Reinsurance News
Cyber insurance market regains profitability, reaching $12bn in annual premiums by 2022: S&P Global
29th August 2023
Following a phase of escalating rates and more stringent terms, the global cyber insurance market has resurged into profitability, with annual premiums reaching around $12 billion by the end of 2022, as reported by S&P Global Ratings. Projections suggest that this growth will persist, with premiums predicted to rise by 25%-30% ... Read the full article
Guy Carpenter estimates industry loss of between $4bn and $6bn from Hawaii wildfire
29th August 2023
Reinsurance broker Guy Carpenter has estimated that the Lahaina wildfire will result in an insured loss of between $4 billion and $6 billion, making it the second costliest disaster in Hawaii's history since Hurricane Iniki in 1992. The devastating wildfire caused 115 fatalities and over 1,000 people are still missing, making ... Read the full article
Fidelis MGU strengthens underwriting team with key promotions
29th August 2023
Fidelis MGU has bolstered its underwriting team with the promotions of Richard Coulson to Deputy Group CUO, Michael Davern to UK CUO, and Matthew Bellamy to Deputy UK CUO. In addition to his new role as Deputy Group Chief Underwriting Officer (CUO), Richard Coulson is set to remain in his secondary ... Read the full article
Africa Specialty Risks launches captive solution
29th August 2023
Africa Specialty Risks (ASR), the pan-African reinsurance group, has announced the launch of its captives solution to allow businesses and financial institutions to have greater control and flexibility over their insurance programs. According to ASR, it will jointly participate in the Annual Conference and General Assembly of the Organization of Eastern ... Read the full article
Swiss Re and Wysa launch first insurance-specific mental health app
29th August 2023
Swiss Re Reinsurance Solutions and Wysa, a provider of anonymous mental health support, have launched Wysa Assure, an Artificial Intelligence-based mental health support app. Australian MLC Life Insurance is the first to bring the solution to the market. Central to Wysa Assure's design is an AI chatbot built on cognitive behavioural ... Read the full article
Idalia now a hurricane and could be a multi-billion dollar event for re/insurers
29th August 2023
Idalia has now reached hurricane strength and the latest update from the NHC says that the storm is expected to become an extremely dangerous major hurricane before making landfall on the Florida coast early Wednesday. With sustained winds of 75 mph and stronger gusts, Hurricane Idalia is now a Category 1 ... Read the full article
Acrisure Re expands corporate advisory & solutions with senior appointments
29th August 2023
Acrisure Re, the (re)insurance division of global fintech Acrisure, has appointed Steve Ryland as Global Head of Legacy and Thomas Deane as Head of Investment Banking to its corporate advisory and solutions division (ARCAS). According to Acrisure, the pair will work alongside the rest of the ARCAS team to expand the ... Read the full article
Charlie Higham to lead Everest Underwriting Partners division
29th August 2023
Global underwriter Everest Group, has announced the appointment of Charlie Higham as Senior Vice President and Head of Everest Underwriting Partners. He will succeed Brian Drum who is to retire from Everest on September 1, 2023, after 16 years with the company. Bringing two decades of specialty insurance experience to his new ... Read the full article
KCC estimates privately insured loss for Hurricane Hilary at $600m
29th August 2023
Based on its high-resolution US Hurricane Reference Model, catastrophe modeller Karen Clark & Company (KCC) has estimated the privately insured loss from Hurricane Hilary will be close to $600 million in the US. As per KCC, this estimate includes the privately insured damage to residential, commercial, and industrial properties, as well ... Read the full article
Solvency II reforms to boost UK insurers, especially in PRT and annuities: J.P. Morgan
29th August 2023
In a recent update on Solvency II reform proposals in the UK, analysts at J.P. Morgan highlight the positive impact these changes could have on UK life insurers, particularly those involved in Pension Risk Transfer (PRT) and annuity writing. The proposed reforms are expected to alleviate capital strain and enhance Solvency ... Read the full article
We want to provide a digital solution in the micro small business space for our agents: NEXT’s Ramsey
29th August 2023
NEXT Insurance, an insurance provider for small businesses recently expanded its offerings for its clients with the launch of commercial umbrella/excess liability across 41 US states. The company has stated that it is confident that this highly requested offering will address the demand that they have seen from both ... Read the full article
Losses from Canada wildfires could reach into the billions: Aon
29th August 2023
Losses from the ongoing wildfire season across Canada could reach into the billions of USD, according to a new report from Aon. As per Aon's weekly cat report released on August 25, more than 1,000 fires were burning in Canada across several provinces and territories. "Over the past week, parts of the ... Read the full article
CLARA and ClaimDeck partner to enhance insurance claims litigation management
29th August 2023
CLARA Analytics (CLARA) and ClaimDeck, prominent players in the realm of artificial intelligence-driven solutions for insurance claims optimisation, have announced a strategic partnership aimed at revolutionising the management of litigation rates within the commercial insurance sector. The collaboration seeks to empower insurance carriers with the tools necessary to effectively navigate and ... Read the full article
Hurricane Idalia forecast to hit Florida “near or at major intensity”
28th August 2023
Florida is facing a significant hurricane threat this week, as tropical storm Idalia is forecast to become hurricane Idalia later today, before then heading over extremely warm Gulf waters towards Florida's coast where the NHC forecast it could be near or at major intensity by landfall. Update: The latest NHC advisory, ... Read the full article
Low flood insurance penetration in western US leaves residents facing significant financial risk: Moody’s
25th August 2023
With more frequent intense floods predicted for the future, residents in western US states need to consider flood insurance, urges Moody’s, as it highlights the region’s low flood insurance penetration rates in a recent report. According to the report, this low percentage of insurance penetration has left residents in California and ... Read the full article
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