Reinsurance News
supply chain
2023 set to be hardest property reinsurance market in history: Argo’s Snyder
23rd December 2022
Jessica Snyder, President, US Insurance, Argo Group, suggests that there will be an unprecedented hardening of the reinsurance markets across property and casualty lines in 2023, with ceding commissions down 2-4 points and perhaps the "hardest property reinsurance market in history." Further, Snyder notes that the evolving risk landscape will persist ... Read the full article
Supply chain issues compounding volatile business conditions: Moody’s
10th October 2022
According to a report from Moody’s, lingering supply chain disruptions from the pandemic and the Russia-Ukraine conflict are complicating strategic planning for US companies across a range of industries and upending predictability. The ramifications of this for the re/insurance sector are clear, particularly for insurance claims costs and business interruption coverage. The ... Read the full article
Cyber supply chain risk reveals re/insurance market challenges: SCOR
2nd September 2022
In a recent report, French reinsurance firm SCOR has addressed the potential challenges for the market amidst the growing concern of cyber-attacks on digital supply chains. SCOR states that cyber-attacks have been a growing anxiety over the last 18 months as traditional and IT supply chains are becoming increasingly entangled to ... Read the full article
Gallagher Re finds pricing in US Nationwide market up by 40% in spots
7th July 2022
Gallagher Re’s latest mid-year renewals report has found that property rate movements in the US has increased by up to 40%. Pricing in some cases in the Florida market have even increased by up to 50%. In the report, Gallagher Re stated that risk excess and catastrophe capacity started to become ... Read the full article
Supply chain chokepoints threaten consumers, countries and reinsurers – Russell
24th June 2022
Supply chain chokepoints are a threat to consumers, nation states and the re/insurers that need to understand their potential risk accumulations, according to a new Russell report. Navigating a Path Though Accumulating Marine Exposures looks at the world's largest ports and identifies several international chokepoints. ... Read the full article
Supply chain disruptions “could cost Europe almost €1 trillion in lost GDP”
15th June 2022
Supply chain challenges could result in the Eurozone’s GDP losing up to €920 billion (or 7.7%) by 2023, according to a report by Accenture. The potential loss is due to the COVID-19 pandemic and Russia’s invasion of Ukraine. The report, “From Disruption to Reinvention – The future of supply chains in Europe” ... Read the full article
Catastrophes drive supply chain risks higher for businesses: Swiss Re’s Berger
22nd April 2022
With the cost and fallout from catastrophe events rising, and climate change increasing the severity and frequency of such events, businesses are now faced with increasing risks, greater costs and losses, says Andreas Berger, Chief Executive Officer Corporate Solutions, Swiss Re. Because of this businesses now need to identify and rethink ... Read the full article
COVID resurgence in China impacting supply chains, warns Maersk
31st March 2022
Shipping and logistics company Maersk has warned that flare-ups of COVID-19 across many of China’s largest cities are having an adverse effect on global supply chains. A number of cities in China, including Beijing, Hong Kong, Shenzhen, Shanghai, and Qingdao, are currently dealing with a resurgence in COVID cases. In response, the ... Read the full article
Credit Suisse (CSAM) files claims connected to $1.1bn+ of Greensill-linked funds
14th January 2022
Swiss bank Credit Suisse has filed insurance claims related to over $1.1 billion in exposure across two of its Greensill-linked supply chain finance funds, as the bank works to recover $10 billion in funds linked to the insolvent financial services company. Greensill, which specialises in supply-chain finance, filed for administration last ... Read the full article
Climate change hit to supply chains will last longer than COVID-19: Swiss Re’s Ojeisekhoba
23rd December 2021
Moses Ojeisekhoba, Chief Executive Officer (CEO) for Reinsurance at Swiss Re, has warned that climate change will have a longer-lasting impact to global supply chains than has been seen from COVID-19. Supply chains around the world have been negatively impacted by the global COVID-19 coronavirus pandemic, driving inflationary fears and resulting ... Read the full article
Supply chain challenges an opportunity for re/insurers: DBRS Morningstar
3rd November 2021
Analysts at DBRS Morningstar have suggested that recent global supply chain issues could open up new business opportunities for insurers and reinsurers as corporations look for more comprehensive coverages and risk transfer tools. The COVID-19 pandemic posed unique challenges for supply chains globally last year, causing an imbalance in both supply ... Read the full article
Claims inflationary trends in ‘new territory’, says Xactware’s Mike Fulton
9th June 2021
With the 2021 Atlantic hurricane season now officially underway, the market is in "new territory" with respect to inflationary pressures and the rise in material prices and labour costs, according to Mike Fulton, President of Xactware. As inflation becomes increasingly apparent in the wider economy, the latest in our sister ... Read the full article
Lloyd’s, AIR target greater supply chain resilience
10th October 2019
A new framework designed to help both risk managers and insurers close the supply chain risk protection gap has been co-produced by the specialist Lloyd's of London re/insurance marketplace and catastrophe risk modeller, AIR Worldwide. A new report from Lloyd's and AIR Worldwide, Hidden Vulnerabilities in Supply Chain Risk: A quantitative ... Read the full article
Push for low cost networks could result in catastrophic supply chain risk: Report
9th October 2019
Some businesses might well be ignoring or failing to see concentrations of risk in their supply chain amid a desire for low cost networks, according to a new report from Airmic, in collaboration with AIR Worldwide, Gallagher, HDI, Lloyd's of London, and Sedgwick. The report, Complex Supply Chains in a Complex ... Read the full article
AXA XL & Swiss Re collaborate on auto sector supply chain resilience
18th July 2019
Insurance and reinsurance giants, AXA XL and Swiss Re have collaborated to improve the understanding of supply chain risks and develop greater supply chain resilience within the automotive industry. A recent post by Rachel Alt-Simmons, Head of Strategic Design, Insurance Pricing and Anne Sheehy, Head of Property Pricing, Insurance Pricing at ... Read the full article
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