Reinsurance News
S&P
S&P revises Convex Re outlook to positive
19th June 2024
S&P Global Ratings revised Convex Re’s outlook to positive from stable, anticipating continued broad expansion aligned with its business plans, maintaining a combined ratio of approximately 90% over the next two years, and remaining well capitalised with capital exceeding S&P’s 99.99% benchmark. This revised outlook extends to Convex group’s operating subsidiaries: ... Read the full article
Insurers continue to face capital challenges: Aon
18th June 2024
Aon, a global insurance and reinsurance broking group, has released its latest capital poll, highlighting the capital challenges and growth prospects for insurers. The challenges faced in 2023 significantly reduced the financial buffers that many insurers previously benefitted, leading to a heightened focus on capital management and diverse funding sources. Despite robust ... Read the full article
Insurance industry adapts to new challenges, experts reveal at S&P conference
14th June 2024
At S&P Global Ratings' 40th Annual North American Insurance Conference, industry experts discussed current trends and challenges, agreeing that while the insurance landscape has evolved over the past four decades, the industry has successfully adapted. Elizabeth Heck, Chairman, President, and CEO of Greater NY Mutual, emphasised that the adaptability comes from ... Read the full article
US P/C insurance maintains discipline in face of higher inflation: S&P
13th June 2024
S&P Global Ratings, a provider of credit risk insights, reports that as inflationary pressures rise, US property/casualty insurers navigate sector challenges while maintaining disciplined reserving practices. In response to mounting inflationary pressures, US P/C insurers adapt by maintaining disciplined reserving practices, navigating sector-specific challenges with strategic planning. S&P underscores the industry's resilience, ... Read the full article
Catastrophe losses may raise rates, reduce homeowner protection: S&P
10th June 2024
As insured catastrophe losses surge, potentially leading to higher rates and diminished homeowner protection, S&P Global Ratings, a provider of credit ratings and research, examines the challenges facing property/casualty insurers. In their recent report, S&P highlight how recent data shows that insured catastrophe losses in the US have soared to over ... Read the full article
Life insurers shifting more into the retirement space are increasingly exposed to market risk: S&P
6th June 2024
As sales of annuities - notably fixed annuities and fixed-indexed annuities - by U.S. life insurers have ballooned since 2021, S&P Global Ratings explores the challenges facing life insurers. In a recent report released by the firm, it reveals that demand for annuities, as well as other forms of private retirement ... Read the full article
Raghu Ramachandran joins ARM as Director of Life & Annuity
29th May 2024
Actuarial Risk Management Ltd. (ARM) has appointed Raghu Ramachandran as the Director of its Life & Annuity insurance consulting division, effective immediately. As a seasoned investment expert, Ramachandran brings a distinguished career to ARM, spanning several notable positions. These include serving as the Head of Insurance Asset Channel at S&P Dow ... Read the full article
Swiss Re’s US economic outlook: normalisation continues
24th May 2024
Through the second quarter, strong consumer fundamentals boost GDP forecasts, but persistent inflation prompts revisions, while anticipated interest rate adjustments reflect a cautious approach by policymakers, as noted by global reinsurer Swiss Re. The US economy's normalisation continues into Q2, reports the firm. Strong consumer fundamentals have led to an increase ... Read the full article
Rising insurance premiums’ impact on US home prices: S&P
20th May 2024
The increasing frequency of climate-related events in the US is driving up insurance premiums in certain areas, but it's unclear how this affects home prices and affordability, prompting the need for further analysis, according to analysts at S&P Global Ratings. S&P highlights significant differences in home insurance costs, partly based on ... Read the full article
UAE floods prompt concerns for local insurance sector: S&P
23rd April 2024
Following unprecedented rainfall and widespread flooding in the United Arab Emirates (UAE), concerns have arisen regarding the local insurance sector's capacity to handle the expected surge in motor and property damage claims, according to analysts at S&P Global Ratings. On April 15-16th, the UAE experienced the heaviest downpour since records began ... Read the full article
S&P assesses insurers’ risks amid Middle East conflicts
18th April 2024
As Iran's attacks on Israel risk an escalation, and with the ongoing Israel-Hamas conflict expected to persist, risks to insurers remain, although, at present, insurers in Israel, the Gulf region, and Europe are not significantly affected, according to S&P Global Ratings. Currently, S&P believes foreign insurers’ exposure to Israel through insurance ... Read the full article
S&P upgrades Lloyd’s financial strength rating to AA–
13th December 2023
London headquartered insurance and reinsurance marketplace Lloyd’s has announced that S&P has revised its financial strength rating to ‘AA–’; outlook stable, from ‘A+’; outlook stable. According to Lloyd's, the rating upgrade reflects the improvement in its balance sheet strength, which S&P has assessed to be ‘excellent’. The rating agency noted that another ... Read the full article
S&P publishes criteria for analysing the RBC adequacy of re/insurers
17th November 2023
S&P has published its "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions," which provides criteria for analysing the risk-based capital (RBC) adequacy of insurers and reinsurers. The rating agency explained that the new criteria will improve its ability to differentiate risk and enhance the global consistency of its methodology, while also improving the ... Read the full article
Reinsurance pricing “should be increased further for cyber”: S&P Global at RVS 2023
11th September 2023
Speaking at S&P Global Ratings' briefing at RVS Monte Carlo 2023, Johannes Bender director and lead analyst stated that "reinsurance pricing should be increased further for cyber." During the briefing he addressed how cyber is one of the fastest growing lines of business within the industry, highlighting the $12 billion in ... Read the full article
Rising interest rates bring both benefits and risks to German life insurers: S&P
23rd May 2023
Following ultra-low interest rates over the past decade, German life insurers now face new challenges as they keep rising bringing with them both favourable and unfavourable consequences for the sector, according to a recent report by S&P Ratings. On the one hand, higher rates will mean a rise in net investment ... Read the full article
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