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.
Rising medical costs and state competition challenges stability in US WC insurance: Swiss Re
22nd July 2024
Despite a decade of strong profitability, Laure Forgeron, Chief Underwriting Officer for Casualty at Swiss Re, a global reinsurance company, highlights emerging risks such as rising medical costs and intense competition in states like California, urging insurers to adopt disciplined strategies alongside evolving market conditions to sustain long-term financial health. The ... Read the full article
London market insurers key to future of advanced air mobility: IUA
19th July 2024
The International Underwriting Association (IUA), representing insurance and reinsurance companies in London, has stated that London Market insurers will be essential in advancing new air mobility technologies in the coming years. The IUA emphasised the importance of a thorough certification process that ensures safety and provides access to data, allowing underwriters ... Read the full article
UK re/insurers confident economic growth will improve in 2024: Lloyds Bank
19th July 2024
Economic growth is expected to improve over the next 12 months, according to a recent survey by Lloyds Bank’s which interviewed over 100 senior decision-makers at UK financial institutions, including re/insurers, banks, asset managers and others. The survey revealed a significant increase in positive sentiment compared to 12 months ago, mainly ... Read the full article
PRA shares design and timetable for its 2025 dynamic general insurance stress test
18th July 2024
UK regulator the Prudential Regulation Authority (PRA) has revealed the design for its dynamic general insurance stress test (DyGIST), scheduled to take place in 2025. The plan to run this stress test was announced in October last year, alongside the DyGIST three objectives. One is the assessment of the UK general ... Read the full article
van der Wyck named CEO of exit protection specialist VDV-IC
18th July 2024
Alex van der Wyck has been named the new CEO of Vunderink de Vries Insurance Consultants (VDV-IC), a new division of Vunderink De Vries (VDV). van der Wyck joins a team of specialised professionals with over 20 years of experience in the field of Management Equity Plans. The VDV-IC team is equipped ... Read the full article
Centerbridge & Gallatin sell up to 21.5% of Phoenix to Affinity and other investors
17th July 2024
International and Israeli investors have agreed to acquire up to 21.5% of Phoenix Group Holdings, an Israeli financial group, from investment firms Centerbridge Partners and Gallatin Point. The investment involves the sale of 4.95% of Phoenix shares to Affinity Partners, a global investment company headquartered in Miami. Additionally, approximately 6.5% of the ... Read the full article
Cytora to enhance risk assessment capabilities with Gamma Risk partnership
17th July 2024
Cytora, a digital risk processing platform, has partnered with Gamma Risk, a global provider of location intelligence systems and services, to help insurers map out commercial property risk assessment. Aiming to provide insurers with enhanced tools for precise risk evaluation and management Cytora has integrated Gamma Risk's Perilfinder™ in to its ... Read the full article
Allied Trust expands its homeowners insurance program in North Carolina
17th July 2024
Allied Trust Insurance Company has announced the launch of its homeowners insurance program in North Carolina, US, to provide coverage focused insurance options for coastal residents. Having entered the North Carolina insurance market in 2022 after a successful transition of business from Lighthouse Property Insurance, this is the fourth state in ... Read the full article
RAA and NOAA sign agreement to enhance severe weather risk assessment and communication
16th July 2024
The Reinsurance Association of America (RAA), a trade association representing property and casualty reinsurers, and the National Oceanic and Atmospheric Administration (NOAA), an US federal agency focused on the conditions of the oceans, major waterways, and the atmosphere, signed a memorandum of understanding (MOU). This agreement initiates their collaboration to assess ... Read the full article
FERMA Policy Manifesto proposes enhancements for EU resilience and competitiveness
16th July 2024
FERMA, the Federation of European Risk Management Associations, has published its EU Policy Manifesto, outlining its priorities for policymakers in EU Institutions for the upcoming 2024-2029 mandate and explains how the Federation can support these initiatives. Typhaine Beaupérin, CEO, FERMA stated: “We will use our Manifesto to provide a robust basis ... Read the full article
UK Motor Insurance faces uphill battle amidst rising costs and future profitability: EY
15th July 2024
The UK motor insurance market faced its most challenging year since 2011, recording a loss-making Net Combined Ratio (NCR) of 112.8% in 2023, but with declining inflation and rising premiums a return to profitability is foreseen, according to Ernst & Young (EY), a professional services firm. This followed a lackluster 2022, ... Read the full article
Resource constraints among challenged identified post IFRS17 implementation: PwC
15th July 2024
Most re/insurers have now started, or are about to start, the implementation of the IFRS17 Standard, a finance transformation and modernisation program, which has brought some benefits and challenges that are yet to be overcome, a recent PwC survey has revealed. Conducted between December 2023 and February 2024, the PwC’s survey ... Read the full article
Lloyd’s insurers expected to be on track to achieve FY guidance: JP Morgan
15th July 2024
JP Morgan has estimated some changes for the Lloyd’s insurers ahead of the first half of 2024 (1H24) results, including the expectation that the companies are well on track to achieve their 2024 guidance. “We expect the Lloyd’s insurers to be well on track to achieve their FY guidance with 1H24 ... Read the full article
Japan’s life insurance sector revives while China faces yield challenges: Swiss Re
15th July 2024
Japan's life insurance industry is seeing a resurgence as the economy overcomes its "lost decades," according to a recent report by global reinsurer Swiss Re. In contrast, China's life insurers are now dealing with the same "negative spread" problem. Since 2020, investment yields in China's life insurance sector have fallen by ... Read the full article
Duck Creek Technologies partners with Charlee.ai to improve claims management
15th July 2024
Charlee.ai, a provider of AI-based predictive analytic solutions, and Duck Creek Technologies, a provider of SaaS core systems for the insurance industry, have partnered to create a solution to enhance claims management processes. The collaboration will integrate Charlee.ai's advanced AI technology into Duck Creek Claims solution, which is a comprehensive claims ... Read the full article
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