Reinsurance News
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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.
Ministry of Finance aims to develop Vietnam’s insurance market
5th January 2023
Vietnam’s Ministry of Finance (MoF) is planning to develop the country’s insurance market by implementing a number of solutions to achieve the goal of a safe and sustainable market this year. These solutions also aim to meet the diverse insurance needs of organisations and individuals, as well as ensuring social security. The ... Read the full article
Long-term relief coming for Florida insurance market – AM Best
21st December 2022
A new report from AM Best says that the recent insurance market reforms in Florida mean that long-term relief is drawing nearer, but the state remains buffeted by near-term headwinds. The note follows recent reforms in the state, which Reinsurance News has written on in recent days. Now, AM Best ... Read the full article
Funding costs & market volatility to temper Korea insurers’ outlook: S&P
21st December 2022
Korean insurers profitability outlook is likely to be tempered by higher funding costs and capital market volatility, according to a recent report by S&P Global Ratings analysts. According to the report, despite challenges, Korean life insurers should see modestly higher returns in 2023 and maintain broadly stable profitability into 2024. It also ... Read the full article
Chinese insurers pulling back on Covid cover as restrictions lowered
16th December 2022
Chinese insurers are withdrawing coronavirus policies from sale as they try to avoid huge payouts amid a nationwide surge of cases following the relaxation of Covid restrictions in the country. According to online news platform Quartz, Chinese media has reported that numerous low-cost coronavirus policies that were popular among consumers are ... Read the full article
EC proposals for liability framework require significant refinements: Insurance Europe
16th December 2022
The European Commission (EC) proposals for liability framework could increase legal uncertainty, and would also likely reduce affordability and availability of insurance cover, said Insurance Europe. The organisation has recently published set of key messages on both the European Commission’s proposal for a revision of the Product Liability Directive (PLD), and ... Read the full article
Great American, Hiscox & Control Risks expand collaboration
12th December 2022
Great American Insurance Group will continue to write Kidnap & Ransom (K&R) business while maintaining its relationship with Hiscox USA as they announce an expanded collaboration, along with Control Risks, a global specialist risk consultancy. According to the announcement, over the next year, all K&R policies will be written on Great ... Read the full article
Lloyd’s has headroom to sensibly grow catastrophe book: Tiernan
7th December 2022
The Lloyd's insurance and reinsurance market has "headroom" to grow its catastrophe book of business sensibly in the hardening market, according to Chief of Markets Patrick Tiernan. Tiernan was speaking this morning during his delivery of a Q4 message to the market and explained that despite plans being submitted for the ... Read the full article
AXIS launches Specialty Package Policy for manufacturing sector
5th December 2022
AXIS’ Environmental business unit has announced the launch of a Specialty Package Policy for manufacturers (SPPm). It offers an integrated environmental and general liability coverage for the manufacturing sector. Exposures covered by the new policy include those associated with manufacturing, distribution, warehousing, and processing operations, as well as waste storage, treatment, ... Read the full article
Actuaries highlight need for ethical use of AI in insurance
1st December 2022
While artificial intelligence (AI) promises faster and smarter decision making, the Actuaries Institute and the Australian Human Rights Commission (AHRC) worry about potential discrimination and highlight the need to prevent this. To address the issue, they created a Guidance Resource designed to help insurers and actuaries to comply with the federal ... Read the full article
Sports insurance business expected to reach $600bn by 2025
24th November 2022
The global expansion of the professional sport industry combined with the varying type of its insurance needs, has resulted in the exponential growth of the sports insurance business in the past few years. DBRS Morningstar expects it to continue growing and to reach $600 billion in revenues by 2025. Currently, Lloyd's ... Read the full article
ABI publishes new Blueprint aimed to improve diversity in insurance
23rd November 2022
The Association of British Insurers (ABI) has published a new Blueprint which sets out a multi-year strategy and plan to improve diversity, equity and inclusion (DEI) across the insurance and long-term savings industry. According to the ABI, the new Blueprint sets out DEI priority areas for the association to lead on ... Read the full article
Insurance industry to return to growth in 2023–2024: Swiss Re
17th November 2022
The insurance industry is forecasted to return to premium growth of 2.1% annually on average in real terms in 2023 and 2024 following total global premiums falling by an estimated 0.2% in real terms in 2022 due to inflation, which remains the key concern for insurers, according to Swiss Re ... Read the full article
BOC Aviation sues 16 insurance companies over Russia losses
16th November 2022
BOC Aviation, a Singapore-headquartered aircraft lessor, has begun legal action against 16 insurance companies, including Lloyd’s of London, Chubb European Group, AIG Europe and Swiss Re, over losses linked to Russia-Ukraine war, according to a Reuters report. The proceedings were issued in the High Court on November 3, 2022. In August, the ... Read the full article
Integration process of Lloyd’s European network completed
31st October 2022
Lloyd’s has announced the transfer of Lloyd’s Italian Branch to Lloyd’s Insurance Company (LIC) concluding the integration of the European network into LIC, a post-Brexit move to consolidate Lloyd's European business. The UK’s exit from the European Union meant British insurers like Lloyd’s were no longer able to underwrite EU risks ... Read the full article
Insurers to expect low premium income growth in 2023
27th October 2022
Rising interest rates and a weakening economic picture affecting pricing and demand is setting insurers for low premium income growth in 2023, according to a recent EY report. In the the latest EY ITEM Club Outlook for Financial Services analysts expect both non-life and life sectors to experience reduced premium growth ... Read the full article
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