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.
APCIA opposes IAIS’ draft criteria for US Aggregation Method
22nd August 2022
The American Property Casualty Insurance Association (APCIA) has submitted comments to the International Association of Insurance Supervisors (IAIS), opposing its draft criteria for determining whether the U.S.-backed Aggregation Method (AM) for assessing insurance group capital is comparable to the IAIS’ Insurance Capital Standard (ICS). The comments follow on from the Read the full article
Quarterly rate changes up across most major commercial lines: Applied Systems
22nd August 2022
Applied Systems, a global provider of cloud-based software that powers insurance businesses, has announced the second quarter 2022 results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index. The company discovered that year over year, the average renewal rate change decreased from 9.12% in Q2 2021, to 8.95% ... Read the full article
Cyber insurance study suggests businesses lack ransomware insurance
22nd August 2022
A recent BlackBerry Cyber Insurance Coverage study shows that businesses are growing increasingly concerned about how they will meet ransomware demands. Only 19% of those surveyed have ransomware coverage limits above $600,000, while 59% hoped the government would cover damages when future attacks are linked to other nation-states. Shishir Singh, Executive Vice ... Read the full article
New business premiums for motor insurance up 14%: Jefferies
22nd August 2022
A recent report by Jefferies suggests new business premiums for motor insurance are up by 14% year over year (YoY), the first double-digit increase since March 2020, according to their UK premium tracker based on ONS data. The report notes that pricing is likely to be lower than their data suggests. ... Read the full article
APAC insurers report aggregate premium of $908.6bn in 2021
18th August 2022
Growing awareness regarding the importance of insurance, alongside renewed economic growth post-pandemic have helped towards the growth of Asia-Pacific (APAC) public insurance companies, with the top 20 APAC insurers reporting an aggregate premium of $908.6 billion in 2021, according to GlobalData. Analysts at the data and analytics company revealed that the ... Read the full article
Beazley’s Smart Tracker to transition into full market-facing syndicate
17th August 2022
Specialist re/insurer Beazley has announced that its Smart Tracker Special Purpose Arrangement (SPA) 5623 will now become a full market-facing syndicate at Lloyd’s, after being granted ‘in principle’ approval. Subject to Lloyd’s agreement of the Syndicate business plan and final approval, it will come into effect from January 1, 2023. From ... Read the full article
Investment yields not expected to offset re/insurance pricing increase, says JP Morgan
17th August 2022
A recent report by JP Morgan suggests (re)insurers increased investment returns will not slow down the raising prices. Non-life insurance companies with short-duration portfolios could see material increases to return on equity (ROEs) assuming that underwriting margins hold at current levels. In the late 1990s and early 2000s, insurers sustained underwriting losses, ... Read the full article
Renewed interest in Hong Kong’s insurance market, says PWC
16th August 2022
As the effects of Covid-19 start to clear, there is a renewal of interest and activity on the horizon in Hong Kong’s Insurance market from some of the largest Western international insurance groups, says a recent PWC report. The Special Administrative Region of Hong Kong remains the most attractive gateway for ... Read the full article
ARC and partners launch climate insurance pilot project
16th August 2022
A climate insurance pilot for agricultural value chains has been launched for Côte d'Ivoire rice farmers, initiated by the African Risk Capacity Limited (ARC Ltd), the Côte d'Ivoire Environment and Sustainable Development Ministry (MINEDD), and the United Nations Development Programme (UNDP) in Côte d’Ivoire. According to the announcement, the project aims ... Read the full article
Insurance sector codes to be revised due to BMA Act amendment
15th August 2022
Insurance sector codes in the Bermuda Monetary Authority Act 1969 (BMA Act) have been revised as part of the passing of a bill to amend the BMA Act by adding a principal object to cover matters related to the conduct of business by financial institutions. The BMA Act is the statute ... Read the full article
Crestline enters insurance market through “strategic” acquisition
15th August 2022
Crestline, a credit focused institutional asset manager, has announced the acquisition of a life insurance company established in 1978 and licensed in multiple states, which will now operate as CL Life and Annuity Insurance Company (CL Life). Through this “strategic” acquisition, Crestline enters the direct annuity insurance market. CL Life will provide ... Read the full article
Insurance industry hit by rising digital fraud in H1 2022
15th August 2022
The rate of suspected global digital fraud attempts in the insurance industry has experienced the greatest rise on a year-over-year basis, increasing 159% between Q2 2021 and Q2 2022, according to a report by TransUnion. TransUnion examined intelligence from billions of transactions and more than 40,000 websites and apps contained in ... Read the full article
BMA sets out climate risk management expectations for insurers
12th August 2022
The Bermuda Monetary Authority (BMA) has issued a new guidance note on the management of climate risk for commercial insurers. The guidance note outlines the BMA’s expectations for commercial insurers and insurance groups regarding their management and reporting of climate change risks. Focussing on corporate governance and risk management practices for climate ... Read the full article
UK Insurers brace themselves for rise in claims amidst sizzling temperatures: Global Data
12th August 2022
Extremely high temperatures coupled with a lack of rain are set to create perfect conditions for wildfires across the UK. GlobalData has warned insurers to brace themselves for a rise in home insurance claims as flames spread to inhabited areas. The Met Office has issued another extreme heat warning for parts ... Read the full article
Inflationary recession to impact insurance demand, drive claims costs higher: Swiss Re Institute
12th August 2022
Prolonged economic weakness resulting from the energy crisis will impact overall demand for insurance and drive claims costs higher, according to analysts at the Swiss Re Institute. Europe is heavily exposed to the imminent energy crisis, which, according to analysts, will have a prolonged impact in the German economy, particularly because ... Read the full article
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