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.
Florida’s homeowners insurers are facing multiple crises: Triple-I
11th August 2022
An issues brief published by the Insurance Information Institute (Triple-I) has affirmed that the turmoil in Florida’s homeowners insurance market is due to the state’s outsized number of lawsuits and its commonplace fraud schemes. The net underwriting losses for Florida domestic property companies exceeded $1bn in both 2020 and 2020. Triple-I’s ... Read the full article
Insurers may face exposures from surging housing market: Swiss Re
11th August 2022
A new report from the Swiss Re Institute states a record high in housing prices accompanied by inflated household debt has created an increasingly challenging market. Insurers are warned to carefully manage their business and investment risk exposure. Surging interest rates are making new house purchases less affordable and increasing mortgage ... Read the full article
GCube announces opening of Houston office amid underwriting team expansion
10th August 2022
GCube, a member of the Tokio Marine HCC group, has announced the opening of its Houston office, accompanied by a new senior appointment in Sarah Bratton. Bratton joins GCube from Ascot Underwriting and holds over ten years of experience in the energy and power generation underwriting business. She underwrites property and ... Read the full article
Tennessee establishes captive insurer for state property risks
10th August 2022
The State of Tennessee has announced the establishment of the Tennessee Captive Insurance Company to create additional efficiencies and savings when insuring state property. In a press release, the Tennessee State Government said that implementing the Tennessee Captive Insurance Company will allow the State to operate with a high degree of ... Read the full article
Munich Re Specialty appoints new Head of Inland Marine
10th August 2022
Munich Re Specialty Insurance (MRSI), a division of German reinsurance giant Munich Re, has announced the appointment of Jaymee Parker as Vice President and Head of Inland Marine. Parker is an experienced insurance and risk management professional with strong leadership and sales experience. She specializes in Inland Marine insurance and ocean ... Read the full article
Lloyd’s approves product recall insurer BluNiche as coverholder in Europe
10th August 2022
MGA accelerator DA Strategy has announced that their client BluNiche, a specialist product recall coverholder for the automotive and food industries, has been approved by Lloyd’s as a coverholder. According to the announcement, DA Strategy will be providing licensing, launch advice and European approval to allow BluNiche to become an Authorised ... Read the full article
Arduous operating environment for Lebanese reinsurers remains after Beirut explosion: AM Best
10th August 2022
A recent AM Best report has affirmed that two years after the Beirut explosion, operational risk has risen to an extremely high level, and the ease of doing business has declined materially amid several crises faced in the last three years, with Lebanese re/insurers having to contend with hyperinflation and ... Read the full article
Berkshire Hathaway extends partnership with Zesty.ai
10th August 2022
Berkshire Hathaway Homestate Companies has announced that it has expanded its partnership with Zesty.ai to leverage its AI-powered wildfire risk model, Z-FIRE across 12 states. Z-FIRE is designed to enhance insurers’ risk selection and rate setting while helping them to understand the impact of climate change on wildfires and in turn ... Read the full article
ARC addresses role of insurance on climate change impacts in Africa
10th August 2022
The African Risk Capacity Insurance Company (ARC) has hosted a regional meeting to address the role of insurance in fighting climate change impacts on the African continent. Representatives from ARC member states and funding donor partners met in Malawi to discuss how parametric insurance has the potential to transform how the ... Read the full article
US P/C rates up 5.9% in Q2: MarketScout
8th August 2022
MarketScout data shows that US property and casualty (P/C) insurance rates are stabilizing at a composite increase of 5.91% in Q2 of 2022, matching the rate increases of Q1. MarketScout found cyber rates continue to increase the most at 21.3% up from 19.7% in Q1 of 2022. Umbrella rates moderated slightly by ... Read the full article
Central Bank of Ireland launches climate change risk guidance for insurance sector
8th August 2022
The Central Bank of Ireland has commenced a public consultation on proposals to introduce guidance on climate change risks for the insurance sector. The proposed guidance aims to clarify the Central Bank’s expectations on how (re)insurers address climate change risks in their business and to assist them in developing their governance ... Read the full article
Berkshire Hathaway reports strong Q2 2022 P&C reinsurance result
6th August 2022
Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, had another very successful quarter in its P&C reinsurance business in Q2 2022, with the unit driving an improvement in underwriting result across its insurance enterprise. Overall, Berkshire Hathaway delivered a $581 million insurance and reinsurance underwriting result in the second-quarter of ... Read the full article
$170bn of global insurance premiums at risk by 2027, research suggests
3rd August 2022
According to a new Accenture report, up to $170bn of insurance premiums could be at risk in the next five years due to poor claims experiences, with process inefficiencies in underwriting potentially costing the industry another $160bn over the same period. The report is based on surveys of more than 6,700 ... Read the full article
AXA tops list of largest EU insurers ranked by GPW
1st August 2022
When ranked by gross premiums written (GPW) in 2020, AXA tops the list of the largest European insurance companies with USD 115.3 billion. The insurer also recorded USD 80 billion of capital & surplus from 2020. Based on research data from ratings agency AM Best, our directory ... Read the full article
Change in underwriting practices key to achieve net zero: Kennedys
26th July 2022
Changing re/insurers underwriting practices is key for businesses' net zero transition, according to a recent report by global law firm Kennedys. The report, titled 'Rewriting the risk: Addressing the challenges of climate change', focuses on the ‘environmental’ pillar of environmental, social and governance (ESG) considerations. It also considers the impact of climate ... Read the full article
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