Reinsurance News
Milliman
Milliman reports increase in pension risk transfer costs in Feb
19th March 2024
Milliman, a global consulting and actuarial firm, has recently released the results of its Milliman Pension Buyout Index (MPBI), highlighting a slight increase in pension risk transfer costs at the end of February. As the pension risk transfer (PRT) market grows, it's crucial for plan sponsors considering shifting retiree pension obligations ... Read the full article
Insurance industry faces challenges amidst severe weather and economic trends: Triple-I/Milliman
1st February 2024
In a recent virtual webinar, the Insurance Information Institute (Triple-I) and Milliman shared underwriting projections and insights into the property/casualty insurance industry, shedding light on challenges and trends shaping the sector. The forecast for the 2023 net combined ratio for the property/casualty industry is 103.9, with commercial lines outperforming personal lines. Commercial ... Read the full article
October’s PRT costs hit highest levels in over three years: Milliman
23rd November 2023
Global consulting and actuarial firm Milliman has reported that the October estimated retiree pension risk transfer (PRT) cost reached 101.9% of a plan’s accounting liabilities (accumulated benefit obligation, or ABO). As per its latest Milliman Pension Buyout Index (MPBI) During October, the estimated cost to transfer retiree pension risk to an ... Read the full article
P&C industry net combined ratio forecast at 103.8% for 2023: Triple-I and Milliman
10th November 2023
The 2023 net combined ratio for the property/casualty industry is forecasted to be 103.8%, driven in part by severe convective storm losses being the highest in decades, according to a report by Triple-I and Milliman. While the sector's combined ratio is expected to be end the year in unprofitable territory, hard markets ... Read the full article
Inflation & cat losses to drive 2023 underwriting loss for P&C industry
4th August 2023
The overall P&C industry is expected to finish the year with a net combined ratio of 102.2, almost identical to the 2022 result, with poor personal lines underwriting performance as the key driver in both years, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) ... Read the full article
Competitive PRT costs increase from 98.3% to 100.5% in May: Milliman
23rd June 2023
During May, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process increased from 98.3% of a plans accounting liabilities (ABO) to 100.5%, according to premier and global consulting firm, Milliman. This means the estimated retiree PRT cost is now 100.5% of a plans' ABO. However, ... Read the full article
P&C underlying growth continues to be constrained by monetary policy, says Triple-I
22nd May 2023
P&C underlying growth continues to be constrained by monetary policy with "no relief in sight", contracting -1.5% YTD compared with U.S. gross domestic product (GDP) at 1.3%, suggests a new report from Triple-I. According to the firm, GDP is forecast to grow slightly above the Fed's expectations between 2023 and 2025, ... Read the full article
Milliman names climate change main factor in insured losses of 2022
4th April 2023
A Millman report on Extreme Weather Conditions in Europe showcases the link between climate change and economic losses which have led to major losses for insurers and reinsurers in Europe. Temperatures in Europe have increased by twice the global average which is the highest in any continent causing severe wildfires, ... Read the full article
Milliman hires Payne as Director & Consulting Actuary for Asia Life practice
9th February 2023
Consulting and actuarial firm Milliman has announced the appointment of Richard Payne as Director & Consulting Actuary for its Life practice in Asia. For the new role, Payne will be based in Hong Kong. The appointment is set to take effect on the 13th of February 2023. Collectively, Payne has over ... Read the full article
Milliman appoints Junaidi Amin as head of life insurance consulting in Indonesia
16th December 2022
Consulting and actuarial firm Milliman has appointed Junaidi Amin as head of life insurance consulting in Indonesia. A statement from the firm said Amin moved into his role earlier this week. He will be based in Jakarta and joins the firm after leading actuarial and risk teams at multinational insurers and ... Read the full article
Milliman adds new tools to Arius insurtech software
7th December 2022
Global consulting and actuarial firm Milliman has released the latest version of its Arius insurtech software solution, a reserve analysis system for property and casualty insurers and large self-insureds. The new release provides significant enhancements to the systems' analytical and reporting capabilities. This update includes tools to help actuaries and insurance analysts ... Read the full article
Wildfire cat models would improve insurance access: Milliman
1st December 2022
New analysis from consulting firm Milliman has found that wildfire catastrophe models would improve homeowners’ access to insurance in the face of climate-induced wildfire risk. The work, called Use of Catastrophe Models in California Homeowners Ratemaking Formula, was done by the company on behalf of the Personal Insurance Federation of California ... Read the full article
Milliman launches new asset/liability management software
28th November 2022
Global consulting and actuarial firm Milliman has announced the release of Milliman Agile ALM, a software package that makes asset/liability management (ALM) and stochastic valuation accessible to insurers, helping them comply with Solvency II, IFRS 17, and other requirements. The firm states that, unlike traditional dynamic ALM models, Milliman Agile ALM ... Read the full article
P&C underwriting results expected to be worst since 2011, says Triple-I
14th November 2022
The 2022 combined ratio for the P&C insurance industry is set to worsen compared to 2021, driven by Hurricane Ian and significant deterioration in the personal auto line, making it the worst year for the P&C industry since 2011, according to the latest underwriting projections by actuaries at the Insurance ... Read the full article
Milliman opens new office in Bermuda
10th August 2022
Global consulting and actuarial firm Milliman has announced the opening of a new office in Bermuda. Milliman says the office will offer a “more formalized presence” on the island, and comes in response to increasing demand for insurance consulting and technology support. "We are excited to officially announce the opening of Milliman's Bermuda office," said ... Read the full article
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