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.
Greenlight Re to invest in short-term rental insurer Safely
20th October 2022
Greenlight Re Innovations (GRI), part of Greenlight Capital Re, has announced an investment in Safely, a provider of short-term rental protection. The short-term home rental market has grown rapidly as seen with the rise of booking platforms like Airbnb and Vrbo. With this, concerns have grown among homeowners about the possibility ... Read the full article
Amazon a “serious threat” to UK price comparison sites
20th October 2022
With the recent launch of the Amazon Insurance Store, Amazon could become a “serious threat” to the ‘big four’ price comparison sites of household insurance - Compare the Market, Go Compare, MoneySuperMaket, and Confused.com - ruling the UK market, according to GlobalData. Amazon’s reputation for digital expertise and value in the ... Read the full article
TMF Group and Rising Edge announce partnership
20th October 2022
Rising Edge, a London-based directors’ and officers’ (D&O) Managing General Agent (MGA), and insurance broker, TMF Group have partnered together to create a “market-changing” project to improve tax collection efficiency post bind. They created a process, using APIs to connect the tax data generated by TMF and the broker directly into ... Read the full article
Capacity & pricing increasing challenges for the re/insurance market: Acrisure
11th October 2022
Acrisure has started to see increased evidence of capacity and pricing issues in different segments, from Californian residential wildfire exposure through to Property Catastrophe issues, said Grahame Millwater, President, Global Insurance at Acrisure in a recent interview with Insurance Advisory Partners. Additionally, damages caused by Hurricane Ian hitting Florida and the ... Read the full article
Hurricane Ian private insurance market loss close to $63bn, says KCC
3rd October 2022
Major hurricane Ian's impacts are expected to drive a privately insured loss of around $63 billion, the majority of which is from the United States, according to Karen Clark & Company. The catastrophe risk modelling company said late Friday that only around $200 million of this loss estimate will be from ... Read the full article
Insurers expect minimal losses from Mexico’s September earthquakes
30th September 2022
Ratings agency AM Best does not expect claims activity to increase significantly owing to the recent earthquakes that hit Mexico in September, as few minor damages have been reported and are unlikely to result in large insurance losses. The 7.7° magnitude shake on September 19 and one 6.9° on September 22 ... Read the full article
Innovation crucial to navigate an uncertain insurance market: BlackRock
29th September 2022
A resilient portfolio construction, liquidity management, and integrated technology are becoming the focus of global insurers as they work on innovating their investment approaches amidst rapidly changing market conditions this year, according to a recent BlackRock study. Charles Hatami, Global Head of BlackRock’s Financial Institutions Group, noted: “The current investment landscape ... Read the full article
wefox urges global insurance industry to improve customer experience
29th September 2022
Berlin-based insurtech, wefox, is calling on the insurance industry to improve customer experience after its Global Safety Report results revealed there is widespread dissatisfaction and lack of trust in the industry. At the same time, the report found that despite this sentiment and in the face of insurance rates and the ... Read the full article
McDonald’s heads to Bermuda for its insurance arrangements
27th September 2022
Fast-food giant McDonald’s is moving its global insurance operation to Bermuda from Dublin and is tailing off its Irish vehicle, says a report from the Irish Independent. Managed by Aon in Ireland, the Irish unit, Golden Arches Insurance, has directed McDonald’s global insurance unit for nearly three decades. The report affirmed that ... Read the full article
Primary insurer differentiation more prominent than ever, says RBC
21st September 2022
According to analysts at RBC, primary insurer differentiation is more prominent than ever, as reinsurers are seeking clear articulation around underlying inflation assumptions and overall risk management frameworks. RBC's analysts question whether premium affordability will become an issue as macro conditions weaken further, observing that premiums are already at historical highs ... Read the full article
Acrisure expands digital capabilities with B2Z Insurance acquisition
21st September 2022
Global insurance broker and fintech platform, Acrisure, has acquired B2Z Insurance, a digitally native company that helps business owners obtain customizable insurance coverage in minutes. According to the announcement, this acquisition strengthens Acrisure’s digital offering and complements its recent partnership with QuickInsured, a technology insurance platform that offers customers personal lines ... Read the full article
US insurers have minimal investments in ILS and cat bonds, says AM Best
16th September 2022
According to AM Best, the global insurance-linked securities (ILS) market remains bogged with prior catastrophe losses as the overall performance of funds deteriorates, despite another year of record cat bond issuance. In 2021, issuance in the 144a cat bond market reached a record of approximately $12.5bn, says Best, exceeding the previous ... Read the full article
Commissioner Lara submits wildfire safety regulation to drive down insurance cost
16th September 2022
California Insurance Commissioner, Ricardo Lara, has submitted an insurance pricing regulation to the California Office of Administrative Law that would recognize, and reward wildfire safety and mitigation efforts made by homeowners and businesses. The regulation is the first in the nation requiring insurance companies to provide discounts to consumers under the ... Read the full article
Re/insurance needs an “iconoclastic moment”, says Vantage’s McKeown
12th September 2022
The global insurance and reinsurance industry needs an “iconoclastic moment” on a similar scale to the introduction of catastrophe risk models in the 1990’s, if it is to ensure its long-term sustainability, Chris McKeown of re/insurer Vantage Risk has said. Speaking with Reinsurance News around the Monte Carlo Rendez-vous event in ... Read the full article
Reshoring, “friend-shoring”, energy & food security will shape risk landscape: Swiss Re
9th September 2022
Analysts from the Swiss Re Institute have concluded that "friend-shoring" of supply chains to allied countries and reshoring production capacity domestically, investments in green energy and mitigating a food crisis will shape the risk landscape and likely increase investments into the real economy. The world has seen several changes since the ... Read the full article
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