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.
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
Munich Re launches ‘innovative’ coverage for AI solutions
28th April 2023
Munich Re has launched aiSelf™, an "innovative" coverage for users who implement self-developed Artificial Intelligence (AI) solutions in their own companies. "This new cover enables you to mitigate the underperformance, unreliability and drift of machine learning models," Munich Re said. Munich Re provides insurance coverage to protect companies from potential financial losses ... Read the full article
InnSure supports climate risk insurance innovators with new award program
28th April 2023
InnSure, a nonprofit dedicated to harnessing the power of the insurance industry to combat climate change, is to competitively award insurance innovators for the research and development of new policies and products to help address climate risk. Working with the New York State Energy Research and Development Authority (NYSERDA), the nonprofit ... Read the full article
P&C rates to increase in 2023, insurers to reduce reinsurance use: S&P
27th April 2023
Underwriting profitability is expected for North American P&C insurers this year according to S&P analysts, who have also forecasted rate increases for homeowner insurance, auto and property, among others. Additionally, according to their recent report, they believe that P/C insurers in the region will reduce their use of reinsurance mainly due ... Read the full article
South Africa’s New National partners with JBA for global flood data
27th April 2023
Specialist insurer New National Assurance has signed an annual agreement with flood risk modeller, JBA Risk Management (JBA), for the use of its flood data for South Africa. The data, which incorporates climate change intelligence, will be used by the insurer to underwrite property-risk for both personal and commercial lines. Additionally, ... Read the full article
UK car insurance premiums up by 20%, the biggest annual rise over a decade
25th April 2023
Comprehensive car insurance premiums have risen by 20% during the last 12 months, making the average cost of a car insurance policy the most expensive it has been since 2011, according to the latest Confused.com Car Insurance Price Index in association with WTW. By the first quarter of 2023, premiums have ... Read the full article
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