Reinsurance News
Reinsurance News
Reinsurance industry news, analysis, insight and interviews.
Reinsurance market news coverage provided everyday, on the top reinsurers and insurers, covering news topics of relevance to the reinsurance sector, as well as commercial and specialty insurance.
Reinsurance sector poised for strong 2023 and beyond: BofA
24th October 2023
Analysts from BofA Securities, Inc. are forecasting a promising year for the reinsurance industry in 2023, as shares continue to outperform the broader sector and market. European reinsurers, in particular, saw a remarkable upswing with a year-to-date growth of 21%, significantly outstripping the sector's 9% and the market's 8% gains. This robust ... Read the full article
Jeff Irvan to lead BRP Group’s new reinsurance broking platform
17th October 2023
BRP Group, an independent insurance distribution company, has announced the launch of Juniper Re, its new reinsurance broking platform, to be led by former BMS Re Chief Property Officer Jeff Irvan. Juniper Re was created to expand BRP Group’s breadth of capabilities and capitalise on a unique market opportunity, the company ... Read the full article
Generative AI revolutionises reinsurance, unleashing unprecedented opportunities: Inver Re
12th October 2023
Reinsurance broker Inver Re is making waves in 2023 with the integration of advanced generative AI, setting the stage for a revolutionary transformation in the field. The impact of this technology is poised to reshape the way unstructured data is processed and unlock a multitude of opportunities. While Artificial Intelligence (AI) has ... Read the full article
Reinsurance premiums assumed worldwide amounted to $500bn in 2022: Insuramore
11th October 2023
Reinsurance premiums assumed worldwide amounted to a value of around USD $500 billion in 2022, according to global rankings recently updated by Insuramore. As a result, this represents an increase of approximately 40% relative to 2019 or a compound annual growth rate over the time frame of just under 12%. The firm ... Read the full article
Caribbean insurers face profit pressure due to challenging reinsurance renewals: AM Best
9th October 2023
Caribbean domestic insurers are grappling with a challenging reinsurance renewal season this year, as per a recent report by AM Best. The region has experienced a reduction in reinsurance capacity between 10% and 15% in 2023, primarily driven by factors such as increased non-modeled events in the United States and Europe, ... Read the full article
Strong Q3’23 expected for reinsurance and auto insurers: Goldman Sachs
6th October 2023
In a recent report, Goldman Sachs offers an optimistic outlook for the insurance industry's third-quarter earnings, particularly favouring reinsurance and auto insurers. The analysis suggests that property catastrophe reinsurers are poised for a robust quarter, driven by strong earnings and favourable pricing trends. Goldman Sachs anticipates that property catastrophe reinsurers will deliver ... Read the full article
Aviation reinsurance market faces challenges and ongoing dispute amid diverging trends: Gallagher
5th October 2023
In the latest edition of Plane Talking, re/insurance broker Gallagher noted that as the aviation reinsurance and retrocession markets approach the final quarter of 2023, they continue to grapple with a range of complex challenges and evolving market dynamics. In its Q3’23 edition of Plane Talking, Gallagher noted that one significant ... Read the full article
African reinsurance markets witness growth and stability in 2021/2022
5th October 2023
The African reinsurance landscape in 2021/2022 demonstrated a mix of notable growth and stability across both life and non-life sectors, as revealed by recent market data. Among the top 14 markets, the African life reinsurance market experienced significant growth, with a year-on-year increase of USD 193 million, reaching a total of ... Read the full article
Scenario planning essential for re/insurers amid economic uncertainty: Swiss Re Institute
4th October 2023
Economic uncertainty is high, with recession and inflation risks still elevated, which highlights the value of scenario planning for re/insurers, according to a recent report by the Swiss Re Institute. The world economy is expected to continue to slow gradually, growing only 2.2% in real terms next year, down from 2.5% ... Read the full article
Re/insurance challenges amid turbulent landscape in African & emerging markets: Am Best
27th September 2023
(Re)insurance companies operating in Africa and various emerging markets continue to face significant challenges amidst a turbulent economic and geopolitical landscape, according to AM Best. These challenges have been further amplified by external shocks, making resilience a critical trait for industry players. The declining creditworthiness of many African debt issuers has emerged ... Read the full article
Youi opts out of aggregate reinsurance as market conditions harden
27th September 2023
In response to the challenging dynamics of the global reinsurance market, Youi, a prominent Australian insurance company under the Outsurance Group umbrella, has decided not to renew its aggregate reinsurance for the 2024 financial year. This strategic move reflects a broader trend in the industry as insurers grapple with escalating natural ... Read the full article
ABIR and ABI forge landmark MoU for global re/insurance collaboration
25th September 2023
The Association of Bermuda Insurers and Reinsurers (ABIR) and the Association of British Insurers (ABI) have announced a landmark Memorandum of Understanding (MoU), solidifying their commitment to collaboration in critical areas of the global insurance and reinsurance industry. This MoU builds upon the already robust working relationship between two of the ... Read the full article
An ongoing re-balancing discussion between hazard and exposure within reinsurance is needed: Inver Re
25th September 2023
Changes in exposure - the number of buildings and value of the buildings that are exposed to hurricane hazard - exacerbate the impact of climate change on hurricane losses by more than twice over, according to a recent Inver Re report. In its Unpicking North Atlantic Hurricane Risk report, Inver Re ... Read the full article
Rising climate risk calls for industry and government collaboration: Moody’s
21st September 2023
In a recent report, Moody's has underscored the increasing physical climate risk and its implications for the insurance and reinsurance industries. The report highlights that the rising frequency and severity of destructive weather events are driving up underwriting risk, adding a layer of complexity to risk management strategies. One of the key ... Read the full article
Reinsurance rate changes ‘only one side of the coin,’ says Mirek Wieczorek, ICW Group
20th September 2023
In the ever-changing landscape of the re/insurance industry, the focus on rate increases has been intense in recent times, but according to Mirek Wieczorek, Head of Reinsurance at ICW Group Insurance Companies, there's more to the story than just rising rates. "It's only one side of the coin," Wieczorek states in ... Read the full article
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