Reinsurance News
protection gap
Malaysia re/insurers to benefit from more liberal market, report claims
6th December 2019
A new report from Malaysian Reinsurance Berhad (Malaysian Re) has claimed that both customers and re/insurers will ultimately benefit from a more liberal market in Malaysia, following the recent de-tariffication of the dominant property classes, motor and fire. Of the 30 senior re/insurance executives surveyed by Malaysian Re, almost all held ... Read the full article
Reinsurance sector is uniquely placed but can’t do it alone, say SCOR execs
2nd December 2019
The global reinsurance industry is well placed to help protect both societies and the economy, but it's important that the private sector works with governments amid the growing frequency and severity of disasters, according to a recent blog post by SCOR's Vincent Foucart and Eric Le Mercier. The need to improve ... Read the full article
Lack of awareness around the European protection gap: NewRe execs
25th November 2019
Senior executives at Swiss reinsurer NewRe say the company continues to see untapped opportunities in the developed European market, partly due to a lack of awareness about the significant protection gap in many areas. Reinsurance News recently spoke to CEO Renate Strasser and Artur Klinger, the company’s Chief Underwriting Officer (CUO) ... Read the full article
Swiss Re’s iptiQ is fuelled by the protection gap, says CEO Walker
24th October 2019
iptiQ Americas, a wholly owned subsidiary of reinsurance giant Swiss Re, is focused on helping to close the huge and growing life and health protection gap, explained the Chief Executive Officer (CEO) of the firm, Philip Walker. Speaking with Willis Re as part of the reinsurance broker's latest quarterly InsurTech ... Read the full article
Need for pricing discipline growing across Asia Pacific P&C sector
9th October 2019
Pricing discipline is becoming increasingly important for property and casualty (P&C) insurers operating across the Asia Pacific region in light of intense competition and robust premium growth, according to industry specialists. Speaking at a seminar organised by Saudi Re in Kuala Lumpur, Malaysia recently, insurance and reinsurance industry experts from across ... Read the full article
Munich Re partners with AAIS to address US flood protection gap
24th September 2019
Munich Re has partnered with not-for-profit advisory organisation the American Association of Insurance Services (AAIS) to focus on improving flood insurance protection for US homeowners. The flood insurance protection gap in the US continues to expand alongside the heightened risk of flood, the partnership noted, particularly for homeowners outside major flood ... Read the full article
Re/insurers have important role in closing infrastructure gap: Swiss Re
16th September 2019
Collectively, the re/insurance industry possesses the necessary data, risk knowledge and expertise needed to enable vital infrastructure investment across the world’s emerging markets, global reinsurer Swiss Re says. While growing urban populations require substantial investment in infrastructure to enable sustainable growth, there remains a substantial gap, notes Swiss Re. Today, only about ... Read the full article
AIR Worldwide estimates insured average annual cat losses at $92bn
12th September 2019
Catastrophe modelling firm AIR Worldwide has estimated that the global modelled insured average annual loss (AAL) from catastrophes worldwide is about US $92 billion. The firm released the figure as part of its 2019 Global Modeled Catastrophe Report, which detailed key loss metrics from AIR’s global industry exceedance probability curve (EP) ... Read the full article
For protection gaps, the key issue remains demand: Vickers, Willis Re
10th September 2019
When it comes to closing much-discussed protection gaps the insurance and reinsurance industry cannot work alone and must partner with other organisations to help to increase demand for protection, according to James Vickers of Willis Re. The Willis Re International Chairman told us in an interview that “reinsurance alone cannot help ... Read the full article
Opportunity to close $1.2 trillion composite protection gap, says Swiss Re
7th September 2019
Reinsurance giant Swiss Re has said that the world economy is less resilient now than in 2007 and has highlighted a $1.2 trillion composite protection gap for three main risk areas - nat cats, mortality and healthcare spending. Swiss Re's latest sigma report, which was announced today at the annual meeting ... Read the full article
Re/insurers must build more trust in mature markets: Geneva Association
27th June 2019
The protection gap in mature markets could be narrowed if re/insurers focus on building more trust and educating consumers about the benefits of products, according to a report by industry think tank The Geneva Association. Based on a survey of 7,000 people in France, Germany, Italy, Japan, Switzerland, the U.K. and ... Read the full article
IDF calls for more public-private collaboration to close protection gap
26th June 2019
The Insurance Development Forum (IDF), a partnership consisting of the World Bank Group, the United Nations Development Programme, and global re/insurers, has called for further public-private collaboration to help close the protection gap. Speaking at the International Insurance Society’s (IIS) Global Insurance Forum in Singapore last week, representatives from the IDF ... Read the full article
Swiss Re becomes supporting member of the ICMIF
26th June 2019
Reinsurance giant Swiss Re has become a supporting member of the International Cooperative and Mutual Insurance Federation (ICMIF), an umbrella body for the global cooperative and mutual insurance industry. Under the new partnership, Swiss Re will offer ICMIF members with the opportunity to leverage their knowledge, expertise and support in order ... Read the full article
The private re/insurance sector is ready to tackle rising flood losses: Swiss Re’s Noriega, Wiese
21st May 2019
Insurers and reinsurers are ready to meet growing public desire for improved flood coverage as the risk of flooding to communities continues to rise across the globe, according to Swiss Re’s Santiago Noriega and Alexa Wiese. “On average, flooding affects more people worldwide than any other type of natural catastrophe because ... Read the full article
Opportunity to close $310bn health protection gap in emerging markets: GA
12th April 2019
A new report by industry think tank The Geneva Association (GA) has suggested that the $310 billion health protection gap in emerging markets represents a major opportunity for re/insurers to increase their penetration in these regions and protect the most vulnerable. The GA found that people in emerging markets are finding ... Read the full article
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