Reinsurance News
Insurance news
Insurance news of relevance to the reinsurance market.
Our focus is on insurance and reinsurance news for large account, commercial and specialty lines, as well as pure reinsurance and retrocession news, analysis, insight and interviews.
Rising jury verdicts and insurance gaps a struggle for companies: Chubb
19th June 2024
As large jury verdicts increase in number and cost, many companies do not have adequate liability insurance to cover these losses effectively, a recent analysis by insurance company Chubb has revealed. According to Chubb's 16th annual Liability Limit Benchmark & Large Loss Profile by Industry Sector 2024, there is a widening ... Read the full article
Global Risk and Resilience Fellowship aims to de-risk investment using insurance
19th June 2024
The Sustainable Markets Initiative (SMI), a collaborative effort focused on promoting sustainability in global markets, along with Howden, an international insurance group, and Resilient Cities Network (R-Cities), the city-led network on urban resilience, has launched the second cohort of the Global Risk and Resilience Fellowship in five cities worldwide. This year's ... Read the full article
Companies are facing ‘polycrisis’ of risk, reports Clyde & Co
19th June 2024
Clyde & Co, a law firm that specialises in insurance, trade, and aviation, reports that 67 percent of leaders surveyed find the risk landscape significantly more complex than it was three years ago during the COVID-19 crisis. Complicated and often contradictory global regulatory risks are major obstacles to corporate growth. The ... Read the full article
Assurex Global welcomes Prudent Insurance Brokers to its partnership
19th June 2024
Assurex Global, a private commercial insurance, risk management, and employee benefits brokerage group, has announced the addition of Prudent Insurance Brokers Pvt. Ltd., based in Mumbai, India, to the Assurex Global Partnership as of May 1. Established in 2005, Prudent Insurance Brokers began as an intermediary for TATA-AIG General Insurance Co. ... Read the full article
Mark Houghton joins Canopius as Global Product Leader, Specialty
18th June 2024
Canopius, a global specialty and P&C (re)insurer, has announced the appointment of Mark Houghton to the newly created role of Global Product Leader, Specialty. Starting in October, Houghton will oversee the governance, performance, and standards of Canopius’ specialty underwriting lines across the business. He will also drive product development and innovation while ... Read the full article
ICA welcomes NSW budget’s major investments in resilience and flood protection
18th June 2024
The Insurance Council of Australia (ICA), the representative body for the Australian insurance industry, praised the New South Wales (NSW) Government's 2024-25 budget for its significant resilience funding, aimed at improving community protection and insurance affordability. Andrew Hall, CEO, Insurance Council of Australia, commented: "Today’s budget announcements are important investments in ... Read the full article
Insurers continue to face capital challenges: Aon
18th June 2024
Aon, a global insurance and reinsurance broking group, has released its latest capital poll, highlighting the capital challenges and growth prospects for insurers. The challenges faced in 2023 significantly reduced the financial buffers that many insurers previously benefitted, leading to a heightened focus on capital management and diverse funding sources. Despite robust ... Read the full article
Fitch upgrades German non-life insurance sector outlook to ‘improving’
18th June 2024
Fitch Ratings, a financial analysis firm operating out of Frankfurt and London, recently announced a notable change in its evaluation of the German non-life insurance sector. The outlook has been elevated from 'neutral' to 'improving,' driven by expectations of heightened profitability fuelled by robustly increasing premium rates. Despite some European counterparts, recent ... Read the full article
Asian Re achieves 76% increase in net profit in 2023 fiscal year
18th June 2024
Asian Reinsurance Corporation (Asian Re), a regional non-life reinsurer, has reported a substantial 76% rise in net profit to USD 3.21 million for the fiscal year 2023, marking a significant milestone in its financial performance. Underwriting and operating performance metrics are expected to improve in the intermediate term as Asian Re ... Read the full article
Canopius appoints Chris Getty as new cyber underwriter
18th June 2024
Canopius Group, a global specialty and property and casualty (re)insurer, has announced the immediate appointment of Chris Getty as Cyber and Technology Underwriter. Getty will enhance Canopius’ cyber and technology capabilities and will report directly to Mike Shen, Head of Cyber & Technology for the London Market. Shen added: “Chris is a ... Read the full article
Intensified regulatory scrutiny on EU life insurers potentially hitting profits: Moody’s
17th June 2024
Moody's, a credit rating agency, has released a report emphasising intensified regulatory scrutiny on European Union life insurers to ensure their products deliver "value for money," potentially impacting profitability and operational strategies, particularly for unit-linked and hybrid products. Since 2018, reports from the European Insurance and Occupational Pensions Authority (EIOPA) have ... Read the full article
June US SCS flooding spurs anticipation of hundreds of millions in insured losses: Aon
17th June 2024
Aon, a professional services firm providing risk, retirement, and health solutions, has released a weekly catastrophe report showing that since June 11, Southern Florida has faced substantial financial losses due to prolonged and excessive rainfall and severe convective storms (SCS). This has led to significant flash flooding and expected economic and ... Read the full article
Proactive risk management key for 2024: Gallagher
17th June 2024
(Re)insurance broking group Gallagher's new report highlights the necessity for businesses and communities to adopt proactive risk management strategies, in light of global uncertainties in 2024. The year is marked by the potential for civil unrest, terrorism, and political violence due to upcoming elections worldwide. In the UK, environmental activism has caused ... Read the full article
Howden names Paul Hipson as Head of London Broking
17th June 2024
The insurance intermediary group Howden has announced the appointment of Paul Hipson to the newly created role of Head of London Broking for the Corporate & Commercial division within Howden UK & Ireland, effective June 2024. In his new position, Hipson will oversee the existing London Broking team, which primarily assists ... Read the full article
DARAG and UnipolSai form service partnership
17th June 2024
DARAG Group, a (re)insurance specialist in discontinued business and capital and operational relief, has entered into a service agreement with UnipolSai Assicurazioni S.p.A. (Unipol), an Italian insurer within the Unipol Group. Unipol is a major player in non-life insurance and motor vehicle third-party liability (TPL) in Italy. Under this agreement, DARAG Deutschland ... Read the full article
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