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.
RenRe says California wildfire loss will be significant, could be material
2nd November 2017
Bermudian reinsurance firm RenaissanceRe warned its shareholders that the devastating wildfires that have impacted the state of California in recent weeks could result in a significant, perhaps material, impact to the company. Based on its risk modelling and an initial assessment of the California wildfires, RenaissanceRe said that it anticipates that ... Read the full article
Analysts explain $70bn Q3 catastrophe loss gap: Morgan Stanley
2nd November 2017
At an estimated $100 billion, Q3 re/insurance losses could hit records, but with just $30 billion of this reported in company losses, so far, investors are concerned over the potential knock-on consequences the giant $70 billion loss gap could have on the market. A recent Morgan Stanley report said the gap ... Read the full article
Singapore aims to be global capital for Asian insurance and risk transfer
30th October 2017
The Monetary Authority of Singapore (MAS) has published a roadmap for the future of its financial services sectors, including insurance and risk transfer, aiming to become the leading hub in Asia and putting technology at the heart of industry transformation. The industry transformation map (ITM) for financial services, published by MAS, ... Read the full article
Reinsurance growth drives Q3 results for Aon
27th October 2017
Aon plc, the insurance and reinsurance broking specialist, has reported strong organic growth in its reinsurance treaty placement business during the third-quarter of 2017, which has helped to drive a revenue increase. Aon reports that its reinsurance broking business, which sits under the Aon Benfield brand, saw strong growth, particularly in ... Read the full article
Spike in insured losses will change market mindset: JLT Re
27th October 2017
JLT Re expects the recent spike in insured loss activity to change perceptions of risk and the overall mindset of the market as well as impact property catastrophe pricing. The broker said in its latest Viewpoint report the market will feel a considerable impact of the combined total losses for Harvey, ... Read the full article
Protectionism creates dangerous risk concentrations
26th October 2017
The European insurance federation, Insurance Europe, highlighted the dangers protectionist policies - widespread across a range of African, South American and Asian countries - pose to the jurisdictions they aim to protect in a recent briefing on protectionism. Regions with protectionist measures in insurance and reinsurance can concentrate risk in the ... Read the full article
GDPR pushes cyber risk to business leaders’ top concern
26th October 2017
With the European Union’s General Data Protection Regulation (GDPR) due to take effect in May 2018, cyber risk has been pushed to the top of the corporate risk agenda for businesses throughout Europe, according to a survey of over 1,300 senior executives by Marsh. The GDPR is a new legal framework with ... Read the full article
Munich Re sees €3.2bn of hurricane and other losses for Q3 2017
26th October 2017
Reinsurance firm Munich Re has estimated that it will fall to a €1.4 billion loss for the third-quarter of 2017, as hurricanes Harvey, Irma and Maria, as well as other major losses including the Mexico earthquakes, are likely to cost the reinsurer €3.2 billion. But even this level of major loss ... Read the full article
Emerging ransomware attack ‘Bad Rabbit’ hits Europe
25th October 2017
An emerging ransomware attack, Bad Rabbit, has infected systems across Russia and Ukraine and is spreading across the globe - even as firms are still recovering from recent widespread disruption caused by the devastating WannaCry and Petya cyber attacks. Bad Rabbit encrypts computers' contents and asks for a payment of 0.05 ... Read the full article
Reinsurance industry strongly capitalized, on an aggregate basis: A.M. Best
25th October 2017
The global reinsurance industry remains strongly capitalized on an aggregate basis, according to rating agency A.M. Best, despite the impacts of losses from the recent hurricanes. A.M. Best has completed an analysis of the global reinsurance industry, using its updated Best’s Credit Rating Methodology (BCRM). The new "building block" approach to ... Read the full article
Reinsurance demand to increase in 2018: JLT Re
25th October 2017
As P&C premiums ceded as a percentage of gross premiums written come off cyclical lows JLT Re predicts the industry will see reinsurance demand continue to increase into 2018. In its Viewpoint Winds of Change report, JLT Re noted that even before the series of heavy 2017 insured losses, the market ... Read the full article
Ironshore expands political risk lines for Asia Pacific region
24th October 2017
Ironshore Insurance Singapore is expanding Political Risk business lines, growing Political Risk & Trade Credit unit capacity from $15 million to $50 million and hiring Sam Lim as Political Risk & Trade Credit Underwriter, for the Asia Pacific region. Lim joins from AIG and will report to Boo Hui Yun, Managing Director, ... Read the full article
Global property cat prices to increase by 10% at 2018 renewals: Credit Suisse
24th October 2017
Industry experts have so far concurred that the re/insurance industry's estimated $100 billion in aggregate Q3 losses won't lead to a bottoming out of the current pricing cycle, however, global property catastrophe excess of loss pricing is forecast by Credit Suisse to increase by 10% at 2018 renewals, a price ... Read the full article
Global reinsurers target U.S. property cat rate rises
24th October 2017
The largest global reinsurance players are set to target any U.S. property reinsurance rate increases following the impacts of recent hurricanes and catastrophe losses on the sector. In recent years, the big four European reinsurers and their global counterparts have been seen to pull-back from U.S. property catastrophe exposed lines of ... Read the full article
Long-term demand for P&C reinsurance remains strong despite headwinds
23rd October 2017
Despite headwinds facing property and casualty reinsurers, according to McKinsey's recent report on the global reinsurance sector, the long-term market demand outlook remains strong. Factors driving demand in P&C lines of business are the impact of changing climate patterns, coupled with the fast-growing concentration of population and assets in hazard-prone areas, ... Read the full article
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