Ukraine conflict industry loss could exceed $20bn: PCS

18th April 2022

The insurance and reinsurance industry loss from the conflict in Ukraine could exceed US $20 billion, according to Verisk-owned specialist claims and loss data unit PCS. Property Claim Services (PCS) has analysed data from its three most relevant product offerings, the PCS Global Aviation, PCS Global Marine and Energy, and PCS ... Read the full article

Mosaic opens new Chicago office

13th April 2022

Mosaic Insurance has opened an office in Chicago, accommodating most of the company’s North American cyberrisk specialists, and is led by Global Head of Cyber Yosha DeLong, as well as Mosaic’s Global Head of Transactional Liability, Bill Monat. Mosaic launched in February 2021, with new Lloyd’s Syndicate 1609 as its centerpiece ... Read the full article

MNK Re Group names Vanida Pillay as Chief Executive, SA

12th April 2022

MNK Re Group has appointed Vanida Pillay as the new Chief Executive of its South Africa branch, where she brings over 30 years of experience, including claims, marketing, and also extensive underwriting expertise. Pillay will lead MNK Re’s South Africa branch, bringing with her a deep understanding of the African market ... Read the full article

Russia-Ukraine conflict driving more exclusions into re/insurance

12th April 2022

The Russia-Ukraine conflict is driving more exclusions into re/insurance, with Munich Re reportedly planning new wordings within its cyber insurance policies to exclude war, to avoid disputes over what is covered, according to Reuters. The war in Ukraine has raised fears of cyber attacks, with the risk that Western businesses or ... Read the full article

KBW forecasts $10bn of Q1 re/insured nat cat losses

11th April 2022

Analysts at KBW are expecting insurers and reinsurers to post a combined $10 billion of global natural catastrophe losses across their first quarter results. These are likely to stem mostly from Australian and European floods, KBW says, as well as Japan’s March 16th earthquake and several US weather events. Analysts added that ... Read the full article

Munich Re to provide reinsurance for digital asset product – OneInfinity

11th April 2022

German reinsurance giant Munich Re has announced that it will provide reinsurance capacity and technical underwriting support for the digital asset insurance product – OneInfinity. This comes after Munich Re announced that it has entered into a three-year strategic partnership with virtual insurer, OneDegree Hong Kong Limited (OneDegree) to launch the ... Read the full article

Nowhere near a soft market, but commercial rate increases are slowing: WTW

8th April 2022

Despite rate increases in the commercial insurance market beginning to decelerate, business leaders at insurance and reinsurance broker WTW feel "we are nowhere near a soft market." WTW's latest Marketplace Realities Report shows that leaders in 79% of the broker's commercial business lines forecast continued rate increases, although these are slowing ... Read the full article

Aircraft lessors face huge insurance cost rise: reports

8th April 2022

With insurers and reinsurers still bracing for potentially historic aviation losses from the conflict between Russia and Ukraine, reports suggest that aircraft lessors are already seeing huge hikes in the cost of their coverage. Quoting the Chief Executive of major lessor BOC Aviation Ltd this week, Reuters has reported that aviation ... Read the full article

Insurance and reinsurance industry data and statistics

7th April 2022

Data and statistics on the insurance and reinsurance industry

• Reinsurance market surveys from Reinsurance News and Artemis View details of our global insurance and reinsurance market surveys, to find out what our growing readership thought about the state of the market at key points in the year.
• COVID-19

Russia-Ukraine conflict creates new risks for insurers: Moody’s

7th April 2022

According to Moody’s, the economic consequences of Russia’s invasion of Ukraine creates new risks for global insurers and asset managers, with the impact of the crisis depending on its severity. Moody’s has created its own baseline scenario, which resulted in the G20 economies’ GDP growth slowing to 3.6% in 2022, compared ... Read the full article

Rate growth maintained at 6% through Q1: MarketScout

7th April 2022

The composite rate increase across insurance and reinsurance lines across the first quarter of 2022 was 6%, according to data from US electronic insurance exchange and specialty MGA MarketScout shows. The figure represented a slight increase over growth of 5.8% for the fourth quarter, as re/insurers continued to assess rate increases ... Read the full article

US P&C industry’s Q4 premium growth decelerates to 8.5%: KBW

6th April 2022

Analysts at Keefe, Bruyette & Woods (KBW), have announced that the domestic P&C insurance industry’s 4Q21 year-over-year direct written premium (DWP) growth decelerated modestly to +8.5%, from 3Q21’s +10.4%, although the strong y/y increase probably still reflects recovering exposure units and sustained economically sensitive rate increases. In a report, analysts say ... Read the full article

US Treasury seeks industry feedback on terror re/insurance

6th April 2022

The Federal Insurance Office (FIO) within the US Department of Treasury is seeking feedback from the insurance and reinsurance industry on the effectiveness of the Terrorism Risk Insurance Program (TRIP). TRIP forms part of the amended Terrorism Risk Insurance Act (TRIA) of 2002, and provides a federal backstop for re/insurers providing ... Read the full article

Mosaic adds Lloyd’s carrier Apollo to boost syndicated global capacity

5th April 2022

Mosaic Insurance has added Lloyd’s carrier Apollo to its consortia of industry partners, boosting the amount of syndicated capacity it can deploy for high-demand transactional liability coverage worldwide. The new partnership will support Mosaic’s hybrid syndicated capital program, in which Mosaic Syndicate 1609 commits capital alongside that of trade partners seeking ... Read the full article

Reinsurers specialty lines exposed to Russia-Ukraine conflict: S&P

4th April 2022

According to S&P Global Ratings, the Russia-Ukraine conflict will add uncertainty and exacerbate earnings volatility in global reinsurers' specialty lines, although their direct asset exposure is minimal. S&P Global Ratings credit analyst Johannes Bender explained: "For most of the top 21 global reinsurers we rate, asset exposure to Russia and Ukraine ... Read the full article