Reinsurance News

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Hurricane Harvey flooding exposes widespread underinsurance: Lloyd’s

6th June 2018

The flooding in Houston caused by Hurricane Harvey in August 2017 has brought into relief the stark flood insurance protection gap for many communities in the U.S, according to the specialist insurance and reinsurance marketplace, Lloyd’s of London. Lloyd’s ‘After the Storms’ report assessed the damage caused by Hurricane Harvey, finding ... Read the full article

Drone tech could reduce storm damage assessment costs by 40%

1st June 2018

Aerial data collection company DataWing Global has claimed that insurers could significantly reduce their response times and lower costs by 40% if they use drone technology for their damage assessments during the upcoming 2018 storm season. DataWing suggests that by working with independent drone pilots, insurers could inspect roofs and other ... Read the full article

Re/insurers failing to adjust to climate change, reports University of Waterloo

16th May 2018

The re/insurance industry is putting homeowners at risk by not sufficiently considering risks associated with a changing climate in their underwriting practices, according to a new study by the University of Waterloo. The University’s research, which looked at data from 178 re/insurers, concluded that most companies regard risk to property from ... Read the full article

U.S P&C re/insurers striving to better harness data: Willis Towers Watson

14th May 2018

Willis Towers Watson has reported that harnessing advanced analytics and emerging data sources is becoming an increasingly vital concern for leading U.S Property and Casualty (P&C) re/insurers. In a recent survey, Willis questioned 51 U.S P&C re/insurers, finding that customer experience, claims management, telematics data for pricing, and customer selection and ... Read the full article

Stable German non-life sector well placed to withstand challenges: A.M. Best

19th April 2018

A.M. Best has forecast a stable outlook for the German non-life insurance sector, reporting that its robust economy, solid technical profitability, and strong balance sheets are offset by persistently low interest rates, catastrophe exposure, and the threat of market disruption. The German non-life sector has been growing steadily thanks to a ... Read the full article

Heritage names Tim Johns as President & CEO of Zephyr Insurance

11th April 2018

Heritage Insurance Holdings, a property and casualty (P&C) re/insurance holding company, has named Tim Johns as the next President and Chief Executive Officer (CEO) of Zephyr Insurance Company. Johns will succeed Richard Toyama as head of Zephyr, which is a provider of residential hurricane re/insurance coverage in Hawaii. Johns is already familiar ... Read the full article

IBHS names FEMA’s Roy Wright as successive President and CEO

6th April 2018

The Insurance Institute for Business & Home Safety (IBHS) has named Roy E. Wright as the successor to Julie Rochman, who is retiring from her current role as company President and Chief Executive Officer (CEO) at the end of June 2018. Wright is currently Deputy Associate Administrator for Insurance and Mitigation ... Read the full article

U.S. commercial lines up 2% in Q1 2018: MarketScout

6th April 2018

Analysis by MarketScout reveals that year-on-year, commercial U.S. property and casualty (P&C) rates increased by 2% in the first-quarter of 2018, while personal lines insurers are tweaking pricing by line of coverage. MarketScout's first-quarter 2018 commercial insurance rate barometer shows an overall 2% P&C rate increase, which is in line with ... Read the full article

WMIH Corp and Nationstar Mortgage enter merger agreement

21st February 2018

WMIH Corp and Nationstar Mortgage Holdings with its flagship brand Mr. Cooper have announced that they have entered into a definitive merger agreement. WMIH Chief Executive Officer (CEO) Bill Gallagher, said; “Nationstar aligns perfectly with our acquisition strategy and has a strong track record of providing mortgage servicing and loan and ... Read the full article

Palomar Specialty expands Flex Choice earthquake cover to Mississippi & South Carolina

15th February 2018

Palomar Specialty Insurance has announced the expansion of its Flex Choice residential earthquake insurance product into Mississippi and South Carolina from its current offer in Arkansas, Illinois, Indiana, Kentucky, Missouri Tennessee and Utah. Flex Choice allows consumers to tailor make residential earthquake coverage to meet their specific needs. The bespoke earthquake cover offers homeowners ... Read the full article

California insurers told to honour wildfire-related mudslide claims

30th January 2018

California Insurance Commissioner Dave Jones has issued a formal notice to all property and casualty insurers as a reminder to honour mudslide, landslide, and debris flow claims if the wildfire can be shown to be the cause. "Californians have suffered greatly with all of the devastating losses from wildfires that struck ... Read the full article

Radian enhances reinsurance at renewal after proposed changes to PMIERs

18th January 2018

Radian Group subsidiary, Radian Guaranty, has announced enhancements to its Single-Premium Mortgage Insurance (MI) Reinsurance Program, in response to proposed changes to Private Mortgage Insurer Eligibility Requirements (PMIERs). The enhancements include an increased cession of business for its single-premium MI quota share reinsurance arrangement, which it entered into in 2016, from 35% to ... Read the full article

Growing prevalence of risk-based capital regimes to drive reinsurance demand: Aon Benfield

17th January 2018

Aon Benfield's 2018 reinsurance market outlook forecasts a continued modest upturn in reinsurance demand globally driven by the growing prevalence of risk-based capital regimes and emerging areas of risk transfer. Reinsurance demand could also benefit from modest global economic growth alongside heightened risk awareness following a record-setting catastrophe loss year. Additional demand ... Read the full article

Verisk’s ISO business expands personal lines flood insurance programme

12th January 2018

Verisk has launched a new personal lines flood insurance program designed to make flood coverage widely available to homeowners anywhere in the United States through its ISO business. "The floods of recent years have highlighted the inadequacy or complete lack of coverage for many Americans, including those who didn't think they ... Read the full article

InsurTech Hippo partners with Spinnaker to expand U.S. smart home cover

11th January 2018

California-based InsurTech firm Hippo announced a strategic partnership with Spinnaker Insurance Company, with the ambitious aim to expand its U.S. presence and smart home cover to over 60% of the population by the end of the year. The partnership - Spinnaker's first with an InsurTech - enables Hippo to leverage Spinnaker's ... Read the full article