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.
Canadian insured losses surpass $3 billion in 2023 amidst secondary perils: CatIQ
12th October 2023
Canada has seen insured losses exceeding $3 billion in 2023, driven predominantly by secondary peril events, according to CatIQ. Severe convective storms, floods, and wildfires have taken the forefront in the country's disaster landscape, making it a year marked by costly catastrophes. This disconcerting development comes as a stark reminder of the ... Read the full article
Canadian insurance industry maintains profitability amid challenges in 2022: AM Best
12th October 2023
A recent report from AM Best reveals that Canada's insurance sector demonstrated resilience in 2022, with both property/casualty (P/C) and life/annuity (L/A) segments maintaining their stability despite ongoing challenges. In the P/C sector, insurers reported a net income of CAD 6.6 billion in 2022, marking the fourth consecutive year of underwriting ... Read the full article
Digitalisation drives innovation and new risks in insurance industry: Swiss Re
11th October 2023
The insurance industry is undergoing a digital revolution, opening doors to innovation while simultaneously introducing new risks, according to the latest sigma study, "The economics of digitalization in insurance," by Swiss Re Institute. Digitalisation has allowed insurers to monitor, mitigate, and price risks more efficiently, leading to tailored insurance solutions that ... Read the full article
EIOPA lays down strategic priorities for 2024/26 with focus on managing uncertainty
10th October 2023
The European Insurance and Occupational Pensions Authority (EIOPA) has outlined its strategic priorities for the period 2024-2026, highlighting its plans to “focus on managing the uncertainty in times of transformation so that the insurance and pensions sectors can continue to deliver value to policyholders and beneficiaries.” In a statement, the EIOPA ... Read the full article
European Insurance M&A activity surges in H1’23: FTI Consulting
10th October 2023
In the first edition of FTI Consulting's European Insurance M&A Barometer Report for 2023, the firm highlights a robust surge in insurance deal activity across the region during the first half of the year. The report provides insights into key trends in the insurance mergers and acquisitions (M&A) market, showcasing notable ... Read the full article
Belize unveils new Insurance Act to improve financial protection
10th October 2023
Belize has unveiled a new insurance act in a move aligned towards modernizing and enhancing financial protection. The act, which came into effect on October 1, replaces the previous Insurance Act and the International Insurance Act. It represents an "important moment" in Belize’s regulatory framework for insurance, merging the Insurance Act and ... Read the full article
LMG launches report highlighting role of insurance in advancing net zero projects
9th October 2023
The London Market Group (LMG) unveiled a comprehensive report shedding light on the pivotal role that insurance plays in driving and sustaining net zero projects. Targeting parliamentarians and key influencers, this report aims to underscore the significance of the London Market in facilitating the transition to a net-zero carbon world. Sean McGovern, ... Read the full article
Coalition’s Executive Risks Insurance now available on surplus lines paper
9th October 2023
Coalition’s comprehensive Executive Risks Insurance products are now available on surplus lines paper, making comprehensive management liability coverage available to a wider range of businesses. The cyber insurance provider now offers Executive Risks Insurance - including Directors & Officers Liability (D&O), Employment Practices Liability (EPL), Fiduciary Liability, and Crime Insurance - ... Read the full article
Scenario planning essential for re/insurers amid economic uncertainty: Swiss Re Institute
4th October 2023
Economic uncertainty is high, with recession and inflation risks still elevated, which highlights the value of scenario planning for re/insurers, according to a recent report by the Swiss Re Institute. The world economy is expected to continue to slow gradually, growing only 2.2% in real terms next year, down from 2.5% ... Read the full article
Tryg to undergo a number of strategic and structural changes
3rd October 2023
Scandinavian insurance company Tryg has announced strategic and structural changes - including the merging of two lines and the redundancy of hundreds of employees - aimed to enhance the company’s competitiveness and resilience both short and long-term. This move follows the recent growth Tryg has experienced as it has undergone a ... Read the full article
Bank of England to develop new lending tool for insurers
3rd October 2023
The Bank of England (BoE) is planning to develop a new lending tool for insurers, and other non-bank financial institutions like pension funds, to provide access to emergency cash during times of market stress. This new tool is to be created to help avoid a repeat of last year's bond market ... Read the full article
At-Bay adds 40 business classes to MPL product offering and doubles appetite to $50m
2nd October 2023
Cyber insurance provider At-Bay, has announced it has added more than 40 new classes of business to its Miscellaneous Professional Liability (MPL) product and increased the eligible revenue limit for businesses to $50 million. At-Bay has boosted the number of business classes available within its six most popular verticals offered by ... Read the full article
US liability claims face mounting pressure from social inflation: Swiss Re
2nd October 2023
The United States insurance industry is grappling with a persistent wave of social inflation, with liability claims costs surging by an annual average of 16% over the last five years, according to Swiss Re Institute. This trend far outpaces the average rates of economic inflation, which have hovered around 4%. As ... Read the full article
Guidewire supports California’s efforts to address insurance crisis and wildfire risk
25th September 2023
In response to California Governor Gavin Newsom's executive order and the California Department of Insurance Commissioner Ricardo Lara's proposal to address the state's insurance market challenges, Guidewire CEO Mike Rosenbaum issued a public statement expressing support and optimism for the measures. "California's insurance crisis calls for collaboration between government regulators and ... Read the full article
JP Morgan bullish on European insurance sector, highlights strong capital returns and growth potential
25th September 2023
In a recent analysis, JP Morgan has expressed a positive outlook for the European insurance sector, despite its underperformance in the first part of 2023. The investment bank highlights several key factors that make the sector an attractive investment opportunity, including strong capital returns, the potential for positive surprises in margins ... Read the full article
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