Reinsurance News
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New Zealand’s Earthquake Commission secures $7.2bn of reinsurance
10th June 2022
New Zealand’s Earthquake Commission (EQC) has secured a record level of reinsurance of $7.2bn on the international market, an increase of nearly $470m. Building on the successful renewal of the previous year, it means that EQC has grown its programme by $1.2bn over the past two years to support New Zealand ... Read the full article
Rising inflation & construction costs to hit combined ratios: Moody’s
8th June 2022
Analysts at Moody’s have warned that rising inflation and construction costs, in combination with catastrophe losses, are set to impact the combined ratios of insurers and reinsurers through 2022 and beyond. In a new report, the rating agency examined the consequences of inflation and mounting losses for homeowners and commercial property ... Read the full article
Kin enhances 2022 reinsurance program
6th June 2022
Kin Insurance has announced that Kin Interinsurance network, its reciprocal insurance carrier, has finalised its reinsurance program for the period of June 1, 2022 through May 31, 2023. The upgraded reinsurance program - which will apply to all states and policies within the Kin Interinsurance Network - offers 160 year first-event ... Read the full article
Hurricanes could challenge P&C industry this year, says Fitch
6th June 2022
A hurricane that hits land could present additional challenges to a P&C sector beset by inflation increases and the potential for stagflation, says Fitch in a new note. The firm said that natural catastrophe losses, particularly severe weather-related events, represent a major source of loss volatility, but capital levels of large ... Read the full article
‘Well over $10bn of unplaced limit’ at June 1, further downgrades expected: Stonybrook
31st May 2022
Stonybrook Capital has reported that the current shortfall of limit placed by domestic Florida carriers for the renewal of June 1st, 2022, reinsurance programs is well over $10 billion, leading the firm to expect further downgrades in the opening weeks of next month. With a plethora of issues facing the Florida ... Read the full article
Openly recruits Head of Reinsurance from Everest Re
31st May 2022
Homeowners insurance provider Openly has announced the appointment of Anthony Landi as Head of Reinsurance and Capital Management. He will lead Openly's reinsurance division and scale up its internal catastrophe management program, reporting to Adriel Nunes, CFO of Openly. Landi previously spent 10 years at Everest Re, where he most recently established and ... Read the full article
Florida property reforms signed into law
27th May 2022
Florida Governor Ron DeSantis has signed new legislation into law that seeks to stabilise the troubled property re/insurance market in the state, following a week of discussions by lawmakers at a special emergency session. The reforms, which include a $2 billion reinsurance fund and new rules on coverage denials and attorney ... Read the full article
Florida passes insurance bill to settle troubled market
26th May 2022
The Florida House of Representatives passed Senate Bill 2-D on Wednesday in an attempt to stabilise the state’s insurance sector. Among the bill’s provisions are a program that provides $2bn of reinsurance capacity, attaching below the Florida Hurricane Catastrophe Fund’s (FHCF) $8.5bn attachment point, but covering only hurricane losses; the limiting ... Read the full article
Canadian personal auto & property rates up through Q1
24th May 2022
The results of the latest Applied Rating Index by Applied Systems show that average premiums for both Personal Auto lines and Personal Property lines increased in Canada year over year in the first quarter of 2022. Quarter over quarter, premium renewal rate change decreased for Personal Auto and increased for Personal ... Read the full article
Flood risk capacity adequate in Malaysia, but conversations needed
19th May 2022
Insurers and reinsurers within Malaysia have adequate capacity for flood risk, despite low penetration in the country, says a new report. The report, The Malaysian Insurance Highlights, says that while 5m of the country’s 32.3m population live in flood-prone areas, fewer than 25% of homeowners and 5% of vehicles are insured ... Read the full article
NICB warns $4.6-9.2bn lost last year to fraud
19th May 2022
The National Insurance Crime Bureau (NICB) has said that casualty insurers paid out between $4.6bn and $9.2bn extra in 2021 due to insurance fraud. The NICB estimated that disaster fraud adds 5-10% to the total claims paid following a disaster. Similarly, the Federal Bureau of Investigation found that of the $80bn ... Read the full article
Florida’s ‘artificial’ insurance structure is ‘untenable’ – ALIRT
18th May 2022
The efforts of both the Florida government and the state's insurance department to provide its citizens with affordable property insurance has created an "artificial structure" which is "untenable," according to ALIRT Insurance Research. For the past three decades, the state's government and insurance department have made numerous efforts to create a ... Read the full article
Hippo reports 25% YoY growth in total generated premium in Q1
13th May 2022
Home insurer Hippo has announced total generated premium (TGP) growth of 25% YoY to $154 million in Q122, compared to $123 million from the prior years quarter. The quarter also included a rise in gross written premium (GWP) to $117 million, a 17.9% difference to last years $99 million. At the same ... Read the full article
HCI to wait until after Florida special session to finalise reinsurance: CEO Patel
11th May 2022
Florida-based HCI Group's founder and Chief Executive Officer (CEO), Paresh Patel, revealed recently that the company will wait until after the special session in late May to complete is reinsurance placement. Earlier this week, Florida's governor Ron DeSantis called for a special session to consider legislation to improve the prospects of ... Read the full article
FedNat seeks to downsize ahead of reinsurance squeeze
10th May 2022
Michael H. Braun, CEO of Florida based primary insurer FedNat, has revealed that the company is seeking to become “much smaller, with significantly fewer policies in force,” ahead of what it anticipates to be an extremely challenging mid-year renewal period. Last month, leaders at FedNat cast doubts over the company’s ... Read the full article