Reinsurance News
Reflecting on the overall insurance industry losses for the year, BMS Group has revealed that worldwide insurance industry losses for 2023 should end up below the modeled average annual loss suggested by Verisk Annual Global Modeled Catastrophe Lo...
Posted: Dec 29, 2023
Insurers have successfully settled 87% of all private insurance claims stemming from the Auckland Anniversary weekend and Cyclone Gabrielle weather events, according to the Insurance Council of New Zealand (ICNZ). These two incidents stand out as...
Posted: Dec 29, 2023
In a recent announcement, global risk and reinsurance specialist Guy Carpenter, has highlighted the emergence of a responsive reinsurance market during the January 1st, 2024, reinsurance renewals. This market shift is attributed to ample capacity...
Posted: Dec 29, 2023
Insurance companies have received 18,174 claims related to the recent storms across Queensland, New South Wales and Victoria, with the Insurance Council of Australia (ICA) highlighting escalating severity and threat of further extreme weather even...
Posted: Dec 29, 2023
The Securities and Exchange Commission of Pakistan (SECP), a financial regulatory agency in Pakistan, has recommended that an agricultural insurance pool could act as a risk aggregator, providing farmers and herders with affordable and effective a...
Posted: Dec 29, 2023
Global renewal rates for property catastrophe reinsurance saw a wide range of outcomes at the January 1st 2024 renewals, with non-loss affected accounts largely flattish, but loss impacted seeing increases of up to 30%, according to Guy Carpenter....
Posted: Dec 29, 2023
The Ethical AI in Insurance Consortium (EAIC), a collaborative platform dedicated to promoting responsible and ethical adoption of artificial intelligence (AI) across the insurance sector, has added five new members to help advance responsible use...
Posted: Dec 29, 2023
Global credit ratings agency AM Best, has confirmed that it is maintaining its outlook on Malaysia’s non-life insurance segment at Stable. The agency citied expectations of solid premium growth and the maintenance of underwriting and pricing disci...
Posted: Dec 29, 2023
The European Central Bank (ECB) and the European Systemic Risk Board (ESRB) have underscored the pivotal role of insurance and reinsurance in mitigating climate-related financial stability risks across the European Union (EU). The comprehensive re...
Posted: Dec 28, 2023
Aviva plc, an insurance and financial services company, anticipates an additional £80 million (SGD 0.1 billion) in proceeds from the impending exit of its joint venture, Singlife, with Sumitomo Life Insurance Company. The added funds result from a...
Posted: Dec 28, 2023
S&P Global Ratings has revised the outlook for Aon PLC from stable to negative following the company’s definitive agreement to acquire U.S. middle-market broker NFP Holdings LLC. Despite the strategic benefits of the acquisition, the neg...
Posted: Dec 28, 2023
Ebix Europe, a London-based technology specialist, has announced that it remains unaffected by the Chapter 11 Arrangement of its US-based parent company, Ebix Inc. The UK Limited company reassured its clients that it operates independently of Ebix...
Posted: Dec 28, 2023
Fitch Ratings has downgraded the Long-Term rating assigned to Athene Holding Ltd.’s outstanding Series A, B, C, D and E preferred share issuances to BBB-, citing the firm’s announcement that its board of directors have approved prelimi...
Posted: Dec 28, 2023
Storm ZOLTAN is expected to result in insured property damage totalling €200 million, bringing insured losses from natural hazards for 2023 in Germany to almost €4 billion, according to Onnen Siems, Managing Director of actuarial consultancy firm...
Posted: Dec 28, 2023
Korean Re has reported a net income of KRW 292.9 billion for the first 9M of 2023, with an insurance income of KRW 194.9 billion. This year’s net income figure is much improved compared to the KRW 114.9 billion recorded in the same period of...
Posted: Dec 28, 2023
In its annual “Event & Disaster Report,” risk intelligence platform provider Adapt Ready has shed light on the transformative impact of both man-made and natural catastrophes on global supply chains and the energy sector throughout...
Posted: Dec 28, 2023
A memorandum establishing an international reinsurance facility called Turan was recently signed in the capital of Uzbekistan, Tashkent, according to a ASN News report. According to the announcement, the conference preceding the signing was attend...
Posted: Dec 28, 2023
The Inter-American Development Bank (IDB) has completed a risk-transfer transaction using credit insurance protection with private insurers, in an effort to help diversify its portfolio and free up capital for additional lending to both Latin Amer...
Posted: Dec 28, 2023
Brown & Brown, Inc., the insurance brokerage firm, has agreed to acquire the assets of Caton-Hosey Insurance. The Caton-Hosey team will continue operating from their office in Port Orange, Florida under the leadership of Rex, Barbara Caton, an...
Posted: Dec 28, 2023
Distinguished Programs, a prominent insurance program manager, has announced a substantial expansion of its Fine Art and Collectibles program. Effective January 1, 2024, pending state filing approvals, the program will now provide an impressive $1...
Posted: Dec 28, 2023
Credit rating agency AM Best has announced it is maintaining its negative outlook on Colombia’s insurance segment given limited development due to challenging global conditions and political uncertainty. Although economic conditions in Colombia ar...
Posted: Dec 27, 2023
Kenmare Holdings Ltd., a wholly owned subsidiary of Enstar Group Limited, entered into a purchase agreement with Trident V, L.P. along with their affiliated funds, Dowling Capital Partners I, L.P. and Capital City Partners LLC, to acquire all of t...
Posted: Dec 27, 2023
As per a report from Bloomberg, Japan’s Financial Services Agency has issued business improvement orders on the core units of Tokio Marine Insurance, MS&AD Insurance, and Sompo Japan Insurance for “colluding to fix prices” in contr...
Posted: Dec 27, 2023
As artificial intelligence (AI) continues to expand and widen across the industry, there has always been a growing concern surrounding how the technology may impact jobs within sectors, however, according to Richard Hartley, the CEO and Co-founder...
Posted: Dec 27, 2023
CCRIF SPC (Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company) has revealed it made three payouts totalling $4.9 million to member governments following Tropical Storm Philippe and Tropical Cyclone Tammy which took place in...
Posted: Dec 27, 2023