Reinsurance News
Brazil floods: rising toll and mounting economic losses, says Aon
17th May 2024
Following recent floods in the Brazilian state of Rio Grande do Sul, the region grapples with escalating casualties and significant financial repercussions. According to insurance and reinsurance broker Aon's weekly cat report released on May 15, national authorities have confirmed that the total economic losses now surpass BRL9 billion ($1.75 billion). Meteorological ... Read the full article
HITRUST and Trium Cyber introduce exclusive cyber insurance
17th May 2024
Trium Cyber announces its partnership with HITRUST. This collaboration introduces an exclusive cyber insurance product available solely to HITRUST-certified customers, marking a new benchmark in aligning information risk assurances with insurance underwriting. The insurance product, initially tailored for HITRUST r2 certified entities, aims to tackle the escalating complexities and disparities within ... Read the full article
Most insurance customers expect faster claims processing: Sollers Consulting
17th May 2024
Insurers expected to intensify claims automation efforts as customers consider quick claims processing a priority, a recent survey by Sollers Consulting and Ipsos has found. For customers, faster claims processing from insurers is the most important thing when it comes to claims handling, but insurers are struggling to respond to their ... Read the full article
EPIC Insurance welcomes music and entertainment veteran Steve Gaches as Managing Principal
17th May 2024
EPIC Insurance Brokers & Consultants has appointed Steve Gaches as Managing Principal of its Entertainment & Sports division. This addition underscores EPIC’s strategic commitment to recruiting seasoned professionals from the music and entertainment sectors to bolster its specialty insurance advisory services. Scott Davis, President of National Specialties & Risk Management, EPIC, commented: ... Read the full article
Insurers’ business models and technology fail to meet today’s demands: Majesco
17th May 2024
Insurers' traditional business models and technological infrastructure are ill-equipped to meet the demands of today's rapidly evolving landscape, as noted by Denise Garth, Chief Strategy Officer at Majesco. This sentiment is echoed in Majesco’s latest thought leadership report, which emphasises the urgent need for updates or replacements. Failure to address these issues ... Read the full article
Beazley secures additional $160m of reinsurance with second 144A cyber cat bond
17th May 2024
London headquartered insurer Beazley has sponsored its second 144A cyber catastrophe bond, securing an additional $160 million of capital markets-backed cyber reinsurance coverage via a PoleStar Re Ltd. (Series 2024-2) issuance, as reported by Artemis, our insurance-linked securities (ILS) focused sister publication. Artemis has learned from sources that this ... Read the full article
Quarterly rate changes down across most major commercial lines: Applied Systems
17th May 2024
Applied Systems has released first quarter of 2024 results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index. Overall, the index shows that rates saw an increase of 6.14% in the first quarter of 2024, which is depressed relative to the rate increase of 7.39% in the same ... Read the full article
Collet and Hoppe join Lockton’s Transaction Liability Practice
17th May 2024
Independent insurance broker Lockton is strengthening its Transaction Liability Group with the addition of Brian Collet and Dan Hoppe, each joining the group as Senior Vice President in the Representations and Warranties Insurance practice. In his new role at Lockton, Collet will focus on the continued expansion of the company’s market-making ... Read the full article
Revolutionizing risk assessment: How Allphins gives reinsurers data confidence for smarter & faster decisions
17th May 2024
Across the re/insurance sector, accurately assessing risk exposure is often portrayed as being a demanding task, fraught with disparate data sources and a lack of visibility. However, one company that is making progress to counteract this issue is Allphins, an artificial intelligence (AI) platform which is transforming the way companies ... Read the full article
Thai Re sees 418% jump in net profit in Q1’24
17th May 2024
Thai Reinsurance Company (Thai Re) has released their results for the first quarter of 2024, which includes a net profit of THB 57 million ($1.58 million), 418% higher than the prior year's first quarter, due to improved reinsurance results. This was disclosed in financial statements lodged with the Stock Exchange of ... Read the full article
IFRS17 earnings benefit seen as highest for reinsurers: JP Morgan
17th May 2024
JP Morgan has noted that when looking at the change in earnings expectations in 2024-26 across the insurance sector, reinsurers have seen the biggest benefit from IFRS17. The firm's recent Love Actuary report observed it is "evident" that the reinsurers have seen the greatest increase in earnings expectations as a group ... Read the full article
Anne Rappa appointed Fine Arts and Specie Leader at Marsh McLennan Agency
17th May 2024
Marsh McLennan Agency, part of global insurance and reinsurance brokerage Marsh McLennan, has announced the appointment of Anne Rappa as the Fine Arts and Specie Leader, effective May 20. In this newly established role, Rappa will spearhead the development and implementation of customised solutions aimed at safeguarding clients' valuable assets against ... Read the full article
ICA reports $176m in insured damages from April NSW storms
17th May 2024
The Insurance Council of Australia (ICA) has reported that the storms in New South Wales from April 3rd to 8th caused $176 million in insured damages, with over 95% attributed to property damage. These storms significantly impacted the Hawkesbury-Nepean and Illawarra regions, prompting a total of 14,781 claims, with 13,959 concerning ... Read the full article
Solvency reforms UK: S&P global notes no revolutionary changes for insurers
17th May 2024
S&P Global Ratings anticipates the implementation of Solvency UK reforms, which align the European Economic Area-wide Solvency II insurance regulatory framework with the UK insurance market, to be largely completed by the end of 2024. The insurance industry generally welcomes these reforms due to their potential to reduce costs and increase ... Read the full article
Houston, Texas hit by hurricane-like winds and flash floods during deadly storms
17th May 2024
Houston, Texas has been hit by deadly storms that reportedly blew out windows in high-rise buildings, caused flash floods, and knocked out power to nearly a million homes and businesses. Four people have died following the storms, during which Houston’s mayor, John Whitmire, observed winds reaching 100 mph - the equivalent ... Read the full article
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