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Month: September 2022


Geo-Political, Risk Management

Reinsurers diverge on Florida cat risk: Moody’s

September 16, 2022

Via: Reinsurance News

Reinsurers are showing a diverging appetite for Florida property catastrophe risk, says Moody’s, ahead of further anticipated price increases and coverage constraints going into 2023. The rating agency noted that many reinsurers chose to hold steady or cut their Florida […]


Regulatory / Legal

AMBest Report Shows Florida Insurers Far Out of Line on Reinsurance Dependency

September 15, 2022

Via: Insurance Journal

Mango Questions State-Run Ratings Agency Idea Florida-domiciled property carriers are extremely reliant on the reinsurance market, making them vulnerable to coming price hikes, a just-released report from the AM Best financial rating firm said. Despite that, AM Best is willing […]


Cyber Risks, Risk Management

Reinsurers risk irrelevancy if cyber demand isn’t met: Munich Re

September 15, 2022

Via: Reinsurance News

Senior executives at Munich Re have warned that the re/insurance industry “might lose relevance” if it doesn’t find ways to meet the growing demand for cyber cover with new products and services. Speaking at the reinsurer’s 2022 RVS briefing in […]


Cyber Risks, Risk Management

Deeper Roots: How the Latino Community Is Strengthening the Cyber Insurance Workforce

September 14, 2022

Via: Insurance Journal

The root level is the highest permission level of access to a computer system, and most cybersecurity professionals work hard to ensure criminals don’t gain root access to a system. However, the word ‘root’ has another meaning for Raíces Cyber, […]


Geo-Political, Risk Management

US insurers have minimal exposure to ILS and cat bond market – report

September 14, 2022

Via: Insurance Business

US insurers have minimal investment exposure to the insurance-linked securities (ILS) and catastrophe bond market, despite the fact that this asset class has seen significant growth in recent years, according to a new report by AM Best. In its recent […]


Brokers

Lockton creates capital markets unit as part of reinsurance business

September 12, 2022

Via: Insurance Business

Independent insurance broker Lockton has formed a capital markets unit within its global reinsurance business Lockton Re. Led by Zach Breslin, Lockton Re Capital Markets (LRCM) is aimed at providing complementary solutions to existing client offerings by accessing broader pools […]


Risk Management, Trends

Re/insurance industry has a “generational opportunity” to make a difference: Aon’s Case

September 12, 2022

Via: Reinsurance News

Greg Case, the Chief Executive Officer (CEO) of brokerage Aon, believes that the insurance and reinsurance industry is faced with a “generational opportunity” to make a difference. Case addressed an audience this morning at the PwC breakfast briefing in Monte […]


InsurTech

This insurance payments platform startup is having a very good year

September 9, 2022

Via: Insurance Business

For Ascend, 2022 has been a very good year, even as the technology investor market hit a big downturn. Ascend launched in 2021 with its insurance payments platform. The company’s business model helped it raise $30 million in Series A […]


InsurTech

Insurtech weekly news roundup: Sept. 9

September 9, 2022

Via: Insurance Business

Arturo enacted a number of key leadership changes. Sayata hired a chief distribution officer. Zywave launched a group of new products targeted at the carrier audience. CyberCube is betting a new partnership will expand the audience for its cyber risk […]


News

Bermuda remains a global hub for P&C re/insurance: S&P

September 8, 2022

Via: Reinsurance News

A new note from S&P says that Bermuda has become a global financial hub for property/casualty re/insurance, with a growing presence in life re/insurance. This, said the firm, had happened due to the amount of related premiums written by Bermudian […]


InsurTech

Hillridge raises $2.3m for parametric weather insurance expansion

September 8, 2022

Via: Artemis BM

Hillridge Technology Pty Ltd, an Australian software technology company that aims to help users address the climate protection gap through parametric insurance, has raised a $2.3 million seed round and now seeks to expand further into Asia Pacific. Using parametric […]


Brokers

Insurance Business reveals California’s 5-star brokerages for 2022

September 7, 2022

Via: Insurance Business

The brokerage industry in California remains resilient despite facing various challenges this year. Insurance Business America’s (IBA) 5-Star Brokerages – California awards recognize and celebrate five brokerages that distinguished themselves in 2020 and 2021 across 11 criteria. IBA completed the […]


News

Howden launches voluntary carbon credit insurance product to help scale market

September 7, 2022

Via: Reinsurance News

International re/insurance broker Howden has announced the launch of a carbon credit invalidation insurance solution to increase confidence in the Voluntary Carbon Market (VCM). To develop the product, Howden worked with the carbon finance business, Respira International, and Nephila Capital, […]


Financial, Risk Management

Global Reinsurers’ Capital Levels Drop by 11% During H1, Hit by Declines in Markets

September 6, 2022

Via: Insurance Journal

Global reinsurers’ capital levels dropped by 11% in the first half of 2022 to $647 billion, hurt by market declines, though higher interest rates helped their liability positions, broker Gallagher Re said on Tuesday. Reinsurers, who insure the insurers, have […]


Regulatory / Legal

Oregon regulator extends time limit for 2020 wildfire survivors to file insurance claims

September 6, 2022

Via: Insurance Business

Residents of southern Oregon who have suffered losses and damages from the 2020 Almeda and Obenchain wildfire have been given more time to apply for insurance, as the Oregon Division of Financial Regulation requests insurers to extend the time limit. […]


Financial, Geo-Political, Risk Management

Global insured losses from floods accelerate, double in a decade: Swiss Re

September 2, 2022

Via: Artemis BM

Globally, insurance and reinsurance market losses from flooding have accelerated significantly, with a doubling in the total in a decade to reach US $80 billion over the 2011 to 2020 period, but then another acceleration into 2021 when they reached […]


Financial, Risk Management

ILS fund market delivers best return since January, in July

September 2, 2022

Via: Artemis BM

Insurance-linked securities (ILS) funds, as a group tracked by ILS Advisers and Eurekahedge, have delivered their best single monthly return of the year since January, with the average return across the group of ILS funds reaching 0.24% in July 2022. […]


News

Insurer Loses $500K in Beer Pong Challenge by Badly Misplaying Liquor Liability Claim

September 1, 2022

Via: Insurance Journal

An insurer that mishandled a liquor liability claim resulting from a fight after a beer pong tournament has discovered the tab is considerably bigger than it first thought. Hospitality Mutual Insurance Co. will have to pay $500,000 plus legal costs […]


Regulatory / Legal

Florida regulators mull lifting $700,000 policy cap on Citizens

September 1, 2022

Via: Insurance Business

Florida’s Office of Insurance Regulation (OIR) is looking into the possibility of raising the $700,000 cap on policies sold by the state insurer of last resort, Citizens Property Insurance Corp. By law, Citizens is prohibited from providing replacement cost coverage […]