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.
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
Tyler Dickson named Global Head of Client Relations at Blackstone Credit & Insurance
12th July 2024
Blackstone Credit & Insurance (BXCI), a division of the global investment firm Blackstone, recently announced the appointment of Tyler Dickson, the former Global Head of Investment Banking and Vice Chair of Banking & International at Citi, as its Global Head of Client Relations. Dickson will manage BXCI’s Institutional Client Solutions team, ... Read the full article
Socotra and Oka form partnership to enhance carbon market insurance solutions
12th July 2024
US carbon-credit insurance carrier Oka, and Socotra, a provider of modern policy administration systems, have formed a strategic partnership aimed at the carbon markets and scaling climate solutions. This partnership combines Oka's team and artificial intelligence (AI) with Socotra's technology to reduce the risks associated with carbon credits. Within 12 months, Oka ... Read the full article
Fintech industry shifts focus to profitability during growth challenges: BCG
12th July 2024
The fintech industry is poised for significant growth despite recent challenges, according to a recent report by Boston Consulting Group (BCG), a management consulting firm, and QED Investors, a venture capital firm specialising in fintech, titled Global Fintech 2024: Prudence, Profits, and Growth. Drawing insights from interviews with over 60 global ... Read the full article
Global M&A activity gains momentum in 2024 amid regional challenges: WTW
11th July 2024
Global mergers and acquisitions (M&A) activity continues to build on the positive momentum seen at the beginning of 2024, with the second quarter's completed deals surpassing those of the same period last year, WTW's Quarterly Deal Performance Monitor (QDPM) reports. In collaboration with the M&A Research Centre at Bayes Business School, ... Read the full article
Aspen Data Labs launches to enhance digital and AI capabilities
11th July 2024
Aspen Insurance Holdings Limited, a provider of insurance and reinsurance solutions, has launched Aspen Data Labs, a new platform designed to advance its digital capabilities and enhance its focus on data and artificial intelligence (AI). Aspen Data Labs will facilitate collaboration among employees and partners on data science and AI projects ... Read the full article
Eastern Alliance implements CLARA AI to enhance workers’ comp claims management
11th July 2024
Eastern Alliance Insurance Group, a fully owned subsidiary of ProAssurance Corporation, has chosen the CLARAty.ai platform from CLARA Analytics, a provider of artificial intelligence (AI) technology for optimising insurance claims, to enhance claims management. This platform will help improve medical outcomes for injured workers, increase the accuracy of reserves, and reduce ... Read the full article
Climate change threatens electric grid resilience, urging insurance-backed adaptation: Swiss Re
10th July 2024
According to Mitali Chatterjee, Insurance Research Manager at Swiss Re, the global reinsurer, climate change is intensifying severe weather events worldwide, significantly impacting the electric grid, emphasising the need of insurance in funding adaptation efforts and enhancing infrastructure resilience. An analysis of US power outages from 2012 to 2023 indicates that ... Read the full article
Rokstone announces launch of new US Sports & Leisure Casualty division
10th July 2024
Rokstone, an international specialty (re)insurance MGA within the Aventum Group, has announced the launch of its new Sports & Leisure Casualty division in the United States. Heading this initiative is Charles Landrum, a professional in the US commercial casualty market with over four decades of expertise in crafting specialised solutions for ... Read the full article
Assured Guaranty to merge US financial guaranty insurers
10th July 2024
Assured Guaranty Municipal Corp. (AGM), an Assured Guaranty Ltd. subsidiary that provides financial guarantees for municipal bonds, will merge with Assured Guaranty Inc. (AG), a company that offers financial guarantees and credit enhancement products, anticipated to take effect on August 1, 2024. The merger of AGM and AG into a single ... Read the full article
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