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Political violence losses can come where re/insurers don’t expect them: Johansmeyer, PCS

14th February 2022

Just weeks after unrest in Kazakhstan that began with peaceful protests before turning violent, claiming the lives of 225 people, our sister site Artemis spoke with Tom Johansmeyer, Head of PCS, about political violence, unrest and what these events mean for the re/insurance market. This is the first ... Read the full article

Berenberg positive on London market in 2022

25th January 2022

Berenberg says that it remains positive about the London market, despite an elevated risk environment. Citing the risk factors of property reinsurance from climate change and claims inflation, casualty arising from ongoing social inflation, and cyber due to the increase in ransomware attacks, the bank said it remained positive despite investor ... Read the full article

Renewals “bode well” for London Market profitability: Berenberg

14th January 2022

Analysts at Berenberg believe that the recent January reinsurance renewals “bode well” for continuous improvement in underlying profitability and earnings for the London Market in 2022. The investment bank considers the performance of the London Market to have been “lacklustre” in 2021. The drivers of the underperformance were similar to those for ... Read the full article

Double-digit rise in property cat reinsurance rates for 2022, Fitch says

7th December 2021

Fitch Ratings analysts forsee double-digit premium rate rises for property catastrophe cover in 2022, following an insured loss total of close to $100 billion in 2021 and the prospect of natural catastrophe claims increasing in frequency and severity. In fact, reinsurance rates across catastrophe-related lines of business are expected to rise ... Read the full article

Premium prices continued to increase in Q3, finds CIAB survey

24th November 2021

According to a new survey from The Council of Insurance Agents & Brokers (CIAB), premium prices continued to increase by 8.9% in Q3 2021, up slightly from the average increase of 8.3% recorded in the previous quarter. When segmenting the data by account size, large accounts had the highest increase out ... Read the full article

Private US P&C insurers posted strong net income growth in H1 2021: Verisk

18th November 2021

A joint report from Verisk and the American Property Casualty Insurance Association (APCIA), has shown that private property/casualty insurers in the United States posted strong net income growth in the first half of 2021. As the U.S. economy recovers from the pandemic, insurers' net income rose to $37.5 billion in the ... Read the full article

Insurers will need to accelerate their evolution: S&P

16th November 2021

According to the 2022 Insurance Industry Outlook Report from S&P Global Market Intelligence, insurance companies will need to accelerate the evolution of everything from distribution and pricing to customer and investor relations. Analysts at S&P reported several key themes for the insurance industry that include emerging perils, the evolving nature of ... Read the full article

MMC urges public-private collaboration to strengthen UK resilience

5th November 2021

A new report by international re/insurance brokerage Marsh McLennan (MMC) has examined the opportunities for stronger interactions between the public and private sectors to strengthen the UK’s ability to anticipate and respond to strategic risks and crises. Partnering with Purpose, a new report for the National Preparedness Commission, recommends a fresh ... Read the full article

Ransomware a growing concern for re/insurers, says Fitch

18th October 2021

As part of a new report on cybersecurity risks, analysts at Fitch Ratings have noted that ransomware in particular is becoming a “growing concern” for the re/insurance industry. The rating agency said cybersecurity is arguably reaching an “acute phase,” following high-profile events at several of the largest and most sophisticated insurance ... Read the full article

Allianz report highlights growing threat of ‘ransomware pandemic’

15th October 2021

An Allianz Global Corporate & Specialty (AGCS) report has identified a number of key trends in the ransomware space re/insurers should be aware of in order to protect itself from cyber criminals, including the recent development of ‘ransomware as a service’. AGCS’ report explains how ransomware as a service has made ... Read the full article

Envelop Risk eyes expansion following successful $130mn Series B funding

15th September 2021

Data-driven underwriting and analytics company, Envelop Risk, has announced a Series B funding round in which it secured investments of USD 130 million led by SoftBank Vision Fund 2. As part of the transaction, Neil Cunha-Gomes, Investor for SoftBank Investment Advisers, is set to join Envelop Risk’s board of directors. The company ... Read the full article

2021 fast becoming the year of ESG: Guy Carpenter execs

10th September 2021

During a recent briefing hosted by Guy Carpenter, industry executives claimed that environmental, social and governance (ESG) issues have become more important than ever for reinsurers this year. Jessica Turner, Managing Director for Catastrophe Advisory at Guy Carpenter, highlighted the growing significance of ESG risks during a discussion that focused on ... Read the full article

P&C premiums up 8.3% over Q2, finds CIAB survey

27th August 2021

A new market survey by the Council of Insurance Agents & Brokers (CIAB) has found that property and casualty (P&C) rates increased for the 15th consecutive quarter in Q2 2021 at 8.3%, down from 10% in the previous quarter. Both medium and large accounts experienced the highest increases, at 9.4% and ... Read the full article

Cryptocurrencies & claims a focus of the seventh Lloyd’s Lab cohort

6th August 2021

Lloyd's has today unveiled the next 11 InsurTech startups joining the seventh group of the Lloyd's Lab innovation accelerator programme, which this time will focus on the development of simpler products and solutions targeting the cryptocurrency space. Lloyd's selected its next cohort of InsurTech startups from 179 applications, with each successful ... Read the full article

Moody’s to acquire RMS for $2bn

5th August 2021

Moody's has entered into an agreement to acquire catastrophe risk modelling firm RMS for approximately $2.0 billion from Daily Mail and General Trust. The acquisition will increase Moody’s insurance data and analytics business to nearly $500 million in revenue and will accelerate the development of the company’s global integrated risk capabilities ... Read the full article