Reinsurance News
6th June 2018
Tackling the challenge of U.S flood risk will require re/insurers to focus on educating property owners while at the same time developing more detailed resources, such as flood maps and risk models, according to Swiss Re Senior Treaty Underwriter Matt Junge. Although floods cause around $15 billion of economic damage every ... Read the full article
1st June 2018
The U.S casualty reinsurance market has experienced strong growth over the last few years, which has largely been driven by quota share business, according to Steve Levy, President and Chief Executive Officer (CEO) of Munich Re U.S’s Reinsurance Division. Levy explained that U.S casualty insurers are increasingly relying on reinsurance to ... Read the full article
31st May 2018
Universal Insurance Holdings, Inc. has announced that its wholly owned subsidiaries, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), have completed their 2018-19 reinsurance programmes. Private participants in the reinsurance programmes include Nephila Capital (via Allianz Risk Transfer), Everest Re, RenaissanceRe, Chubb Tempest ... Read the full article
29th May 2018
The rate of growth of the global re/insurance industry is set to overtake the global economy in 2018 and 2019, with average annual premium growth forecast at 5.3%, compared with global GDP growth of 4.9%, according to Munich Re’s latest Insurance Market Outlook. Munich Re reported that life insurance is set ... Read the full article
22nd May 2018
Keefe, Bruyette & Woods (KBW) has updated its 2018 Property and Casualty (P&C) industry earnings model, concluding that the outlook for the sector is mixed, with improved ratios and investment yields offset by earned premiums and catastrophe losses that were worse than previously projected. KBW’s revised industry model, which factors in ... Read the full article
17th May 2018
Industry surplus grew $51.7 billion to an all-time high of $752.5 billion for U.S Property and Casualty (P&C) re/insurers in 2017 despite a 15.8% drop in net income, according to ISO, a Verisk business, and the Property Casualty Insurers Association of America (PCI). Net investment income, which increased from $46.6 billion ... Read the full article
16th May 2018
Profitable results in the fast-growing cyber space have led to fierce competition and a buyers market, with renewal rates expected to suffer, according to Fitch Ratings. Fitch observed that cyber continues to represent a significant growth opportunity for U.S property & casualty (P&C) re/insurers, driven by increasingly high-profile cyber-attacks and regulatory requirements. In ... Read the full article
14th May 2018
Willis Towers Watson has reported that harnessing advanced analytics and emerging data sources is becoming an increasingly vital concern for leading U.S Property and Casualty (P&C) re/insurers. In a recent survey, Willis questioned 51 U.S P&C re/insurers, finding that customer experience, claims management, telematics data for pricing, and customer selection and ... Read the full article
11th May 2018
Whilst profitability remains under pressure after a trying 2017, Bermudian reinsurers have proven resistant to losses thanks to strong capitalisation, positive pricing, low exposures, and conservative reserving practices, according to Fitch Ratings’ latest peer review of the sector. 2017 was a year of record-breaking catastrophe losses, with Hurricanes Harvey, Irma, and ... Read the full article
3rd May 2018
The Insurance Bureau of Canada (IBC) has reported that an early April storm, which tracked across the Eastern provinces of Ontario and Quebec, has resulted in over CAD $85 million (USD $66 million) in insured losses. This figure also brings the total insured losses from severe weather damage over the past ... Read the full article
1st May 2018
Breckenridge Insurance Services, a U.S wholesale commercial re/insurance brokerage firm, has appointed Alex Rinehart as Director of its Property and Casualty (P&C) operations. In addition to his new responsibilities, Rinehart will also retain his position as a Senior Vice President (SVP) and Broker at Breckenridge. He will now be responsible for leading ... Read the full article
27th April 2018
BuildFax, a provider of property condition and history insights, has found that there has been a 110.6% increase in residential roof remodels in Florida over the last 10 years, which has not been considered in recent reinsurance negotiations and catastrophe risk models. The findings were based on in-depth analysis of more ... Read the full article
24th April 2018
April 2018 marked the month that Canada exceeded 100 catastrophes over the span of a decade, with combined losses estimated to have cost the Canadian re/insurance industry around CAD $17.4 billion (USD $13.6 billion). Catastrophe Indices and Quantification, Inc. (CatIQ), Canada’s loss index provider, stores insured loss catastrophe data back to ... Read the full article
23rd April 2018
Property analytics company CoreLogic has assessed the financial implications of the HayWired earthquake scenario, a study that modelled the impact of a hypothetical magnitude 7.0 earthquake along the Hayward fault, finding that property damage could total US $170 billion – most of which would be uninsured. The Haywired scenario calculated the ... Read the full article
18th April 2018
Reinsurance broker Aon Benfield has reported that the traditional reinsurance sector remained profitable in 2017 despite record-breaking catastrophe losses, with net income across its Aon Benfield Aggregate (ABA) group standing at US $4 billion, and total equity rising 2.5% to $204 billion, driven in part by high investment income. The ABA ... Read the full article
