Reinsurance News
Munich Re to increase capacity, if rates and conditions are right: Blunck
11th September 2023
Munich Re, a global leader in reinsurance, is poised to bolster its capacity to meet the ever-evolving challenges of the market environment, as announced by Thomas Blunck, Member of the Board of Management. The company acknowledges the complex uncertainties stemming from factors like inflation, geopolitical risks, deglobalisation, climate change, and cyber ... Read the full article
Global non-life run-off market active, deal value rises: PwC
11th September 2023
With estimated gross reserves of $9.4 billion transacted across 37 deals has been publicly announced in the 12 month period to the end of June 2023, the global non-life run-off market remains active, notes PwC. When compared to the same period in the prior year, PwC notes that there's an almost ... Read the full article
Non-life reinsurance market to see continued growth: Swiss Re
11th September 2023
Global reinsurer Swiss Re has noted that the non-life reinsurance market is expected to grow above GDP for the next decade, driven mainly by inflation and urbanisation. "The 10-year outlook for the market in USD shows nominal growth of approximately 5.4% per year, or around 3% adjusted for inflation," Swiss Re ... Read the full article
Society needs to accept the price of risk is increasing: Hannover Re CEO
11th September 2023
In the current market environment, there are clearly pressure points in the risk transfer value chain, but the reality is that the price of risk is increasing and this is something that society needs to accept, according to Jean-Jacques Henchoz, Chief Executive Officer (CEO) of Hannover Re. Speaking this morning at ... Read the full article
Exclusions are not the solution: Thierry Léger, CEO, SCOR
11th September 2023
Speaking this morning in Monte Carlo at the annual PwC hosted breakfast of the Rendez-Vous event, Thierry Léger, the new CEO of French reinsurer SCOR, explained that the industry faces a problem of insurability that is only becoming more complex. Léger said that there are numerous areas of challenge and complexity ... Read the full article
Further price increases & improved T&Cs expected at Jan 1: Hannover Re
11th September 2023
Hannover Re has noted that it anticipates further price increases and improvements in terms and conditions in the renewals at 1 January 2024 in P&C reinsurance, citing ongoing geopolitical uncertainties, increasing frequency and severity of natural catastrophe losses, as well as unchanged high inflation rates and social inflation as key ... Read the full article
Separating first party cyber reinsurance can increase participation, says Lockton Re
11th September 2023
Global reinsurance broker Lockton Re has released a new report which discusses the benefits of breaking the cyber peril into requisite parts, an approach the broker says can potentially improve the access to capital and expertise. Titled 'The All Risk Cyber (ARC) Challenge: An Assessment to Simplify Cyber Reinsurance,' Lockton Re's ... Read the full article
HCI Group says Idalia not expected to result in reinsurance recoveries
11th September 2023
HCI Group, Inc. expects claims and resulting pre-tax gross losses from the impacts of Hurricane Idalia to be within the reinsurance retention limits for both Homeowners Choice Property & Casualty Insurance Company and TypTap Insurance Company. Hurricane Idalia made landfall in Keaton Beach, Florida as a Category 3 storm on August ... Read the full article
Frank Nutter retires from the RAA, Lee Covington named as successor
11th September 2023
The trade association of property and casualty reinsurers, the Reinsurance Association of America (RAA), has announced that Lee Covington, current President and CEO of The Surety & Fidelity Association of America (SFAA), has been named President-elect of the RAA as long-serving Frank Nutter retires. Nutter will retire on December 31st, 2023, ... Read the full article
Nomura announces equity investment in Prismic Life Re
11th September 2023
Nomura has announced it has made an equity investment into Prismic Life Reinsurance, a licensed Class E Bermuda-based life and annuity reinsurance platform, alongside Prudential Financial, Warburg Pincus and other investors. Combined, Prismic will have an initial equity investment of approximately $1 billion. 65% of the equity is owned by ... Read the full article
AI represents “big challenges for the future”, SCOR’s Léger
10th September 2023
With more insurers and reinsurers across the industry deploying artificial intelligence (AI) technology within their business, the overall impacts of AI across the industry are unknown which represents "big challenges for the future", according to SCOR CEO, Thierry Léger. Speaking during SCOR's briefing at RVS Monte Carlo 2023, Léger explained ... Read the full article
Underwriting matters again: Stefan Golling, Munich Re
10th September 2023
Stefan Golling, Member of the Board of Management of global reinsurer Munich Re, has underlined the importance of underwriting and focusing on the basics after a number of years of weak results in the primary insurance and traditional reinsurance market. Addressing an audience this afternoon at the annual meeting of the ... Read the full article
Structural changes in reinsurance are long lasting: S&P Global at RVS 2023
10th September 2023
After navigating a difficult period reinsurers have pushed hard for improved terms and conditions (T&Cs) and ultimately moved higher up the tower, a move which analysts at S&P Global expect to be long lasting. Speaking at the S&P Global event in Monte Carlo at the 2023 edition of the annual meeting ... Read the full article
Morocco quake “unlikely to be a major event for re/insurance industry”, Fitch
10th September 2023
The recent powerful 6.8-magnitude earthquake that struck Morocco on September 8, is "unlikely to be a major event for the insurance and reinsurance industry", says Fitch Ratings. Speaking at a briefing during the 2023 RVS event in Monte Carlo, Robert Mazzuoli, Director in Fitch Ratings’ EMEA insurance group answered a question ... Read the full article
Complex threats require more proactive risk management & decision making: Russell Group
10th September 2023
As rising costs, claims inflation and cost of capital continue to rise, pushing up economic exposure, greater resilience and sustainability is needed through more proactive risk management and decision making, according to Russell Group. Data and analytics firm Russell Group, during its press briefing at the 2023 Rendezvous in Monte Carlo, ... Read the full article
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