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.
Insurance industry responds to evolving risks with innovation and collaboration: Allianz
23rd January 2024
In the face of growing concerns over the insurability of modern risks such as cyber threats and climate-related disasters, the insurance industry is stepping up its game, according to the recently published Allianz Risk Barometer 2024. The report highlights that cyber security has become the top global risk, with cyber-attacks and ... Read the full article
UK life insurers may pass more interest to customers to avoid being “named and shamed”: Fitch
23rd January 2024
Some UK life insurers are likely to pass on more of their earned interest to customers in order to protect their reputations, a move that may oppose consumer duty rules introduced in July 2023 which keep driving changes, according to a recent report by Fitch Ratings. “We believe insurers will consider ... Read the full article
Paratus expands into renewable power price insurance
22nd January 2024
Paratus Holdings Limited, an insurance group focused on decarbonisation, is to expand its commercial operations and the introduction of its highly innovative renewable power price-risk insurance solution, pending regulatory approval. The announcement follows the completion of a growth equity investment from Ara Partners, a global private equity and infrastructure firm that ... Read the full article
Inherent Risks to provide USAID medical evacuation services for Ukraine
22nd January 2024
Global risk advisory firm, Inherent Risks has won a prime contract for an undisclosed amount to provide emergency medical response and evacuation services to United States Agency for International Development (USAID) funded projects in Ukraine. Since Russia’s invasion of Ukraine in February 2022, Inherent Risks has provided $9.88 billion in development ... Read the full article
Claim Assist Solutions unveils unified approach to transform claims management in insurance
22nd January 2024
In a strategic move to revolutionise the property and casualty insurance sector, renowned firms, including Allcat Claims Service, Colonial Claims, Lighthouse Claims Service, Parker Loss Consultants, Prestige Claims Service, and QA Claims, have joined forces under the umbrella brand Claim Assist Solutions. This collaboration aims to offer a more cost-effective claims-adjusting ... Read the full article
JMP Securities anticipates positive Q4’23 results in insurance, cautions on casualty reserves
19th January 2024
In the upcoming 4Q23 results for the insurance sector, JMP Securities anticipates positive outcomes driven by robust mark-to-market tailwinds on investment portfolios and minimal catastrophe losses. The focus, however, remains on forward-looking factors, including loss cost inflation, casualty reserve stress, primary pricing sustainability, and ongoing market disruptions in personal lines. Catastrophe activity ... Read the full article
Satellite tech revolutionising insurance response with near real-time insights: ICEYE CEO at Davos
18th January 2024
In a speech at this year's World Economic Forum in Davos, Rafal Modrzewski, CEO and Co-Founder of ICEYE, emphasised the pivotal role of satellite technology in rebuilding trust and addressing key global challenges, particularly in the realm of insurance. Modrzewski emphasised the transition towards a new set of global conditions, citing ... Read the full article
AM Best maintains stable outlook for Panama’s insurance industry amid economic challenges
15th January 2024
AM Best, has maintained its stable outlook for Panama's insurance industry, highlighting the sector's consistent profitability in underwriting results and positive future prospects. Despite facing challenges from the macroeconomic environment, the industry appears resilient. Panama experienced an impressive 10.8% growth in gross domestic product in 2022, as reported by the International Monetary ... Read the full article
Chaucer reports surge in sovereign debt downgrades
12th January 2024
In the past year, Chaucer, global specialty re/insurance firm, has observed a staggering 43 sovereign debt downgrades worldwide. The combination of soaring inflation and escalating global interest rates has sparked concerns about the ability of numerous countries, including economic heavyweights like the United States and France, to meet their debt obligations. The ... Read the full article
Rising premium rates boost prospects for UK and Italian non-life insurers in 2024: Fitch
12th January 2024
In the ever-evolving landscape of European non-life insurance, Fitch Ratings predicts that the United Kingdom and Italy are poised to reap the greatest benefits from the anticipated surge in premium rates throughout 2024. The non-life insurance sector across Europe is expected to enjoy the fruits of higher premiums, alleviated claims inflation, ... Read the full article
Morgan Stanley warns of lingering social inflation threats in insurance industry for 2024
12th January 2024
In a recent report, Morgan Stanley has shed light on the growing concerns surrounding social inflation, predicting it to be a significant headwind for the insurance industry throughout 2024. Social inflation refers to the trend of insurers' costs outpacing general inflation, primarily fueled by escalating litigation expenses. Morgan Stanley's analysis, based on ... Read the full article
Sustainability, technology and geopolitical challenges top risks for transport industry
10th January 2024
A new report from Lloyd's, the global insurance and reinsurance marketplace, in collaboration with WTW, delves into the challenges and opportunities facing the global transport and logistics industry. Titled On the move: Rethinking transport and logistics supply chains, the report underscores the risks and insurance prospects within a $9.7 trillion industry ... Read the full article
AM Best maintains negative outlook on Argentina’s insurance industry amid economic challenges
5th January 2024
In a recent Market Segment Report, global credit rating agency AM Best has announced its decision to maintain a negative outlook on Argentina's insurance industry. The primary factors contributing to this outlook include an economic slowdown, extreme inflation, and anticipated macro-environmental volatility in the short term. After experiencing a two-year economic expansion, ... Read the full article
Insurers settle 87% of claims from Cyclone Gabrielle & Auckland Anniversary: ICNZ
29th December 2023
Insurers have successfully settled 87% of all private insurance claims stemming from the Auckland Anniversary weekend and Cyclone Gabrielle weather events, according to the Insurance Council of New Zealand (ICNZ). These two incidents stand out as the largest insurance weather events in Aotearoa's history, leaving a notable impact on property and ... Read the full article
ECB/ESRB emphasise critical role of re/insurance in addressing climate-related financial risks
28th December 2023
The European Central Bank (ECB) and the European Systemic Risk Board (ESRB) have underscored the pivotal role of insurance and reinsurance in mitigating climate-related financial stability risks across the European Union (EU). The comprehensive report delves into the vulnerabilities of financial institutions, stressing the necessity for proactive measures to address the ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
