities, handling ... Read the full article
Usage-based insurance sees record levels of adoption
20th June 2022
Usage-based automobile insurance programs have seen a dramatic increase in uptake since 2016, according to a new report by J.D. Power, the consumer data and analytics firm. Such programs now account for 16% of all automotive insurance. Customers participating in these programs report feeling more satisfied with their deal (59 points higher, on ... Read the full article
India forms $64m pool to insure Russian and Belarussian fertiliser imports
20th June 2022
India’s insurance sector has created a $64m pool to provide cover for fertiliser imported from Russia and Belarus. As reported by the Indo-Asian News Service (IANS), a senior industry figure told the site that bulk of the pool amount will be contributed by GIC Re, with all other multi-line non-life insurers ... Read the full article
United (UPC) shrinks cat reinsurance limit at renewal
20th June 2022
Property and casualty insurance holding company United (UPC Insurance) has disclosed details of its catastrophe reinsurance program for 2022/23, which includes a significant decrease in the occurrence-based limit for its aggregate cover. UPC purchased $2.524 billion of occurrence-based limit in the aggregate for its core cat program, representing a decrease of ... Read the full article
Social inflation in casualty insurance one of the most concerning trends
20th June 2022
Social inflation has been named one of the most concerning trends by insurers speaking on the second day of S&P Global Ratings' 38th Annual Insurance Conference. In a panel discussion, Kristof Terryn, CEO of Zurich North America, said that ‘social inflation’ on the casualty side was the one trend worrying him ... Read the full article
WTW appoints Victor De Jager as head of property for Europe
20th June 2022
WTW has appointed Victor De Jager as head of property for Europe. In his new role, De Jager will be based in Amsterdam and will report into Garret Gaughan, head of direct and facultative, alongside Anne Pullum, head of Europe and head of commercial risk and broking (CRB) for Europe. Gaughan said ... Read the full article
EU could add up to €9.3 billion to farmers annual incomes with “climate-smart actions”
20th June 2022
The EU could add between €1.9bn and €9.3 billion annually to farmers’ incomes if farmers are supported in taking "climate-smart actions", according to a survey by the EU Carbon+ Farming Coalition. Other benefits would include reducing its agricultural greenhouse gas emissions by an estimated 6%, and restoring soil health of over ... Read the full article
JP Morgan offers thoughts on 9th European Insurance Conference
20th June 2022
JP Morgan has offered its thoughts on the feedback received from its 9th European Insurance Conference. Among the areas that the financial giant commented on were commercial P&C (re)insurance pricing; losses related to Russia and Ukraine, plus other large losses; an update on Covid-19 reserves and related IBNR; and interest rates ... Read the full article
Rokstone Aviation confirms additional reinsurance capacity
20th June 2022
Rokstone Aviation has confirmed additional capacity through Malaysian Re under which it is able to write more hull and liability policies. According to the firm, the new line sizes are $5m for hull and $50m for liability. It said in a statement: “The agreement is a clear vote of confidence in our ... Read the full article
Green transition will drive up inflation – but less than unchecked climate change
20th June 2022
The "green transition" to renewable energy is expected to create inflationary pressure over the next decade. And the faster renewables are adopted, the worse this problem is expected to become in the medium term. However, according to a new forecast by Swiss Re, a faster transformation now will lower the inflationary ... Read the full article
Pavie joins LSM France as Sales Director
20th June 2022
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has announced the addition of Charles-Henri Pavie as Commercial Director. He will report to the General Manager, LSM France, and will be responsible for managing the Distribution Department. Prior to joining LSM, Pavie worked as a Development Director at the specialist broker ... Read the full article
Global non-life legacy market ‘buoyant’ – AM Best
20th June 2022
Activity within the global non-life legacy insurance market is ‘buoyant’, according to a new note from AM Best. The firm said that demand and supply side factors are driving high levels of activity in the legacy insurance market, with transaction volumes elevated throughout 2021 and into 2022. It also said that ... Read the full article