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.
Reinsurer balance-sheets at risk from the next hurricane hit: Analysts
22nd September 2017
Following the impacts of hurricanes Harvey and Irma, in a year that has also seen significant U.S. convective storm activity and events like Cyclone Debbie in Australia, reinsurers are now in a position where one more major hit from a hurricane or other catastrophe could put their balance-sheets at risk. The ... Read the full article
No rating weakening for hurricane Irma exposed firms: Fitch Ratings
22nd September 2017
Hurricane Irma insured losses are estimated to amount to $25 - $50 billion, causing near-term earnings reduction for exposed firms but no expected rating weakening, according to Fitch Ratings. The rating agency said that while carriers remain well-capitalised with sufficient balance sheets to handle claims from Irma and Harvey, capacity could ... Read the full article
Brexit could gradually disintegrate London reinsurance hub
22nd September 2017
The UK government's attempt to stimulate and protect its ILS and reinsurance market with the introduction of new ILS laws could be too little, too late, as over the long-term Brexit causes a slow disintegration of its well-established reinsurance hub. Speaking at the 2017 Rendezvous de Septembre in Monte Carlo, A.M. ... Read the full article
UIB appoints Keith Gribben to Financial Director
21st September 2017
Re/insurance broker United Insurance Brokers (UIB) has appointed Keith Gribben to Group Financial Director with immediate effect. In his new London-based role, Keith will work alongside Shaun Barrington, Chief Executive Officer, (CEO) United Insurance Brokers and Tony Dilley, CEO International at UIB International, reporting to Group Chairman Bassem Kabban. Bassem Kabban, said; “We ... Read the full article
“Significant damage” from Mexico City earthquake: AIR
21st September 2017
The magnitude 7.1 earthquake that struck Mexico two days ago around 75 miles from the capital city has caused "significant damage" according to catastrophe risk modeller AIR Worldwide. Once losses are tallied the international reinsurance market is expected to take a significant proportion of the claims. It was the second major ... Read the full article
Price stabilisation the “worst outcome” for reinsurers in $100bn loss year: RBC
21st September 2017
The fact the majority of the reinsurance market is forecasting broad price stabilisation, with localised pockets of hardening, following the impacts of major hurricanes Harvey and Irma which could take catastrophe losses to $100bn+ this year, analysts at RBC Capital Markets say this is the "worst outcome" possible. Reinsurers are set ... Read the full article
Caribbean & Puerto Rico re/insurers at risk from hurricane Maria
20th September 2017
Rating agency A.M. Best has said that major hurricane Maria puts Caribbean and Puerto Rico insurance firms at risk and that the storm will test their financial strength. Hurricane Maria is approaching Puerto Rico with category 5 winds of 155 mph and higher gusts. The hurricane has left ... Read the full article
Combined Harvey & Irma losses could strain some reinsurers: Fitch
19th September 2017
The combined losses caused by hurricane Harvey and hurricane Irma could be sufficient to strain some reinsurers capital and perhaps even pressure their ratings, according to Fitch Ratings. The rating agency believes that given the complexity of Harvey losses and the breadth of the impact of Irma, it cannot be ruled ... Read the full article
Ascent Underwriting expands cyber cover offer for SMEs
18th September 2017
Specialist niche-product Managing General Agent, (MGA) Ascent Underwriting, is targeting Small-Medium Enterprises (SMEs) with a global offer on all cyber insurance policies for nil deductible/ zero excess options. Ascent said the cyber cover will be available to all new and renewal SME clients that opt to use the firm's panel of ... Read the full article
Hurricane hit to reinsurers won’t stop the capital return: Deutsche Bank analysts
18th September 2017
The industry losses from hurricanes Harvey and Irma are not expected to be sufficiently high to drain capital from the major four reinsurance firms and stop them buying back shares or paying dividends, analysts at Deutsche Bank said. The analysts estimate that the pre-tax losses for the big four will stack ... Read the full article
ICT estimates Hurricane Harvey insured losses at $19 billion
18th September 2017
The Insurance Council of Texas (ICT) has placed Hurricane Harvey insured losses at $19 billion, $11 billion of which is expected to be paid out by the NFIP flood insurance, making the hurricane the second highest on record for flood damage after hurricane Katrina. “The number of uninsured homeowners who felt ... Read the full article
Canadian P&C re/insurers’ stable but feeling the heat
18th September 2017
Despite the low interest rate environment and growing threat to Canadian re/insurers from severe weather events, A.M. Best's outlook for the country's property/casualty and life sectors remains stable as these well-capitalised firms show pricing discipline and solid earnings. Possible earthquakes, economic volatility and regulatory changes are variables ahead of the industry ... Read the full article
AIR puts hurricane Irma industry loss at $32bn – $50bn
18th September 2017
AIR Worldwide has updated its estimate of insurance and reinsurance industry losses caused by hurricane Irma in the U.S. and Caribbean to between $32 billion and $50 billion. The United States is expected to see $25 billion to $35 billion of insured losses, while the Caribbean is expected to see $7 ... Read the full article
For reinsurance buyers, size isn’t everything: Survey
15th September 2017
When it comes to reinsurance purchasing, diversification of reinsurance panels and long-term reinsurer relationships matters more than size, according to a survey released by SIGNAL IDUNA Reinsurance (SI Re). In an empirical study of reinsurance purchasing habits of the European market, Dr. Schanz, Alms & Company interviewed senior executives responsible for ... Read the full article
Expediency could increase role of re/insurance: RVS 2017 Panel forum
14th September 2017
At the Rendezvous de Septembre Insurance Development Forum panel debate, led by Lloyd's Syndicate founder, Stephen Catlin, re/insurance industry veterans said expediency would push governments and societies to offload their risk onto reinsurers as fiscal budgets tighten. The Insurance Development Forum (IDF) is a public-private partnership launched in 2015 by the ... Read the full article
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