Reinsurance News
Insured loss from Lahaina wildfire expected to be second largest ever in Hawaii: KCC
14th August 2023
A Maui County update reveals that 2,207 structures have been damaged or destroyed by the fires, with an estimated reconstruction cost of $5.52 billion, while catastrophe risk modeller Karen Clark & Company (KCC) has said that the total insured loss will be "second only to Hurricane Iniki based on today's ... Read the full article
Australian home insurance premiums jump 28% YoY
14th August 2023
According to new research released by the Actuaries Institute, Australian home insurance premiums have jumped by 28% in the past year, the largest increase in two decades, driven by inflation, natural disasters, reinsurance costs, and climate change. The research by the Actuaries Institute found that the median home insurance premiums rose ... Read the full article
Fair Plan to offer discounts for homeowners taking steps to protect against wildfire
14th August 2023
The California Fair Plan Association is set to introduce new home hardening discounts for policyholders who take steps to make their homes safer from wildfires. The discounts will be effective from August 23, 2023. While residents of the state continue to struggle with the impacts of climate-fueled natural disasters across California, the ... Read the full article
Technology key to ESG reporting in business: Ping An Co-CEO
14th August 2023
On a recent podcast of the United Nations Environment Programme Finance Initiative, Jessica Tan, Co-CEO of Ping An Insurance Company of China, discussed how technology is a key enabler for robust environmental, social and governance (ESG) reporting in business. "Simply put, (ESG) is important for our clients, and it's important, therefore, ... Read the full article
DUAL enhances capabilities in equestrian sector with DAU acquisition
14th August 2023
DUAL, the specialist underwriting arm of Howden Group Holdings, has completed the acquisition of David Ashby Underwriting (DAU), a managing general agent (MGA) specialising in bloodstock and High Value Sports Horse insurance. According to the announcement, this acquisition enhances DUAL’s capabilities in the equestrian sector and cements the firm as a ... Read the full article
Duck Creek Technologies expands into Indian market
14th August 2023
Duck Creek Technologies India LLP, a subsidiary of Duck Creek Technologies, has announced its expansion into the Indian general insurance market. Duck Creek Technologies India LLP will offer India-based insurers modern cloud-based software-as-a-service (SaaS), delivered as a full suite of capabilities or as stand-alone solutions. The expansion reinforces the company’s market commitment ... Read the full article
Kemper names Christopher Flint as President of Kemper Life
14th August 2023
Kemper Corporation has announced the appointment of Christopher Flint as the new President of Kemper Life, effective immediately. Flint's addition to the team was officially revealed today by Joseph P. Lacher, Jr., Kemper’s President, CEO, and Chairman. Flint's responsibilities will include reporting to Lacher and contributing to the strategic direction of Kemper ... Read the full article
We’re pretty upbeat about the Bermuda market: Inver Re’s Chris Bonard
11th August 2023
Reinsurance broker Inver Re continues to grow its team in Bermuda, adding expertise in numerous areas as it looks to expand alongside its unwavering commitment to have best in class data and analytics, leading Chris Bonard, CEO of Bermuda, to be pretty bullish about life on the island. In May 2021, ... Read the full article
Becoming less shock prone makes emerging Asia attractive for insurers and investors: Swiss Re
11th August 2023
Emerging Asia is becoming less shock prone, this along with enhanced economic credibility lowering long-term volatility of growth, inflation and interest rates, is making the region more attractive for insurers and investors alike, according to a recent report by the Swiss Re Institute. Emerging economies, especially in Asia, are experiencing rapid ... Read the full article
U.S. workers comp insurers continue to underwrite profitably: Triple-I
11th August 2023
According to a report by the Insurance Information Institute (Triple-I), U.S. workers compensation insurers could underwrite profitably between 2019 and 2022 in spite of significant changes within the nation’s workforce due to the COVID-19 pandemic. “The line’s underwriting profitability for private carriers represented by the combined ratio remains strong,” stated Triple-I ... Read the full article
Lancashire CEO highlights investor caution amid favourable market conditions
11th August 2023
During a recent earnings call, Lancashire CEO Alex Maloney discussed the current landscape of the insurance and reinsurance industry, shedding light on the cautious approach of investors despite a promising market outlook. Maloney's insights underscore the need for sustained evidence of profitability before significant capital inflow occurs. Maloney began by acknowledging the ... Read the full article
Zurich reports increase in revenue while BOP goes down on H1 2023
11th August 2023
Zurich Insurance Group has reported that H1 2023 P&C insurance revenue was up 10% on a like-for-like basis to $20,163m, while business operating profit was down to $ 2,247m, from $2,379m in H1 2022. This quarter P&C (BOP) was 6% lower than in the previous year. In local currency, first half ... Read the full article
US SCS insured losses near $40bn with hail as main driver: Gallagher Re’s Bowen
11th August 2023
Hail damage is predominantly driving the loss trend for severe convective storms (SCS) in the United States, with the peril driving 50 to 80% loss claims any given year, Gallagher Re’s Steve Bowen has said. The Chief Science Officer of reinsurance broker Gallagher Re, explained in a LinkedIn post that 2023 ... Read the full article
PVI Re officially rebrands to Hanoi Re after 12 years of operation
11th August 2023
PVI Reinsurance Joint Stock Corporation has officially announced that it has been granted license number 86/GPĐC5/KDBH by the Ministry of Finance to change the company's name to Hanoi Reinsurance Joint Stock Corporation, effective from August 3, 2023. Commenting on the change, Phung Tuan Kien, Chairman of the Board of Directors of ... Read the full article
Vesttoo investigation finds external factors responsible for fraud crisis: Interim CEO Barlev
11th August 2023
The incoming interim Chief Executive Officer (CEO) of insurtech Vesttoo has stated that following initial conclusions from an in-depth investigation into fraudulent LOCs, the company has discovered that numerous external factors caused the current crisis. Ami Barlev, who has served as a member of Vesttoo's Board since 2021 and was Read the full article
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