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Hannover Re’s E+S Rück expects P&C price increases at Jan 24 renewals
23rd October 2023
Hannover Re’s German subsidiary, E+S Rückversicherung AG, has predicted further price increases and improved conditions in the 1 January 2024 renewals in property and casualty reinsurance, according to its comments at the 2023 reinsurance gathering in Baden-Baden. Dr Michael Pickel, Chief Executive Officer of E+S Rück, commented, "We must assume that ... Read the full article
Markel announces strategic investment in tax MGA Certa
20th October 2023
Markel, the insurance operation within Markel Group Inc., has announced a 49% strategic investment in tax managing general agent (MGA), Certa. This move will accelerate the company’s UK-based tax specialist’s product development and geographical expansion plans, Markel stated. At the same time, it will give the insurer further access to the significant ... Read the full article
Reinsurance still needs to demonstrate ability to earn sustainably good margins: Munich Re
19th October 2023
With the key January 1st, 2024, reinsurance renewals fast approaching, there remains an imbalance between supply and demand, amid an expectation of limited capital inflow as the market works to deliver sustainably good margins, according to Munich Re's Clarisse Kopff, Member of the Board of Management. Speaking this morning during the ... Read the full article
Xceedance establishes Center of Excellence for Generative AI
19th October 2023
Xceedance, a prominent global provider of strategic operations support, technology, and data services for insurance organisations, has announced the establishment of a Center of Excellence for Generative AI. This initiative signifies a substantial commitment to advancing high-ROI generative AI applications throughout the insurance value chain, the company said. Arun Balakrishnan, CEO of ... Read the full article
Europe faces dynamic changes in risk landscape as €1bn losses surge: Munich Re
19th October 2023
Munich Re has noted that the frequency and severity of weather-related natural catastrophes are increasing in Europe, with an "unprecedented" series of events exceeding the €1 billion mark this year. However, Clarisse Kopff, a Member of the Board of Management, suggests the firm "is in a good position to carry ... Read the full article
90% of insurers at a disadvantage with current operating models: Clearwater
18th October 2023
90% of insurers are said to be at a disadvantage with current operating models, with the belief being that they do not support future business needs. A new report from Clearwater Analytics, a provider of SaaS-based investment management, accounting, reporting, and analytics solutions, highlights how European insurers are facing major challenges ... Read the full article
Survey shows confidence in UK financial system remains stable, while concerns shift: BoE
18th October 2023
The latest Systemic Risk Survey conducted by the Bank of England reveals that market participants maintain a high level of confidence in the stability of the UK financial system. The survey, which collected responses from 56 firms, representing a robust 65% response rate, offers a comprehensive overview of market sentiment regarding ... Read the full article
European insurance landscape sees profits decline amidst shuffling rankings: AM Best
17th October 2023
The European insurance industry faced a year of changes and challenges in 2022, with the top ten insurance companies remaining consistent while a noticeable reshuffling occurred further down the rankings, according to a recent report by AM Best. Europe's top 10-ranked insurance companies remained unaltered in 2022. However, lower down the ... Read the full article
UK’s Pool Re renews reinsurance broking contract with Guy Carpenter
17th October 2023
Pool Re, the UK Government’s terrorism reinsurance scheme, has reported it successfully renewed its reinsurance broking contract with Guy Carpenter for three years, with an option to run to five. According to the announcement, Guy Carpenter will support Pool Re in returning risk and premium to the private sector, which in ... Read the full article
Beazley’s new E&S carrier gets AM Best rating
17th October 2023
AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) to newly formed Beazley Excess and Surplus Insurance, Inc. (BESI), a wholly owned subsidiary of Beazley Holdings, Inc., a non-operating holding company of Beazley. The outlook assigned to ... Read the full article
Insurance innovation hub Howden Ventures launches with £500m underwriting capacity
16th October 2023
Global insurance group Howden has unveiled an innovative venture known as Howden Ventures, pending approval from Lloyd's, aimed at accelerating insurance product development. Described by the broker as a world-first insurance innovation hub, the initiative launches with £500 million in delegated underwriting capacity and seeks to become an investment and risk ... Read the full article
Allianz Partners & bolttech to offer embedded insurance solutions in APAC & US
12th October 2023
Allianz Partners and bolttech, an international insurtech, have announced a partnership that will see the two companies provide embedded device and appliance protection insurance across Asia Pacific (APAC) and the United States. This strategic agreement aims to bring together each firm's strengths to offer best-in-class solutions enabling business partners to add ... Read the full article
Canadian insurance industry maintains profitability amid challenges in 2022: AM Best
12th October 2023
A recent report from AM Best reveals that Canada's insurance sector demonstrated resilience in 2022, with both property/casualty (P/C) and life/annuity (L/A) segments maintaining their stability despite ongoing challenges. In the P/C sector, insurers reported a net income of CAD 6.6 billion in 2022, marking the fourth consecutive year of underwriting ... Read the full article
Digitalisation drives innovation and new risks in insurance industry: Swiss Re
11th October 2023
The insurance industry is undergoing a digital revolution, opening doors to innovation while simultaneously introducing new risks, according to the latest sigma study, "The economics of digitalization in insurance," by Swiss Re Institute. Digitalisation has allowed insurers to monitor, mitigate, and price risks more efficiently, leading to tailored insurance solutions that ... Read the full article
EIOPA lays down strategic priorities for 2024/26 with focus on managing uncertainty
10th October 2023
The European Insurance and Occupational Pensions Authority (EIOPA) has outlined its strategic priorities for the period 2024-2026, highlighting its plans to “focus on managing the uncertainty in times of transformation so that the insurance and pensions sectors can continue to deliver value to policyholders and beneficiaries.” In a statement, the EIOPA ... Read the full article
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