Reinsurance News
16th January 2019
Global insurance and reinsurance broker Willis Towers Watson (WTW) has estimated that major natural catastrophes cost the re/insurance industry $71.5 billion in 2018, with losses primarily driven by smaller events. This figure is only slightly above the annual average since 2011 but the third-highest total during this period, according to WTW’s ... Read the full article
9th January 2019
With the trend of bulk annuity ‘mega deals’ set to continue into 2019, smaller pension schemes are potentially at risk of missing out on attractive pricing as re/insurers prioritise resources to large-scale, high value deals, according to analysts at Willis Towers Watson (WTW). Last year saw unprecedented levels of bulk annuity ... Read the full article
8th January 2019
Global insurance and reinsurance broker Willis Towers Watson (WTW) has appointed Costas Yiasoumi as a Senior Director in its pension de-risking transaction business. Yiasoumi joins WTW from Legal & General, where he served as Head of Core Business, focusing on the buy-in and buy-out market. He has more than 20 years’ experience ... Read the full article
7th January 2019
Global insurance and reinsurance broker Willis Towers Watson (WTW) has appointed Colin Forrest as Regional Leader for Europe, Middle East and Africa (EMEA) in its Insurance Consulting and Technology business. Forrest most recently served as leader of the UK Life team in WTW’s Insurance Consulting and Technology business, before which he ... Read the full article
20th December 2018
More than $1.3 billion of InsurTech funding was completed during Q3 2018, double the figure from the previous quarter, according to a report by global brokerage Willis Towers Watson (WTW). While individual investment rounds were larger, WTW says the number of transactions reported actually declined 20% to 57. Q3 saw eight transactions ... Read the full article
17th December 2018
The risk advisory and broking firm Willis Towers Watson (WTW) has issued a response to the outcome of the International Accounting Standards Board’s (IASB) discussions regarding potential amendments to IFRS 17, the global accounting standard for insurance contracts, originally scheduled to become effective from 2021. In October 2018 the IASB identified ... Read the full article
14th December 2018
Global re/insurance broker Willis Towers Watson has announced the appointment of Bill Creedon as Construction Industry leader, North America, within its Corporate Risk and Broking segment. Creedon holds 30 years’ experience in the insurance and construction risk industry and has previously spent 20 years with WTW in a range of national ... Read the full article
13th December 2018
The bulk annuity market in 2019 is set to show further strong growth, with deals expected to top £30 billion over the course of the year, according to Willis Towers Watson. Key themes the firm has said to look out for in 2019 include a doubling to over £10 billion in ... Read the full article
12th December 2018
Commercial insurance prices in the U.S increased by 2% over the third quarter of 2018, according to re/insurance broker Willis Towers Watson’s (WTW) Commercial Lines Insurance Pricing Survey (CLIPS). The survey established that prices rose materially in commercial auto, commercial property and excess/umbrella liability for a second consecutive quarter. Price changes ... Read the full article
11th December 2018
Willis Towers Watson has announced the launch of the latest version of its Radar software, a platform of products for property and casualty (P&C) insurer pricing teams, including actuaries and underwriters. WTW says Radar 4.2 gives insurers a future-proofed solution designed to achieve agile, sophisticated pricing, and a new level of ... Read the full article
11th December 2018
Global insurance and reinsurance broker Willis Towers Watson (WTW) has announced the appointments of Tom Rowley as Senior Vice President (SVP) for North American Property and Matt Harvey as SVP for International Property. Both appointments will sit within the Property & Casualty (P&C) Centre of Excellence (CoE), which is responsible for ... Read the full article
29th November 2018
Global re/insurance broker Willis Towers Watson is to launch new software in early 2019 aimed at helping businesses implement IFRS17, one of the most significant and complex changes to insurance accounting requirements in over 20 years. When launched, ResQ Financial Reporter will provide insurers with a framework to generate financial statements ... Read the full article
28th November 2018
Oasis Loss Modelling Framework (Oasis LMF) is to develop a new open-access catastrophe model for flood in the Philippines in collaboration with the National Reinsurance Corporation of the Philippines (Nat Re) and re/insurance broker Willis Towers Watson (WTW). The two-year project, called the ‘Oasis Platform for Catastrophe and Climate Change Risk ... Read the full article
23rd November 2018
Price increases in the downstream energy re/insurance sector are now inevitable after years of unprofitable returns and major losses, according to re/insurance broker Willis Towers Watson (WTW). The November 2018 edition of the firm’s Energy Market Review noted that 2017 was the second worst underwriting year on record for the sector ... Read the full article
22nd November 2018
The upstream energy re/insurance sector looks set to continue its profitable trend in 2018, although insurers are reluctant to implement any further rate reductions as this fragile dynamic could be reversed by only a modest upturn in claims, according to re/insurance broker Willis Towers Watson (WTW). The November 2018 edition of ... Read the full article
