Reinsurance News
P&C reinsurance
AFL enters partnership with U.S InsurTech start-up OnRisk
11th July 2018
AFL Insurance Brokers has entered into a strategic partnership with OnRisk, a U.S-based InsurTech start-up, to advance new technology for structuring and placing high value property & casualty (P&C) risk. The partnership will see AFL become an early adopter of the OnRisk structuring platform, which facilitates the placement process for risk ... Read the full article
Tax reforms to restore underwriting profitability in U.S. P&C industry: S&P
6th July 2018
Federal tax reform has emerged as a key variable in revenue growth and profitability as the U.S Property & Casualty market looks set to return to underwriting profitability for the first time since 2015, according to S&P Global Market Intelligence. A recent report by S&P identified various factors that were supporting ... Read the full article
P&C rate increases to continue despite volatility: KBW
28th June 2018
Commercial property and casualty (P&C) rate increases are likely to continue to increase despite monthly volatility in some lines, according to analysts at Keefe, Bruyette & Woods. KBW said that it “explicitly disagreed” with the proposition that current commercial rates increases are likely to fade, asserting that market hardening would unfold ... Read the full article
U.S P&C earnings volatile following equity accounting changes: Fitch
27th June 2018
Re/insurance companies that report under U.S Generally Accepted Accounting Principles (GAAP) may be subject to earnings volatility over 2018 due to a change in accounting for equity securities, according to Fitch Ratings. In an effort to promote convergence with international accounting practices, from January 1, 2018, companies have had to recognise ... Read the full article
U.S P&C personal lines losses rise for fourth straight year: Fitch Ratings
25th June 2018
Underwriting losses in the U.S P&C personal lines segment grew for the fourth consecutive year in 2017, according to a new report by Fitch Ratings. The industry statutory personal lines combined ratio rose to 103.8% in 2017 despite continued favourable written premium growth and moderate improvement in the personal auto segment, ... Read the full article
Oxbridge Re successfully renews reinsurance contracts
8th June 2018
Oxbridge Re Holdings Limited has reported that its wholly-owned subsidiary, Oxbridge Reinsurance Limited, has successfully placed its reinsurance contracts for the treaty year of June 1, 2018 to May 31, 2019. The successful placement sees Oxbridge’s subsidiary deploy all of its capacity into renewal contracts for clients at June 1. Jay Madhu, ... Read the full article
U.S P&C sector well prepared for 2018 hurricane season: Fitch
8th June 2018
U.S Property and Casualty (P&C) re/insurers are well prepared for the 2018 hurricane season, which is expected to return to normal levels following an extremely active 2017 season, according to Fitch Ratings. The rating agency concluded that U.S insurers are well positioned to withstand a future significant catastrophe event in 2018, ... Read the full article
Information and education critical to tackling U.S flood risk, says Swiss Re’s Junge
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
Strong U.S. casualty market growth driven by quota shares: Munich Re’s Steve Levy
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
Universal’s P&C subsidiaries finalise 2018-19 reinsurance programmes
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
Re/insurance industry set to grow faster than global economy: Munich Re
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
Mixed 2018 outlook for domestic P&C industry, reports KBW
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
P&C surplus continued to grow in 2017 despite drop in net income
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
Fierce competition leads to buyers market for cyber re/insurers: Fitch
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
U.S P&C re/insurers striving to better harness data: Willis Towers Watson
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
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