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.
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
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
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