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Month: June 2022


Financial, Risk Management

Turkish Insurers Seek Bond Issue to Protect Capital From Soaring Inflation

June 30, 2022

Via: Insurance Journal

Turkey’s insurance association is in talks with the country’s Treasury on a potential inflation-indexed bond issue, the group’s head told Reuters, as insurers seek a new mechanism to protect their capital from soaring inflation. Turkey’s inflation rate hit 73.5% in […]


Geo-Political, Risk Management

Flood resilience and prevention need to achieve better outcomes: Zurich

June 30, 2022

Via: Reinsurance News

Imprecise forecast and modelling, “flood dementia”, and inadequate early warning systems are some of the issues to be addressed to improve flood resilience and prevention, according to Zurich. Last year, the extreme weather event “Bernd” caused great human suffering, and […]


Geo-Political, Risk Management

Carlyle Unit Assumes Full Risks of Operating Gas Field as Insurers Shun Black Sea

June 29, 2022

Via: Insurance Journal

A unit of Carlyle International Energy Partners LP has assumed the full risks of operating a new gas field in the Romanian waters of the Black Sea as insurers shun the zone because of its proximity to the war in […]


Regulatory / Legal

Massive insurance fraudster hit with new state grand jury indictments

June 29, 2022

Via: Insurance Business

New South Carolina grand jury indictments have been filed against controversial insurance fraud attorney Alex Murdaugh and his alleged accomplice Curtis Eddie Smith. Murdaugh, 54, is currently in jail on a $7 million bond following more than 70 criminal charges […]


News

Seven Taiwanese Insurers Have Not Received Russian Eurobond Payments: Regulator

June 28, 2022

Via: Insurance Journal

Taiwan’s financial regulator said on Tuesday that seven Taiwanese insurance companies have not received interest due on May 27 on Russian Eurobonds after a grace period ended on Sunday evening. Russia defaulted on its international bonds for the first time […]


Geo-Political, Risk Management

China Launches Disaster Insurance Trials in 6 Cities Affected by Floods in 2021

June 28, 2022

Via: Insurance Journal

China’s third-most populous province Henan will launch pilot programs for catastrophe insurance in six cities that were the hardest hit by historic floods last summer. Aside from its capital Zhengzhou, trials are to be set up in the cities Anyang, […]


Geo-Political, Risk Management

G-7 Eyes Cap on Price of Russian Oil via Insurance, Shipping Restrictions

June 27, 2022

Via: Insurance Journal

Group of Seven nations are discussing a cap on the price of Russian oil that would work by imposing restrictions on insurance and shipping, according to people familiar with the matter. The potential mechanism would only allow the transportation of […]


Regulatory / Legal

Florida insurance regulator sets 2022 rates for Citizens Property Insurance

June 27, 2022

Via: Insurance Business

Florida’s Office of Insurance Regulation (OIR) has established the personal property and commercial property insurance rates of Citizens Property Insurance Corporation – the state-backed insurer of last resort – for 2022. The OIR held a virtual public rate hearing to […]


Regulatory / Legal

How to Lower Home Insurance Premiums and Wildfire Risks

June 24, 2022

Via: Insurance Journal

Homeowners in the US got new guidance to help them defend against increasingly frequent wildfires and associated rising insurance premiums. The Insurance Institute for Business & Home Safety, a research nonprofit funded by insurers, announced it has developed the first […]


Financial, Risk Management

Revealed – what’s tearing apart Florida’s homeowners’ insurance market?

June 24, 2022

Via: Insurance Business

The Insurance Information Institute (Triple-i) has released a damning report which has warned that Florida’s current homeowners’ insurance market is “on the verge of failure,” thanks to rampant fraudulent roof repair schemes and excessive insurance litigation. Triple-I found that thanks […]


Regulatory / Legal

‘Well-to-Do’ Investment Firm Head Charged in $300,000 South Florida Insurance Fraud

June 23, 2022

Via: Insurance Journal

The head of a small, South Florida investment firm has been charged with insurance fraud after he submitted a $300,000 roof-leak claim to his insurer, American International Group, along with allegedly fake photos of mold and other damage to his […]


Financial, Risk Management

AXIS gets $140m Northshore Re II cat bond at reduced pricing

June 23, 2022

Via: Artemis BM

Global specialty insurance and reinsurance underwriter AXIS Capital has now secured its latest catastrophe bond at attractive terms, with the upsized $140 million of peak-peril catastrophe reinsurance protection from its new Northshore Re II Ltd. (Series 2022-1) catastrophe bond issuance […]


News

Resolution Re enters reinsurance agreement with Dai-Ichi Life

June 22, 2022

Via: Reinsurance News

Resolution Re, part of global life insurance group Resolution Life, has entered into a reinsurance agreement with Dai-Ichi Life, a large life insurer in Japan. The agreement includes the transfer of a closed book of whole of life policies totalling […]


Financial, Risk Management

Property cat pull-back bodes well for pricing into 2023: JP Morgan

June 22, 2022

Via: Artemis BM

The fact some large and previously significant catastrophe exposed reinsurance firms have announced plans to pull-back and reduce exposures this year bodes well for pricing right through into 2023, according to analysts from JP Morgan. With property catastrophe reinsurance rates […]


Cyber Risks, Risk Management

Captives, MGAs, MGUs Contribute to Growing Cyber Insurance Market

June 21, 2022

Via: Insurance Journal

The hard market for cyber insurance, which is expected to continue for “some time,” and a lack of capacity has made captive insurers an “attractive risk management option for corporations,” said AM Best in a recent recent market report. As […]


News

Insurance Business America announces major report partnership

June 21, 2022

Via: Insurance Business

Insurance Business America (IBA) has teamed up with the Latin American Association of Insurance Agencies (LAAIA) for a special report. Founded in 1969 as “the voice of independent insurance agents,” LAAIA aims to ensure a healthy insurance environment by providing […]


Risk Management, Trends

Global non-life legacy market ‘buoyant’ – AM Best

June 20, 2022

Via: Reinsurance News

Activity within the global non-life legacy insurance market is ‘buoyant’, according to a new note from AM Best. The firm said that demand and supply side factors are driving high levels of activity in the legacy insurance market, with transaction […]


Geo-Political, Risk Management

Green transition will drive up inflation – but less than unchecked climate change

June 20, 2022

Via: Reinsurance News

The “green transition” to renewable energy is expected to create inflationary pressure over the next decade. And the faster renewables are adopted, the worse this problem is expected to become in the medium term. However, according to a new forecast […]


News

Insurance company cancels all its 29,000 policies in Louisiana

June 17, 2022

Via: Insurance Business

Louisiana insurance commissioner Jim Donelon recently held a press conference to address the cancellation of about 29,000 policies by the insurance company Lighthouse Excalibur. Years of severe storms have led to expensive insurance claims in the state, overwhelming insurance companies […]


Regulatory / Legal

London council calls on Flood Re to expand coverage

June 17, 2022

Via: Reinsurance News

Westminster Council has called on UK government reinsurer Flood Re to be expanded due to its ‘restrictive criteria’ making it unavailable to private renters or properties with four flats or more. As reported by London’s Evening Standard newspaper, the council […]