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.
Caribbean re/insurers continue to navigate economic headwinds: AM Best
26th August 2022
According to AM Best’s market segment report, Caribbean insurers continue to navigate economic headwinds and market volatility while remaining highly vulnerable to several other risks. Climate, reinsurance, and cyber in particular. Despite the low level of claims activity in 2021 and thus far in 2022, reinsurance pricing continues to reflect increased ... Read the full article
Florida insurers could struggle to respond to a $100bn repeat of Hurricane Andrew: RMS
26th August 2022
According to RMS, a Moody’s analytics company, because of significant exposure growth, the impact of social inflation, and climate change complications, Florida’s insurance market could struggle to respond to a repeat of a Category 5 hurricane, such as Hurricane Andrew - which hit southwest Florida in 1992. RMS highlighted that the ... Read the full article
Kojo founder highlights changing relationship between insurers and insurtechs
25th August 2022
The founder of Kojo, Lara Varjabedian has released a report highlighting the changing relationship between insurers and insurtechs, noting the key friction points and the growing demand for partnerships rather than competition. The gap of understanding between insurers and insurtechs is shrinking, says Varjabedian, as insurers are gaining insurtech experience, and ... Read the full article
Augmented reality invaluable to insurers in post-pandemic world: GlobalData
24th August 2022
According to leading data and analytics company GlobalData, augmented reality (AR) is set to become a $152 billion market by 2030, and its use cases for the insurance sector are only growing. The company notes that the technology’s demand among insurers has been catalysed by COVID-19 and the need for remote ... Read the full article
Demex launches parametric snow insurance products
24th August 2022
The Demex Group, a noteworthy provider of comprehensive solutions for modelling, assessing, and managing climate-linked risks at scale, has announced the launch of new snowfall insurance products. Revenue and operating costs in snow-sensitive businesses are experiencing unexpected volatility driven by the changing nature of winter storms. Demex snow insurance hopes to deliver ... Read the full article
Japan’s general insurance market to reach $133.1bn in 2026: GlobalData
24th August 2022
According to GlobalData, the general insurance market in Japan is set to grow at a compound annual growth rate (CAGR) of 3% from $101.6 bn in 2021 to $133.1bn in 2026, in terms of gross written premiums (GWP), driven by a rise in demand for commercial insurance lines. The report also ... Read the full article
Autonomous vehicles report eliminates grey areas for insurers
23rd August 2022
Global law firm Clyde & Co has welcomed the new autonomous vehicles report from the UK government as a positive step forward, highlighting a few points regarding liability and insurance. These include its support for the need of a clear bright line test between human driver control and true self-driving, as ... Read the full article
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
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