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.
Senate Budget Committee launches investigation into insurance companies’ climate risk evaluation, fossil fuel support
12th June 2023
The Senate Budget Committee, led by Senator Whitehouse (D-RI), alongside Senators Wyden (D-OR) and Sanders (I-VT), initiated an investigation into the evaluation of climate-related risks by major U.S. insurance companies. The committee seeks to understand why these companies continue to support and underwrite fossil fuel expansion projects that contribute to climate ... Read the full article
Catastrophe loss picks and outwards reinsurance in focus for Lloyd’s: Tiernan
8th June 2023
Patrick Tiernan, Chief of Markets at Lloyd’s, explained this morning that catastrophe loss exposure remains a key focus at the insurance and reinsurance marketplace, with loss picks set to be continually scrutinised. Delivering a May market message, Tiernan said that in the past Lloyd's has seen catastrophe losses exceeding plan and ... Read the full article
Florida Governor DeSantis signs new consumer protection legislation
7th June 2023
Florida Governor Ron DeSantis signed new consumer protection legislation that will “expand the state’s home hardening and hazard mitigation programs, and further protect consumers against bad actors.” DeSantis also announced the approval of an additional $100m in the 2023–24 General Appropriations Act for the My Safe Florida Home Program which provides ... Read the full article
Simplifai launches generative artificial intelligence tool for insurers
5th June 2023
Simplifai, an artificial intelligence (AI) automation solutions provider, has launched Simplifai InsuranceGPT, a custom-built GPT tool fuelled by the company’s no-code AI-powered platform. It is the first large language model (LLM) to be trained specifically on information directly relevant to the insurance sector, Simplifai stated. With InsuranceGPT, Simplifai has strengthened its end-to-end ... Read the full article
Untapped potential in Africa’s agricultural insurance market: Faber
2nd June 2023
Africa’s agricultural insurance market has a large untapped potential for non-life insurers due to its low penetration and it is key to advancing food production security in the continent, according to the latest edition of the Africa Insurance Pulse on food security and agricultural insurance. The global agricultural insurance market has ... Read the full article
WTW launches intangible asset policy
30th May 2023
Global broker WTW has announced the launch of a financial product targeting clients looking to protect their intangible assets. Described as a first-of-its-kind product, WTW said its Intangible Asset Protection (IAP) looks to meet client demand and to fill a coverage gap in the market. An intangible asset is one that is ... Read the full article
Global minimum tax rules are topic number one: Scott Slater, PwC Bermuda
26th May 2023
The introduction of rules to enforce a global minimum tax rate for large enterprises, which will include many insurance and reinsurance firms, is the highest priority topic for most tax leaders, according to Scott Slater of PwC Bermuda. Scott Slater is a a Partner and the Tax Services ... Read the full article
Insureds face mounting pressure as catastrophe capacity, reinsurance costs rise: WTW
11th May 2023
In an ever-evolving insurance landscape, insureds are bracing themselves for continued challenges as they navigate a market grappling with increasing premiums, reinsurance optimization, and a persistent focus on asset valuation, WTW noted in its Insurance Marketplace Realities 2023 Spring Update. The pressure to achieve higher returns for the deployment of catastrophe ... Read the full article
Ping An processes over 200 million claims in 2022, averaging 600,000+ cases daily
11th May 2023
In 2022, Ping An's four insurance companies collectively processed more than 200 million claims, averaging over 600,000 cases per day, according to Ping An Insurance (Group) Company of China, Ltd.'s 2022 Annual Insurance Claims Report. This extensive coverage demonstrates the vital role that insurance claims services play in safeguarding people's livelihoods ... Read the full article
Major DC migration of London insurance market completed by DXC Technology
10th May 2023
DXC Technology, a global technology services provider, working closely with the London Market Joint Ventures (XIS and XCS), has announced the successful completion of a major data centre migration for the London insurance market. Over a single weekend in February, some 70 billion rows of data, 700 IT assets, over 200 ... Read the full article
Insurtech Concirrus partners with data and analytics provider Percipience
10th May 2023
Percipience LLC, an insurance data and analytics platform provider, and insurtech Concirrus have announced a new partnership aimed to expand data capabilities for insurers. According to the announcement, this partnership brings together the best of breed data analytics and Artificial Intelligence (AI) capabilities. It combines Percipience’s comprehensive insurance data and analytics platform ... Read the full article
S&P expects 10% of ratings in re/insurance sector to be affected by its new criteria
9th May 2023
S&P Global Ratings has published a revised version of its proposed methodology for measuring the risk-based capital adequacy of re/insurers, noting that the new criteria could lead to credit rating actions on about 10% of ratings in the sector and affect capital and earnings assessments. The rating agency is also requesting ... Read the full article
Berkshire Hathaway P&C reinsurance premiums soar 30% in Q1 2023
6th May 2023
Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, has reported a strong quarter of growth for its property and casualty (P&C) reinsurance operations, with premiums written rising by 30% in the period, with the inclusion of TransRe a significant driver of that growth. However, at the same time, Berkshire Hathaway's ... Read the full article
Global InsurTech funding rises by 37.6% in Q1 2023: Gallagher Re
4th May 2023
InsurTech funding has bounced back strongly in the first quarter of 2023, with global investments reaching $1.39 billion, according to the latest Global InsurTech Report from Gallagher Re. This marks a 37.6% increase from the previous quarter's lowest total since Q1 2020. While the deal count remained steady, the average deal ... Read the full article
Verisk launches XactXpert to automate, accelerate property claims estimates review
28th April 2023
Global data analytics and technology provider Verisk launched XactXpert, a new rules engine in its Xactimate property estimating solution that enables property insurers to automate and speed up the review of property estimates from days to minutes. By integrating customized claim estimation guidelines into their digital workflows, insurers can use XactXpert ... Read the full article
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