Reinsurance News
Claims inflation up 6.1% for UK motor insurers: WTW
17th December 2021
According to latest data from Claim Metrics, the claims benchmarking service from re/insurance broker Willis Towers Watson (WTW), claims inflation increased by 6.1% for UK motor insurers during first half of 2021. Whilst lockdowns up to the beginning of Q1 2021 led to a drop in motor claim volumes, including unprecedented ... Read the full article
Solid rate increases for most reinsurance lines in 2022, KBW says
16th December 2021
KBW analysts predict constrained capacity (particularly for aggregate retrocessional protection) and rising demand to drive solid, margin-expanding rate increases for most reinsurance lines. Property catastrophe reinsurance is singled out as a line set for particularly notable increases. During a virtual Bermuda tour, KBW say executives made repeated reference to diminished ILS capacity, ... Read the full article
Zurich agrees to acquire AlphaChat
16th December 2021
Zurich Insurance Group (Zurich) has agreed to acquire Estonia-based company AlphaChat, which provides conversational artificial intelligence (AI) technology for customer service automation, to further enhance the Group’s digital capabilities. Founded in 2017, AlphaChat has built a messaging automation product capable of understanding natural language, authenticating users, providing personalised responses and executing ... Read the full article
Aon bolsters Reinsurance Solutions’ US Treaty team
16th December 2021
Aon has announced the appointment of Ashley Irl to its Reinsurance Solutions' US Treaty team. Based in New York, Irl reports to Greggory Clark and Randy Stanco, who co-lead Aon’s New York/New Jersey Reinsurance Solutions office. This new role sees her take responsibility for the structuring and placement of reinsurance for several ... Read the full article
Risk managers believe climate will make certain risks uninsurable: AXA
16th December 2021
Results from a new study by AXA show that 60% of risk managers fear that certain geographies or activities will become uninsurable in future due to the impact of climate change. AXA says that its 2021 AMRAE Climate Commitment Barometer shows the growing importance of taking into account and understanding climate ... Read the full article
Industry braced for $5bn+ US tornado bill, survey data suggests
16th December 2021
An approach of over 1,000 re/insurance industry participants has found an expectation for costs to run above $5 billion after multiple US states were swarmed unexpectedly by tornados. 53% of respondents to our survey said the industry should expect a bill higher than $5 billion, with 37% predicting a ... Read the full article
Generali outlines new three-year strategy
16th December 2021
Italian insurer Generali has outlined a new three-year strategy to deliver sustainable growth across its core and emerging business lines, enhance its earnings profile, and drive innovation. Under the plan, Generali will enhance its earnings profile, increase the profitability of its Life business, invest € 1.1 billion in technology and digital ... Read the full article
Fairfax offloads 10% of Odyssey in $900mn deal
16th December 2021
Fairfax Financial has successfully sold a 4.995% slice of its subsidiary Odyssey Group to both CPPIB Credit Investments and OMERS, the defined benefit pension plan. Each will acquire a 4.995% interest in Odyssey through a new class of securities, for an aggregate cash purchase price of $900 million. CPPIB is a wholly-owned ... Read the full article
Aon names Chief Broking Officer for Commercial Risk UK
16th December 2021
Aon has announced the appointment of Angela James as Chief Broking Officer for Commercial Risk in the UK. James will join the business in June 2022 and report to James Baum, Head of Commercial Risk, UK. In the newly created role, which will cover Commercial Risk in the Global Broking Centre (GBC) ... Read the full article
Ariel Re hires Chief Analytics Officer from Nephila
16th December 2021
Bermuda-based reinsurer Ariel Re has announced that Apryle Oswald has been appointed to the newly created role of Chief Analytics Officer, effective December 20, 2021. Oswald most recently served as Portfolio Manager at Nephila Capital for 8 years and prior to that she spent 7 years with Renaissance Reinsurance Ltd. in ... Read the full article
Favourable pricing driving P&C underwriting profits: Fitch Ratings
16th December 2021
Fitch Ratings has released a report reviewing a group of commercial property & casualty insurers (P&C), which includes American International Group, W. R. Berkley, Chubb, CNA Financial Corp, Liberty Mutual and The Travelers Companies According to Fitch Ratings, the group have demonstrated an operating scale via large premium bases and substantial ... Read the full article
Swiss Re promotes Ladva to Chief Digital & Technology Officer
16th December 2021
Global reinsurer Swiss Re has appointed Pravina Ladva as Chief Digital & Technology Officer, whilst also adding her to the group's Executive Committee. Ladva is currently Swiss Re’s Group Digital Transformation Officer, a role she has held since July 2020. Prior to this, she served as Chief Technology and Operations Officer for ... Read the full article
Crawford & Company launches fraud detection solution
16th December 2021
Crawford & Company has launched Crawford Intelligent Fraud Detection, which combines human expertise and forensic analysis to enhance how it detects and manages fraudulent claims for its clients. The solution draws on Crawford’s extensive experience and expertise, leveraging the power of AI to help customers identify and manage insurance fraud. With fraudulent ... Read the full article
IAG’s Nick Hawkins named President of ICA
16th December 2021
The Board of the Insurance Council of Australia (ICA) has appointed IAG Managing Director and CEO Nick Hawkins to the position of President. QBE Australia Pacific CEO Sue Houghton will complete her term as President at the end of the year and remain on the Board, with Hawkins to commence as ... Read the full article
P&C industry prepared to cover manageable cost of tornado outbreak: DBRS Morningstar
15th December 2021
Analysis from DBRS Morningstar finds that while the December severe convective storm (SCS) event and subsequent tornado outbreak was severe, the loss is expected to fall within historical levels for the U.S. property and casualty (P&C) insurance sector. Although the U.S. experiences more tornadoes annually than any other country in the ... Read the full article