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Munich Re America partners with BriteCore on inland personal flood coverage

25th October 2018

The U.S branch of global reinsurance firm Munich Re is to offer inland personal lines flood coverage to its insurance carriers and agency partners that use BriteCore, a web-based insurance administration platform. The endorsement from Munich Re America is available to homeowners who live outside of a Special Flood Hazard Area ... Read the full article

Verisk launches new flood underwriting tool WaterLine

23rd October 2018

Leading data analytics provider Verisk has announced the launch of WaterLine, a new underwriting tool that scores flood risk for all properties in the contiguous United States, helping insurers keep up with the growing number of homes and businesses vulnerable to flood. WaterLine was developed by Verisk businesses ISO and AIR ... Read the full article

Hannover Re expects modestly higher premiums and stable conditions in Germany

22nd October 2018

E+S Rück, a subsidiary of Hannover Re responsible for the group’s German business, continues to expect positive premium development in the country’s market for the upcoming round of treaty renewals as at 1 January 2019, albeit at a somewhat more muted pace than in the previous year. "Against the backdrop of ... Read the full article

Composite rate for U.S. P&C placements up by 2.5% in Q3: MarketScout

17th October 2018

The composite rate for U.S. property and casualty (P&C) placements increased by an average of 2.5% in the third-quarter of 2018, in line with the rate increases witnessed in the second-quarter, according to MarketScout. According to Richard Kerr, Chief Executive Officer (CEO) of MarketScout, rates continued to move slowly upward with ... Read the full article

Travelers partners with Amazon on home insurance solutions

11th October 2018

American insurer Travelers has announced a partnership with Amazon that will see smart home kits, as well as insurance and risk management information, offered to its customers via a digital storefront on the Amazon site. The smart home kits, designed to protect homeowners from some of the most common causes of ... Read the full article

Munich Re’s BI&I to launch home cyber coverage in Canada

4th October 2018

The Boiler Inspection and Insurance Company of Canada (BI&I), a subsidiary of reinsurer Munich Re, has announced the launch of a new personal lines cyber insurance product for consumers in Canada, called Home Cyber Protection. The product will offer a suit of coverages and services for cyber attacks, cyber extortion, online ... Read the full article

Up to $10bn insured flood losses from Florence, estimates CoreLogic

25th September 2018

Catastrophe risk modelling specialist CoreLogic estimates that industry flood losses resulting from hurricane Florence will fall between $6 billion and $10 billion, with the National Flood Protection Program shouldering between $2 billion and $5 billion of that figure. CoreLogic estimates the uninsured flood loss to be between $13 billion and $18.5 ... Read the full article

UPC & Tokio Marine Kiln partner on start-up insurer Journey

21st September 2018

United Insurance Holdings Corp. (UPC Insurance), a property and casualty (P&C) insurance holding company, has received regulatory approval for the licensure of its new P&C insurance subsidiary, Journey Insurance Company, which it formed in collaboration with Tokio Marine Kiln. Journey, which has also received an ‘A-‘ Financial Strength Rating and ‘a-‘ ... Read the full article

NFIP will absorb majority of Florence losses, says Fitch

20th September 2018

Traditional reinsurers and insurance-linked securities (ILS) markets are expected to experience only modest levels of losses from Hurricane Florence, with the majority likely to be absorbed by the National Flood Insurance Program (NFIP), according to Fitch Ratings. Florence weakened to a Category 1 hurricane as it approached the U.S coast last ... Read the full article

FedNat estimates $4m Hurricane Florence exposure

18th September 2018

Florida-based FedNat Holding Company has estimated its aggregate gross liabilities as a result of Hurricane Florence, which it says will be paid out in the coming months, will be $4 million. Based on preliminary post-landfall catastrophe model estimates, the company says the figure is well within its current non-Florida property catastrophe ... Read the full article

$15bn Florence losses could support P&C pricing, says Morgan Stanley

17th September 2018

Morgan Stanley has released an insured loss estimate of between $5 billion and $15 billion for damages relating to Hurricane Florence, which made landfall in North Carolina on Thursday night, and has suggested that losses could support property and casualty (P&C) re/insurance pricing. Florence was downgraded from a Category 4 to ... Read the full article

Florence losses will be comfortably absorbed by P&C sector: Moody’s

17th September 2018

Insured losses resulting from Hurricane Florence may dampen third-quarter earnings but will generally be comfortably absorbed by the property and casualty (P&C) re/insurance sector, with no foreseeable impact on the overall pricing environment, according to Moody’s. Hurricane Florence made landfall as a Category 1 storm in North Carolina on Thursday night, ... Read the full article

Hurricane Florence losses will be manageable, say re/insurance analysts

14th September 2018

Analysts are confident that re/insured losses from Hurricane Florence will be manageable, with many firms now expecting losses to fall in the lower ends of initial estimates as the category 1 storm continues to weaken. Analysts from both Goldman Sachs and S&P Global Ratings said they believe Florence will ... Read the full article

H1 natural catastrophes will have “limited impact” on reinsurers: S&P

6th September 2018

Losses relating to natural catastrophe events that have occurred thus far in 2018 are likely to have only a “limited impact” on reinsurers, with primary insurers and the U.S National Flood Insurance Program (NFIP) expected to bear the majority of the costs, according to a recent report by S&P Global ... Read the full article

U.S P&C re/insurers given H1 boost following 2017 catastrophes, Fitch Ratings

29th August 2018

A decrease in natural catastrophe losses relative to 2017 helped drive positive mid-year results for U.S property and casualty (P&C) re/insurers, according to a report by Fitch Ratings. Operating performance moderately improved for P&C re/insurers during H1 2018 thanks to improved core loss ratios, lower catastrophe-related losses and lower taxes along ... Read the full article