January 31, 2023
Via: Reinsurance NewsAon’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 […]
January 31, 2023
Via: Reinsurance NewsAXA 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 […]
January 31, 2023
Via: Artemis BMStone Ridge Asset Management, the New York based asset manager an alternative risk premia focus, including reinsurance and insurance-linked securities (ILS), has launched Proof Insurance Solutions, a managing general agent (MGA) with a focus on underwriting risks from the blockchain […]
January 30, 2023
Via: Insurance JournalA 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 […]
January 30, 2023
Via: Insurance JournalAs Louisiana lawmakers adjourn Monday for a special session to address the state’s property insurance crisis, a commentary from AM Best says Louisiana’s plan to appropriate $45 million in funds to incentivize insurance companies to take on more property risk […]
Geo-Political, Risk Management
January 30, 2023
Via: Reinsurance NewsA 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 […]
January 24, 2023
Via: Insurance JournalHannover 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 […]
January 24, 2023
Via: Reinsurance NewsDespite 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 […]
Financial, Geo-Political, Risk Management
January 4, 2023
Via: Insurance BusinessThe geopolitical and macroeconomic shocks of the past year have led to a highly challenged and complex January 1 renewal period, according to global broking group Howden. In its renewal report titled The Great Realignment, Howden noted how high inflation, […]
December 15, 2022
Via: Reinsurance NewsProvider of downtime insurance, Parametrix, is strengthening and expanding its operations in the United States with additional reinsurance capacity. The firm has announced that partners Hannover Re and certain underwriters from Lloyd’s, which includes Tokio Marine Kiln, RenaissanceRe, and Apollo […]
December 13, 2022
Via: Insurance JournalThe Ohio Supreme Court ruled Monday that COVID-19 cannot cause any direct physical damage or loss that is covered by a commercial property insurance policy, joining nine other state high courts that have rejected similar business-interruption claims. The Ohio court […]
December 6, 2022
Via: Insurance JournalThe Florida Legislature will conduct a special session during the week of December 12 focusing on fixes for a failing, flailing insurance market in the state that has reached crisis levels. Symptoms of the crisis include the financial collapse of […]
December 6, 2022
Via: Insurance BusinessArbol, an insurtech platform underwriting climate and weather insurance, has delivered a $10-million parametric insurance payout to property and casualty (P&C) company Centauri Insurance, only weeks after the hurricane struck in late September. This is the first known parametric insurance […]
September 30, 2022
Via: Insurance BusinessProperty reinsurance renewals at mid-year 2022 “experienced significantly tighter conditions” than the renewals at January 1, according to Guy Carpenter. The Guy Carpenter US Property Catastrophe Rate on Line Index – a proprietary index of rate-on-line movements on brokered excess […]
Geo-Political, Risk Management
September 23, 2022
Via: Reinsurance NewsExecutives at Munich Re say the company is aiming to “push the boundaries of insurability” in its efforts to help understand and mitigate the impacts of climate change. Speaking at a briefing during the 2022 RVS event in Monte Carlo […]
Geo-Political, Risk Management
September 16, 2022
Via: Reinsurance NewsReinsurers 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 […]
September 15, 2022
Via: Insurance JournalMango 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 […]
September 15, 2022
Via: Reinsurance NewsSenior 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 […]
September 12, 2022
Via: Insurance BusinessIndependent 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 […]
September 6, 2022
Via: Insurance JournalGlobal 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 […]