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Month: September 2021


Geo-Political, Risk Management

Heavy Ida losses to trigger Progressive’s reinsurance recoveries

September 17, 2021

Via: Reinsurance News

The Progressive Corporation has confirmed the triggering of its excess-of-loss reinsurance cover as a result of losses incurred by hurricane Ida. The insurer notes Ida has so-far driven reported and IBNR losses of $510 million across the US Gulf Coast […]


Financial, Risk Management

Further reinsurance rate increases needed through 2022: Berenberg

September 16, 2021

Via: Reinsurance News

Analysts at Berenberg believe that hardening market conditions will continue through into 2022, as reinsurers seek to earn returns above their cost of capital in the face of ultra-low interest rates, social and cost inflation as well as a prolonged […]


Brokers

Amwins Global Risks appoints new COO and Director of Operations

September 16, 2021

Via: Reinsurance News

Amwins Global Risks, the international arm of the global specialty insurance broker, has announced the appointment of Colm Hensman as Chief Operating Officer (COO) and Lindsey Davies as Director of Operations. Hensman joins as COO from specialist insurer Beazley, where […]


Financial, Risk Management

USAA returns $5m from loss hit Espada Re cat bond to investors

September 15, 2021

Via: Artemis BM

Primary mutual insurer USAA continues to work through the reinsurance implications of a range of loss events to its catastrophe bond program, with the latest development being a return of some principal from the Espada Reinsurance Limited (Series 2016-1) to […]


Geo-Political, Risk Management

Climate Change Could Force 200 Million People to Leave Their Homes by 2050

September 15, 2021

Via: Insurance Journal

Climate change could push more than 200 million people to leave their homes in the next three decades and create migration hotspots unless urgent action is taken to reduce global emissions and bridge the development gap, a World Bank report […]


Financial, Risk Management

PIC grows H1 profit amid “very busy” pension risk transfer market

September 14, 2021

Via: Reinsurance News

Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has reported improved profitability over the first six months of 2021, amid what CEO Tracy Blackwell describes as a “very busy” pension risk transfer market. The company posted […]


Geo-Political, Risk Management

New Jersey Regulator Asks Insurers to Work with Customers Affected by Ida

September 13, 2021

Via: Insurance Journal

The New Jersey Department of Banking and Insurance (DOBI) issued a bulletin urging entities regulated by the department to work with and assist customers who have been adversely affected by Tropical Storm Ida. “New Jersey residents suffered tremendous losses during […]


Regulatory / Legal

California Business Owner Arraigned in $2.5M Workers’ Comp Fraud Scheme

September 13, 2021

Via: Insurance Journal

Zachary Navo, 38, of Visalia, Calif., was arraigned yesterday on five felony counts of insurance fraud after a California Department of Insurance investigation revealed he allegedly underreported wages by over $2.5 million in an attempt to fraudulently reduce workers’ compensation […]


Cyber Risks, Risk Management

Cyber Insurance Carriers, Increasingly Targeted by Hackers, Impose New Coverage Conditions

September 13, 2021

Via: JD Supra

Insurers that offer coverage for cyberattacks find themselves playing both offense and defense lately. As they await possible action by Congress to enact federal cybersecurity legislation, the insurance industry has gone on the offensive, applying pressure to policyholders to adopt […]


Regulatory / Legal

Former insurance agent indicted on 21 felony counts

September 10, 2021

Via: Insurance Business

A former California insurance agent has been accused of stealing more than $1 million from three former clients. Steven Gordon, 67, was arraigned Thursday on 21 felony counts of grand theft, forgery, identity theft and credit card fraud, according to […]


Financial, Risk Management

Continuous disciplined institutional ILS capital growth expected: Leadenhall’s Volpi

September 10, 2021

Via: Artemis BM

The insurance-linked securities (ILS) market is expected to continue attracting new investors, leading to continuous growth, while even more investors from around the world are also increasingly getting familiar with the asset class, Lorenzo Volpi of Leadenhall Capital Partners explained […]


Regulatory / Legal

Ohio Supreme Court Weighing Opioid Distributor’s Fight for Insurance Coverage

September 9, 2021

Via: Insurance Journal

The Ohio Supreme Court is deciding whether the insurance company for a drug distributor should be forced to provide a legal defense in the company’s fight against government lawsuits related to the opioid epidemic. Justices on Sept. 8 heard arguments […]


News

Palomar Holdings enters fronting sector of U.S. insurance market

September 9, 2021

Via: Reinsurance News

Palomar Holdings has entered the fronting sector of the United States insurance market, through its business PLMR-FRONT. PLMR-FRONT will partner with reinsurers, insurance carriers and managing general agents to enable the design and operation of customised insurance programs. The company […]


News

AXIS Insurance bolsters US excess casualty team

September 8, 2021

Via: Insurance Business

AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings, has announced the appointment of Abiy Dadi as vice president of the US excess casualty team. In his new role, Dadi will be responsible for cultivating and strengthening relationships […]


Geo-Political, Risk Management

Mexico struck by M7.0 quake. World Bank cat bond appears safe

September 8, 2021

Via: Artemis BM

A magnitude 7.0 earthquake has struck the Pacific coast of Mexico close to the tourist heavy area of Acapulco. At this stage, it appears the World Bank facilitated IBRD / FONDEN 2020 parametric catastrophe bond that provides the Mexican government […]


Risk Management, Trends

Fitch sees reinsurance sector outlook improving in 2022

September 7, 2021

Via: Reinsurance News

Analysts at Fitch Ratings are forecasting significant improvements in reinsurers’ financial performances next year due to higher prices in a hardening market, a strong rebound in economic activity and lower pandemic-related losses. The rating agency says these positive factors should […]


News

UK needs “flourishing insurance securitisation market” – TheCityUK

September 7, 2021

Via: Artemis BM

The United Kingdom needs to work with insurance, reinsurance and capital markets participants, as well as regulators, to develop a “flourishing insurance securitisation market”, making the most of the insurance-linked securities (ILS) regulatory regime that was introduced in 2017, according […]


News

Washington State insurance commissioner slams Texas anti-abortion law

September 3, 2021

Via: Insurance Business

Amid the controversy caused by Texas passing a new law that bans abortions after about six weeks of pregnancy, Washington State Insurance Commissioner Mike Kriedler has issued a statement denouncing the legislation. In addition to prohibiting abortion after a set […]


Financial, Geo-Political, Risk Management

Ida’s insured property hit as much as $25bn, AIR estimates

September 3, 2021

Via: Reinsurance News

Wind and storm surge damage inflicted by Hurricane Ida to insured onshore property has been estimated by AIR Worldwide to total between $17 billion and $25 billion. Ida’s first landfall was near Port Fourchon, roughly 60 miles south of New […]


Geo-Political, Risk Management

German Insurers’ 2021 Claims Could Reach €11.5B ($13.6B) After Floods, Hail

September 2, 2021

Via: Insurance Journal

German insurers face claims of about 11.5 billion euros ($13.6 billion) in 2021 after extensive flooding and hail storms, Germany’s insurance lobby GDV said on Thursday. It could be the most expensive year for insurers since the GDV began keeping […]