Reinsurance News

P&C reinsurance

Bermuda reinsurers remain strong despite challenging 2017: Fitch Ratings

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

April storms cause $85mn insured loss across Ontario and Quebec

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

Breckenridge promotes Rinehart to Director of P&C operations

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

Reinsurance blindspot in Florida as roof remodels double, reports BuildFax

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

10 years of catastrophes cost Canadian re/insurers $17.4bn: CatIQ

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

Hayward quake scenario warns of $170bn damages to San Francisco area

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

Investments help P&C reinsurers stay profitable in 2017: Aon Benfield

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

The Hanover Insurance Group estimates Q1 cat losses of up to $76mn

17th April 2018

The Hanover Insurance Group has announced that the estimated impact of catastrophe activity on its first quarter 2018 results is in the range of US $66 to $76 million before taxes. The Hanover announced the results in line with their recently implemented policy of releasing quarterly catastrophe loss estimates if they ... Read the full article

Commercial property rate increases ease following sharp rises: Willis

16th April 2018

Insurance and reinsurance broker Willis Towers Watson has reported that rate increases for commercial property re/insurance are easing after sharp rises in response to 2017’s record-breaking natural catastrophe losses, although it predicts that buyers will continue to face upward pricing pressure over 2018. In its 2018 Insurance Marketplace Realities report, the ... Read the full article

$4.3bn deficiency in 2017 P&C industry reserves: Morgan Stanley

12th April 2018

In its annual actuarial analysis of industry reserves, Morgan Stanley reported a year-on-year (YoY) deterioration that left Property and Casualty (P&C) industry reserves $4.3 billion deficient in 2017. This figure marks a further decline from the $2.5 billion deficiency that Morgan Stanley estimated in 2016, representing an overall deterioration of $1.8 ... Read the full article

Heritage names Tim Johns as President & CEO of Zephyr Insurance

11th April 2018

Heritage Insurance Holdings, a property and casualty (P&C) re/insurance holding company, has named Tim Johns as the next President and Chief Executive Officer (CEO) of Zephyr Insurance Company. Johns will succeed Richard Toyama as head of Zephyr, which is a provider of residential hurricane re/insurance coverage in Hawaii. Johns is already familiar ... Read the full article

P&C business drives price increases for European reinsurers: RBC

10th April 2018

RBC Capital Markets has reported that, after several years of decline, 2018 pricing for European reinsurers is on the rise, with companies getting back to near term earnings growth, largely driven by Property and Casualty (P&C) business. RBC found that P&C reinsurance drove earnings growth as better-priced premium earned its way ... Read the full article

Sompo International launches retail platform to facilitate global integration

10th April 2018

Sompo International Holdings Ltd. (SI) has announced plans to establish a new retail platform that will facilitate its integration of all international operations outside of Japan that belong to Sompo Holdings. The integration expands the Sompo universe now under the direction of industry veteran John Charman. Sompo International has already completed the ... Read the full article

$193bn disaster protection gap in 2017, reports Swiss Re’s sigma

10th April 2018

Swiss Re’s research institute, sigma, has reported that global insured losses from disaster events totalled a record US $144 billion in 2017, leaving a $193 billion deficit in coverage when compared with total global economic losses from natural disasters and man-made catastrophes, which reached $337 billion. Sigma noted that this was ... Read the full article

Hurricanes Harvey, Irma, and Maria cost re/insurers $80bn: Impact Forecasting

5th April 2018

Impact Forecasting, Aon Benfield’s catastrophe risk modeller, has collated the damage of Hurricanes Harvey, Irma, and Maria from the 2017 Atlantic Hurricane Season, and estimated that they caused a total of US $220 billion in economic damage, $80 billion of which was covered by public and private re/insurance entities. Hurricane Harvey ... Read the full article

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