Reinsurance News
South African market open to political violence and terrorism cover
31st May 2022
A new note from Cameron Cupido, CEO of Reinsurance Solutions Intermediary Services, says that there is a huge gap in the market for insurers to bring in political violence and terrorism (PVT) cover. Cupido wrote that recent amendments from the South African Special Risks Insurance Association (SASRIA) means that insurers and ... Read the full article
Hippo’s First Connect insurtech marketplace to offer cyber protection from Blink by Chubb
31st May 2022
First Connect Insurance Services LLC, a subsidiary of Hippo Insurance Group, has announced a collaboration with Blink, a suite of Chubb-backed consumer insurance products, to make personal cyber insurance protection available to independent agents that participate in First Connect’s insurtech marketplace platform. First Connect – a digital platform designed to provide ... Read the full article
Swiss Re’s CEO of reinsurance says insurers must embrace building digital trust
30th May 2022
Insurers need to face up to the task of building ‘digital trust’ between themselves and the consumers they serve, according to a new blog post from Moses Ojeisekhoba, CEO of Reinsurance at Swiss Re. The post, ‘Why insurance leaders should care about digital trust’, refers heavily to work put out ... Read the full article
Cyber risk confidence stagnating, says new Marsh report
30th May 2022
Confidence in being able to manage cyber risk has not improved in the last two years, according to a new report from Marsh. The report, The State of Cyber Resilience, questioned over 660 cyber risk decision makers globally and analyses how cyber risk is viewed by various functions and executives ... Read the full article
Association of Average Adjusters warn on cost to shipping industry from net zero targets
30th May 2022
The chairman of the Association of Average Adjusters has said that the shipping industry will soon face the potential impact on General Average recoveries of tighter rules on emission prevention. Michiel Starmans called for heightened awareness of what planned new levies under green transition measures could mean for assessing allowances in ... Read the full article
GIC reports big jump in gross written premiums in Q1
30th May 2022
The General Insurance Corporation of India (GIC) is reporting that its gross written premiums between Q1 2021 and Q1 2022 jumped from 88.1bn rupees ($1.1bn) to 103bn ($1.3bn). The increase of 16.9% has been revealed in the firm’s latest results, coming from its board meeting held on 27 May. In a statement ... Read the full article
ICEYE partners with ESA on flood insights for Copernicus Emergency Services
30th May 2022
SAR data provider, ICEYE has announced the start of a pilot activity with the European Space Agency (ESA), to support the Copernicus Emergency Management Services (CEMS) team with flood insights. Through the pilot, ICEYE will deliver critical flood impact information that show the extent and depth of flooding at the structure ... Read the full article
42% expect to buy the same amount of reinsurance at mid-year renewals: Survey
30th May 2022
We recently published the results of our latest global reinsurance market survey, in which we polled market participants on the state of the market as the mid-year renewal season fast-approaches. The survey, undertaken in collaboration with insurance-linked securities (ILS) focused sister-site, Artemis, includes responses from hundreds ... Read the full article
Skyline appoints former Charles Taylor CEO to executive board
30th May 2022
Skyline has appointed former Charles Taylor CEO David Marock to its board. The firm announced in a statement that Marock will support the executive team as they continue to grow the UK business and scale into a leader in the parametric space, worldwide. This strategic appointment follows Skyline’s recent additional $1.75m ... Read the full article
Everest Insurance expands into Latin America, opens in Chile
30th May 2022
Everest Insurance has entered the Latin American market after receiving approval from the Commission for the Financial Market (CMF) to operate in Chile under the name Everest Compañía de Seguros Generales (General Insurance Company), Chile S.A. Senior Vice President and Regional President of Latin America, Everest Insurance, Pablo Korze will lead ... Read the full article
Singapore’s OCBC told to reserve extra $240m after phishing scam
30th May 2022
Oversea-Chinese Banking Corporation (OCBC), a Singaporean multinational banking and financial services corporation, has been asked to reserve an additional US $240 million after its customers were targeted by a major phishing scam. It’s thought that at least 790 customers lost a combined SG $13.7 million (US 10.0 million) in the SMS ... Read the full article
Randall & Quilter reports 92% increase in GWP
30th May 2022
Randall & Quilter Investment Holdings has said gross written premiums in its Program Management business in Q1 2022 reached $370m. This figure represents a 92% increase from its Q1 2021 result, when gross written premiums of $193m. William Spiegel, executive group chairman of the firm, said: “We continue to be excited by ... Read the full article
LIIBA appoints three new deputy chairs
30th May 2022
The London & International Insurance Brokers Association (LIIBA) has appointed three new deputy chairs. The company has announced that Ed Broking’s Heather Clarkson, Aon’s James Baum, and Marsh Specialty UK’s Dominic Samengo-Turner, have all been named as deputy chairs of LIIBA. They join BMS’s Nick Cook, who was also elected deputy chair in ... Read the full article
Canopius reorganises global underwriting operations
30th May 2022
Leading global specialty re/insurer, Canopius Group has announced the reorganisation of its global underwriting operations. The operations have been split into four key areas: specialty, short tail, reinsurance, and casualty. Canopius states that the reorganisation has been done to enhance the focus on specialist underwriting capabilities, and to enable its three business ... Read the full article
Re/insurers can play key role in development of hydrogen economy: Swiss Re
30th May 2022
A new report from Swiss Re states that reinsurers and insurers can play a key role in the development of the hydrogen economy through risk management knowledge and transfer. The report, De-Risking the Hydrogen Economy: Bridging the Protection Gap, that while the risks are already known to reinsurers and insurers, their ... Read the full article