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.
New rules enable insurers in California to better balance loss costs and expenses with pricing
22nd September 2023
As major insurance companies have pulled-back on underwriting property insurance in California, the local government has announced plans to enable insurers to better cover their loss costs and expenses within their pricing. Unlike public utilities, which are required by law to cover all consumers, insurance companies will not write insurance, especially ... Read the full article
Rising climate risk calls for industry and government collaboration: Moody’s
21st September 2023
In a recent report, Moody's has underscored the increasing physical climate risk and its implications for the insurance and reinsurance industries. The report highlights that the rising frequency and severity of destructive weather events are driving up underwriting risk, adding a layer of complexity to risk management strategies. One of the key ... Read the full article
SportsCover Direct launches new corporate structure Starpeak
20th September 2023
SportsCover Direct, a specialist digital distributor of insurance to niche online markets, has announced a new corporate structure, which includes the debut of Starpeak as its new company name. According to the announcement, Starpeak embodies the company’s expertise beyond sport to reflect a broader offering that addresses the UK insurance protection ... Read the full article
Geneva Association report highlights evolving AI regulations in insurance industry
15th September 2023
The adoption of artificial intelligence (AI) in the insurance sector is rapidly transforming various facets of the industry, from underwriting to claims management and customer engagement. AI holds the promise of improved services, efficiency gains, and cost reductions, benefiting both insurers and policyholders. However, concerns over privacy, discrimination, and regulatory lag have ... Read the full article
Insurers’ cost of capital reaches decade-high levels amidst rising interest rates: Swiss Re
11th September 2023
In a recent report by Swiss Re Sigma, the insurance industry's cost of capital (CoC) has surged to its highest point in a decade due to a confluence of factors, primarily driven by the impact of the COVID-19 pandemic and subsequent economic events. One of the key factors contributing to this ... Read the full article
Exclusions are not the solution: Thierry Léger, CEO, SCOR
11th September 2023
Speaking this morning in Monte Carlo at the annual PwC hosted breakfast of the Rendez-Vous event, Thierry Léger, the new CEO of French reinsurer SCOR, explained that the industry faces a problem of insurability that is only becoming more complex. Léger said that there are numerous areas of challenge and complexity ... Read the full article
Insurance market remains strong but faces new challenges: LCP
8th September 2023
LCP's seventh annual analysis of Solvency II reporting has revealed that the financial strength of the UK and Ireland's largest non-life insurers remains robust, with the average eligible own funds ratio standing at 180%. The report indicates that the total eligible own funds for these insurers increased from £97 billion at ... Read the full article
Korean insurers navigate K-ICS impact, focus on capital efficiency and solvency: Fitch
5th September 2023
The Korean Insurance Capital Standard (K-ICS) continues to exert a profound influence on South Korean insurers' operational strategies, as they endeavour to optimise capital efficiency and reinforce solvency adequacy, reports Fitch Ratings. The introduction of K-ICS in 2023 has sparked varying impacts on the solvency strength of Korean insurers, contingent on ... Read the full article
Insurance industry resilient TSR does not meet investors’ cost of equity: BCG
5th September 2023
At 8%, the insurance industry total shareholder return (TSR) demonstrates resilience compared with other sectors since the onset of the pandemic, but nonetheless falls short of meeting investors’ cost of equity, continuing a trend of recent years, according to BCG analysts. The five-year annual TSR for insurance from 2018 through 2022 ... Read the full article
Australian insurance industry sees net profit growth in H1: APRA
4th September 2023
The general insurance industry saw a net profit after tax of $4.6 billion with strong underwriting results in the first half of 2023, according to statistics published by the Australian Prudential Regulation Authority (APRA). APRA has recently released its Quarterly General Insurance Performance Statistics publication which provides aggregate summaries of financial ... Read the full article
Hurricane Idalia forecast to hit Florida “near or at major intensity”
28th August 2023
Florida is facing a significant hurricane threat this week, as tropical storm Idalia is forecast to become hurricane Idalia later today, before then heading over extremely warm Gulf waters towards Florida's coast where the NHC forecast it could be near or at major intensity by landfall. Update: The latest NHC advisory, ... Read the full article
Insurtech innovations set to reshape insurance industry: Waterstreet Study
25th August 2023
In a study involving hundreds of prominent insurance leaders, Waterstreet has revealed a compelling vision of the future of insurance, shedding light on the transformative impact of insurtech innovations, artificial intelligence (AI), machine learning, and blockchain on the industry landscape. Survey participants overwhelmingly foresee insurtech startups as the driving force behind ... Read the full article
Neptune’s growth in re/insurer relationships provides $100m+ additional premium capacity
23rd August 2023
Neptune Flood, a private flood insurance company, has announced successful growth in insurance carrier and reinsurer relationships, having reviewed and expanded programs with AXA XL, MS Transverse, and Lloyds. The 2023-24 renewals have expanded Neptune's network to 23 insurance carriers and reinsurers, backing six unique programs with AXA XL, MS Transverse, ... Read the full article
APAC sees increased demand for solutions in Q2, insurers focused on retention and growth: Aon
21st August 2023
An increased demand for insurance solutions has been seen in the Asia-Pacific region (APAC) as its economies open to the rest of the world and businesses look to grow, this was met by insurers focused on retention and targeted growth, according to Aon’s Q2 2023 Global Market Insights report. The pricing ... Read the full article
Becoming less shock prone makes emerging Asia attractive for insurers and investors: Swiss Re
11th August 2023
Emerging Asia is becoming less shock prone, this along with enhanced economic credibility lowering long-term volatility of growth, inflation and interest rates, is making the region more attractive for insurers and investors alike, according to a recent report by the Swiss Re Institute. Emerging economies, especially in Asia, are experiencing rapid ... Read the full article
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