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Risk Management, Trends

High inflation & spikes in interest rates cause challenging renewal season: Aon

January 31, 2023

Via: Reinsurance News

Aon’s January Reinsurance Market Dynamics report: Macro Conditions: Extreme Volatility, cites 2022 as being tricky for the industry, with inflation hitting multi-decade highs, as well as interest rates rising to an almost “unprecedented pace”. The report also noted that equities […]


News

AXA XL Re names Dan Bryan Head of Asia, Reinsurance

January 31, 2023

Via: Reinsurance News

AXA XL Reinsurance has appointed Dan Bryan as Head of Asia, Reinsurance, effective February 1st. Previously, Bryan held the role of Head of Treaty Underwriting for Asia. In this new role, he will continue to work with AXA XL Reinsurance’s […]


Risk Management, Trends

S&P Predicts Reinsurers Will Continue Pricing Momentum During 2023

January 30, 2023

Via: Insurance Journal

A hard market in short-tail lines – such as property and property catastrophe – across global geographies is likely to continue throughout 2023, after beginning the year with multi-decade-high pricing increases during the January 2023 reinsurance renewals, according to a […]


Geo-Political, Risk Management

California floods unlikely to be huge loss for re/insurers: J.P. Morgan

January 30, 2023

Via: Reinsurance News

A new report from J.P. Morgan has stated that the recent California floods are unlikely to be a huge loss for the insurance industry. The California floods hit from late December to early January. The state was hit with extreme […]


Risk Management, Trends

Allstate, GEICO, State Farm… where are customers going amid increased auto insurance shopping?

January 25, 2023

Via: Insurance Business

J.D. Power has published the latest edition of its auto insurance quarterly shopping trends report, and found that in the fourth quarter of 2022, there was actually a noticeable increase in auto insurance shopping activity in America. The report – […]


Cyber Risks, Risk Management

Hannover Re Transfers Cyber Risks to Capital Markets via Proportional Reinsurance

January 24, 2023

Via: Insurance Journal

Hannover Re has developed an additional retrocession tool that for the first time enables the capital markets to participate directly in coverage of its cyber risks through a quota share cession. Longstanding partner Stone Ridge is supporting the transfer with […]


Financial, Risk Management

Bermuda re/insurers to see improved pricing & performance in 2023: Fitch

January 24, 2023

Via: Reinsurance News

Despite heightened catastrophe losses and economic uncertainty, Fitch Ratings expects improved underwriting performances for Bermuda re/insurers in 2023, driven mainly by accelerating premium rates, alongside a market reset in pricing, terms and conditions. The rating agency states that the underwriting […]


Regulatory / Legal

Louisiana governor calls special session over state’s property insurance crisis

January 23, 2023

Via: Insurance Business

Recognizing the instability of Louisiana’s property insurance market, Governor John Bel Edwards has called for legislators to convene a special session to address the issue. Edwards’ call comes after State Insurance Commissioner Jim Donelon appeared before the Joint Legislative Committee […]


InsurTech

Holiday travel chaos – a case for parametric insurance?

January 23, 2023

Via: Insurance Business

North American travelers were plagued by extraordinary travel disruptions over the recent holiday season, compounded by a “once in a generation” winter storm that struck the US. Thousands of flights were disrupted by the megastorm in late December, while a […]


Financial, Risk Management

Kansas Insurance Dept. Recovers $7.6M for Policyholders

January 19, 2023

Via: Insurance Journal

The Kansas Insurance Department announced it has recovered more than $7.6 million for Kansans in 2022, the largest single-year recovery in department history. Funds considered “recovered” are calculated when department staff assists individuals in need of support during their insurance […]


Financial, Risk Management

TWIA to Determine Probable Maximum Loss for 2023 Storm Funding

January 19, 2023

Via: Insurance Journal

The Texas Windstorm Insurance Association (TWIA) Board is meeting Thursday, Jan. 19 to determine funding for probable maximum loss (PML) for the 2023 storm season. TWIA is statutorily required to purchase enough reinsurance to meet the 1:100 year PML. Last […]


Geo-Political, Risk Management

UK-based flood insurer to launch in US

January 18, 2023

Via: Insurance Business

Parametric flood insurance company FloodFlash has announced that it has entered the US insurance market. The UK-based company said it is the first insurance provider to pay catastrophic flood claims in as little as four hours. In the wake of […]


Financial, Risk Management

Bank of England Worried New Insurance Capital Rules Could Risk Policyholder Bailout

January 17, 2023

Via: Insurance Journal

Britain’s proposed changes to capital rules for insurers could lead to the government having to bail out policyholders, as happened 20 years ago after the near-collapse of life assurance company Equitable Life, the Bank of England said on Monday. Late […]


Risk Management, Trends

Swiss Re’s Mumenthaler encouraged by net zero path as dynamics shift: WEF 2023

January 17, 2023

Via: Reinsurance News

As the World Economic Forum’s (WEF) Alliance of CEO Climate Leaders, which now includes 127 “seriously committed” executives from some of the world’s largest companies, continues to make progress, Christian Mumenthaler, CEO of reinsurance giant Swiss Re, is seeing the […]


Financial, Risk Management

Hannover Re vehicle Seaside Re issued $32.5m of private catastrophe bonds

January 12, 2023

Via: Artemis BM

German reinsurance giant Hannover Re has brought the first private catastrophe bonds that we’ve learned of in 2023, with three Seaside Re cat bond lites totalling $32.5 million of risk capital issued, the latest, use of its Kaith Re transformer […]


Risk Management, Trends

PRA sets out its supervision priorities for insurers in 2023

January 11, 2023

Via: JD Supra

The key areas of focus in 2023 will be: Financial resilience The combination of the on-going recession and high inflation provide a very challenging economic outlook for insurers. For life insurers, the PRA has identified the potential threat of firms […]


Regulatory / Legal

New Louisiana Laws Require Hurricane Mediation Program, Catastrophe Response Plan

January 10, 2023

Via: Insurance Journal

Louisiana lawmakers passed several bills last legislative session in response to insurers’ handling of recent natural disasters, five of which went into effect Jan. 1, 2023. The legislation resulted from a shaken homeowners insurance market that experienced eight insurers leave […]


News

Top 10 global insurers – ratings agency announces latest list

January 10, 2023

Via: Insurance Business

AM Best has unveiled the latest edition of its top largest insurers – with UnitedHealth Group maintaining its top spot on the list for the eighth consecutive year. The rankings were published in the January 06, 2023 issue of Best’s […]


Cyber Risks, Risk Management

Beazley launches $45 million cyber catastrophe bond

January 9, 2023

Via: Reinsurance News

Specialist insurer and reinsurer Beazley has launched a $45 million cyber catastrophe bond, providing the carrier with protection against “remote probability catastrophe and systemic events”, opening up a much larger source of capital for the firm, according to a report […]


Financial, Risk Management

US life insurer investment portfolios to withstand market volatility: Fitch

January 5, 2023

Via: Reinsurance News

Analysts at Fitch Ratings have stated that rising rates have been largely favourable for US life insurer investment portfolios, driving higher investment income as reinvestment rates exceed book yields. The rising rates have played a large role in helping to […]