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Month: July 2022


InsurTech

Tensorflight partners with Airbus to boost property assessment capability

July 15, 2022

Via: Reinsurance News

Tensorflight, the AI imaging based insurtech, is partnering with Airbus Defence and Space to increase its property analysis and assessment capabilities. Tensorflight uses three sources of imagery – satellite, aerial and ground level – to automate the process of property […]


Financial, Risk Management

No oversupply of ILS capital expected, as returns come into focus: JPM

July 15, 2022

Via: Artemis BM

There is unlikely to be an oversupply of alternative reinsurance capital or insurance-linked securities (ILS) capacity in the near-term, as the ILS segment of the re/insurance industry focuses on delivering returns to its investors, according to analysts at J.P. Morgan. […]


Financial, Risk Management

Insurance invests one in every three euros in public debt – MAPFRE

July 14, 2022

Via: Reinsurance News

The insurance sector invests one in every three euros in public debt, according to a new report by MAPFRE Economics. The report, ‘Global savings after the pandemic and insurance industry investments’, also finds that most insurance companies’ investments are allocated […]


Risk Management, Trends

Munich Re’s COVID claims persisting beyond expectations: Jefferies

July 14, 2022

Via: Reinsurance News

Analysts at Jefferies have reported that Munich Re’s COVID-19 claims on the life reinsurance side of its business have lasted far longer than anticipated, contrary to the market’s initial views. At Munich Re’s recent management meetings, a key discussion point […]


Brokers

Specialty Program Group moves to acquire ESP Insurance Brokerage

July 13, 2022

Via: Insurance Business

Specialty Program Group LLC (SPG), an operator of specialty insurance brokerages and underwriting facilities, has announced its acquisition of ESP Insurance Brokerage LLC (ESP). ESP is a national insurance broker and program administrator founded five years ago for the sports, […]


Financial, Risk Management, Trends

Commercial lines pricing impacted by hard property cat reinsurance market

July 13, 2022

Via: Reinsurance News

A hard property catastrophe reinsurance market is expected to affect commercial insurance lines pricing, according to Goldman Sachs. The firm said that with the latest incremental inflation, pricing in property lines of business are likely to stop decelerating or potentially […]


InsurTech

WTW Acquires Climate Risk Analytics Firm Butterwire

July 12, 2022

Via: Insurance Journal

Insurance broker WTW reported its acquisition of Butterwire, a provider of data analytics, artificial intelligence and machine learning platforms. Based in Glasgow, Scotland, the financial analytics company will become a part of WTW’s Climate and Resilience Hub. Terms were not […]


Cyber Risks, Risk Management

Ransomware pay-outs by cyber insurers in the last two years averages £3.2m: Panaseer

July 12, 2022

Via: Reinsurance News

According to a recent survey conducted by enterprise security company, Panaseer, the largest ransomware pay-outs by cyber insurers in the last two years has averaged £3.26 million in the UK and $3.52 million in the US. The company recently released […]


Financial, Regulatory / Legal, Risk Management

China Regulator Says Banks, Insurers to Go ‘All Out’ to Bolster Lending

July 11, 2022

Via: Insurance Journal

An official at China’s banking and insurance regulator said authorities will use policy tools “flexibly and precisely” at proper times to stabilize the economy, while banks and insurers will “go all out” to bolster funding. Authorities will support an “appropriate” […]


News

Florida Insurance Agents Feeling the Heat from Roiling Marketplace

July 11, 2022

Via: Insurance Journal

Dan Alexander has seen the worst of the Florida property insurance market from the inside-out – from agents who’ve quit to carriers that have gone insolvent or stopped writing new business, to having to manage policyholders that are mad at […]


Financial, Risk Management

Insurance Losses From Sydney Floods Approach A$100M: ICA

July 8, 2022

Via: Insurance Journal

Insurers have received 8,415 claims as a result of July’s floods in Sydney, carrying an initial estimated insurance price tag of A$97.9 million (US$66.8 million), according to the Insurance Council of Australia (ICA). The ICA said 84% of the claims […]


Geo-Political, Risk Management

Lessor SMBC recognises $1.6bn impairment on aircraft stranded in Russia

July 8, 2022

Via: Reinsurance News

Leading aircraft leasing firm, SMBC Aviation Capital, has said it is “unlikely” that it will be able to recover 34 owned aircraft stranded in Russia following the country’s ongoing invasion of Ukraine and subsequent sanctions, leading the company to recognise […]


News

What’s the most important part of the insurance industry?

July 7, 2022

Via: Insurance Business

In a changing distribution landscape, managing general agencies are more important than ever. Francis Johnson, president of Johnson & Johnson Insurance, recently chatted with IB TV about his company’s recognition as an IBA 5-Star MGA and how the distribution landscape […]


Cyber Risks, Risk Management

‘Cautious Optimism’ for Cyber Buyers as More Focus on Risk Controls: Marsh

July 6, 2022

Via: Insurance Journal

While the market for cyber insurance is expected to remain challenging “for the foreseeable future,” there is optimism for rate stabilization as organization focus on cyber hygiene, according to broker Marsh. In a recent briefing, the broker said “steep rate […]


Geo-Political, Risk Management

TSR raises hurricane forecast, expects above average landfalls

July 6, 2022

Via: Artemis BM

Tropical Storm Risk, one of the insurance and reinsurance industry supported forecast teams, has raised its prediction for activity levels in the 2022 Atlantic hurricane season, while saying landfall chances are above normal as well. Previously, Tropical Storm Risk (TSR) […]


Risk Management, Trends

New market research forecasts global travel insurance industry performance

July 5, 2022

Via: Insurance Business

Leading market research store ResearchAndMarkets.com has expanded its offering to include the Travel Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027. The report gives both a comprehensive analysis of the industry’s market performance so far and […]


Financial, Risk Management

UK motor insurers to expect losses in 2022 and 2023: EY

July 5, 2022

Via: Reinsurance News

Losses are predicted in 2022 and 2023 for the UK motor insurance market due to underlying inflation and premium rate falls, according to EY’s UK Motor Insurance Results. The professional services firm predicts that the sector’s net combined ratio (NCR) […]


News

Allianz & HSBC extend bancassurance partnership by 15 years

July 1, 2022

Via: Reinsurance News

Allianz Asia Pacific (Allianz) and The Hongkong and Shanghai Banking Corporation Limited (HSBC) have extended their exclusive bancassurance distribution agreement by 15 years. Since 2012, the strategic partnership between Allianz and HSBC in Asia Pacific has formed a strong and […]


Financial, Risk Management

Global reinsurer capital falls $30bn: Aon

July 1, 2022

Via: Reinsurance News

Aon has estimated that global reinsurer capital fell by $30bn from the end of 2021 to the end of the first-quarter of 2022. The firm said in a statement that this was driven mainly by unrealised losses on bonds, linked […]