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.
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
Re/insurance clients need comprehensive risk management solutions: Munich Re
23rd October 2017
The recent hard-hitting natural catastrophes have emphasised the need for re/insurers to take a global view of risk management and offer clients more comprehensive solutions for risk mitigation and assessment, said Munich Re executives at the 2017 Baden-Baden industry conference. Hermann Pohlchristoph, member of Munich Re’s Board of Management, said; “the ... Read the full article
California insurers report preliminary $1 billion+ wildfire losses
20th October 2017
Preliminary wildfire loss estimates from eight California insurers has reached $1.045 billion after over 7,000 structures have been either damaged or destroyed, the California Department of Insurance reported. The losses are for damages to commercial and residential structures, personal and commercial vehicles, and agricultural equipment, and the numbers are expected to ... Read the full article
Africa’s reinsurance market forecast for growth
19th October 2017
Africa's reinsurance executives continue to be bullish about the prospects of their markets, expecting Africa's US$6.8 billion reinsurance market to make a comeback in 2018 after insurance premiums declined by 15.3% in 2016 following a drop in the continent's gross domestic product (GDP) growth, according to the Africa Reinsurance Pulse ... Read the full article
WEF & re/insurers work to close emerging risks protection gap
19th October 2017
In a new World Economic Forum-led initiative, re/insurers, tech firms, and government representatives will collaborate to develop strategies for the management of emerging risks from fourth industrial revolution innovations. Innovations such as drones and driverless cars have the potential to unleash a new set of uninsured risk on societies in the ... Read the full article
California wildfires threaten a $4.6 billion+ industry loss: Moody’s
17th October 2017
Rating agency Moody's expects the recent California wildfires to be among the costliest on record for U.S. P&C insurers, with losses running into a credit negative close to $4.6 billion based on historical events and the number of structures damaged. "Assuming CAL FIRE’s estimate of 5,700 structures destroyed and an average ... Read the full article
Hiscox to increase 2018 syndicate capacity by £450m
11th October 2017
Hiscox has announced plans to increase its capacity by £450 million to a total £1.6 billion for 2018, in anticipation of a widespread market turn triggering improved market conditions, according to its Syndicate 33 business forecast for 2018. This comes as a response to the 2017 period of significant catastrophe activity ... Read the full article
MENA offers reinsurers attractive diversification opportunities
10th October 2017
The Middle East and North Africa (MENA) region remains attractive as a source of re/insurance expansion due to continued liberalisation opening up further market opportunities, as well as the benefits of diversification options, with less natural catastrophe exposures than more established markets, according to A.M. Best. Natural catastrophe events exposure is ... Read the full article
MENA reinsurers hit with deteriorating profitability: A.M. Best
9th October 2017
Reinsurers in the Middle East and North Africa (MENA) region have seen a trend of profitability deterioration which has caused loss ratios to far exceed those reported by the global reinsurance market, said A.M. Best. Technical performance for MENA reinsurers has come under strain by abundance of capital and soft market ... Read the full article
Reinsurers create more value for shareholders than primary players
9th October 2017
In recent years reinsurers have far outperformed their counterparts in economic value creation, with a 20% return to shareholders that far overrides the insurance industry's 13% and that of the stock market, according to McKinsey's report on the global reinsurance market. However, this overperformance may not be sustainable in the longer-term under ... Read the full article
SCOR puts Harvey, Irma, Maria, Mexico quake loss at EUR 430m
9th October 2017
French reinsurance company SCOR has estimated that its costs from recent hurricanes Harvey, Irma and Maria, as well as the earthquakes in Mexico, will come to EUR 430 million after retrocession and tax. SCOR had previously said that it believed that despite recent third-quarter 2017 catastrophe losses, it was still ... Read the full article
Insurance Development Forum aims to “change hearts and minds”
6th October 2017
With major ground-breaking public-private initiatives about to be launched to kickstart insurance in previously underexplored markets, leaders of the Insurance Development Forum (IDF) at the annual Monte Carlo Rendezvous de Septembre, invited re/insurers to "invest" in their future. Swiss Re's Christian Mumenthaler said the IDF needs "other CEO's to join the ... Read the full article
Austral Re seeks LatAm & international expansion
6th October 2017
Brazilian reinsurance firm Austral Re is seeking to add diversification to its business model with greater expansion into Latin America and other regions internationally as well. Austral Re, which is partly backed by the World Bank's International Finance Corporation (IFC) as a shareholder, has been expanding out of its home country ... Read the full article
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