Reinsurance News
Clearwater Analytics, a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions, has released its 2024 Hong Kong & Singapore Insurance Industry Outlook report highlighting several key trends and ins...
Posted: Dec 11, 2023
According to the Insurance Information Institute (Triple-I), the potential insured losses resulting from US wildfires are growing even as their frequency decreases because close to 99 million Americans reside in the wildland urban interface (WUI)....
Posted: Dec 11, 2023
The Association of British Insurers (ABI) has announced the appointment of three new members to its Board, including Amanda Blanc, Group CEO of Aviva, with immediate effect. Alongside Blanc, Clive Bolton, CEO, M&G Life Insurance, and Tara Fole...
Posted: Dec 11, 2023
Guidewire Software, a platform provider for property and casualty re/insurers, has reported a net loss of $27.1 million for the first quarter of fiscal year 2024, compared with $69.3 million for the same period in the previous fiscal year. Similar...
Posted: Dec 11, 2023
The U.S. property/casualty (P/C) insurance sector grappled with a challenging nine-month period in 2023, posting a staggering $32.2 billion net underwriting loss, according to a report by AM Best. This represents a $7.6 billion deterioration compa...
Posted: Dec 08, 2023
Lloyd’s global re/insurer MS Amlin has appointed Clare Constable to the newly created role of Chief Claims Officer, reporting to Andrew Carrier, Chief Executive Officer (CEO). The appointment is effective from January 1st, 2024, subject to regulat...
Posted: Dec 08, 2023
Announced by Andrew Mitchell, International Development and Africa Minister at COP28, the almost £20 million funding package is part of a £100 million pledge made by the UK government at the annual climate conference in Dubai. The £100 million in...
Posted: Dec 08, 2023
AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Korean Reinsurance Company...
Posted: Dec 08, 2023
According to a recent report by Moody’s, the Property & Casualty (P&C) insurance sector is witnessing a shift as primary insurers retain more risk following the raising of attachment points by reinsurers looking to reduce frequency l...
Posted: Dec 08, 2023
Financial services company Athene Holding Ltd. has confirmed plans to sell $600 million of 5.875% senior unsecured notes due 2034, the proceeds of which will be used to expand its insurance operation. The offering is expected to close on December...
Posted: Dec 08, 2023
As GenerativeAI (GenAI) continues to expand across the insurance and reinsurance sector, Elad Tsur, Co-Founder and CEO of Planck, explained during a recent interview with Reinsurance News how the technology can play a key advantage in helping to r...
Posted: Dec 08, 2023
Wakam, a B2B2C insurance firm has announced a series of leadership hires. Among these appointments is Anouk Bara, who joins Wakam as VP Finance & Corporate Legal and brings over 25 years of expertise across a number of major blue-chip companie...
Posted: Dec 08, 2023
Cerchia, a provider of decentralised risk transfer solutions, has successfully integrated a cyber cat industry-loss index, featuring data sourced from PCS (Property Claim Services), expanding its risk transfer capabilities, beyond classical Nat Ca...
Posted: Dec 08, 2023
Global credit ratings agency AM Best is revising the outlook on India’s non-life insurance segment to Stable from Negative. The agency cited a number of factors towards the outlook. This includes: robust growth potential, driven by economic develo...
Posted: Dec 08, 2023
Global insurtech Novidea has announced the launch of its insurance management platform in Southeast Asia to meet escalating demand for digital transformation in the region. With its open API architecture, Novidea enables brokers, agents, MGAs/MGUs...
Posted: Dec 08, 2023
In the face of ongoing macroeconomic and geopolitical turbulence, the global insurance industry is navigating a landscape marked by inflation, interest rates, regulatory factors, supply chain disruptions, skills gaps, and geopolitical tensions. EY...
Posted: Dec 08, 2023
Following a heavy year of losses, renewing aggregate reinsurance will likely be a challenge for Italian insurers, according to insights from investment bank Berenberg. Analysts believe the greatest challenge insurers in Italy will face in 2024 is...
Posted: Dec 08, 2023
Moody’s has announced its outlook remains negative for the global property & casualty (P&C) insurance sector, based on “continued weak underwriting results in personal lines, particularly in the US and Europe.” Writing in...
Posted: Dec 08, 2023
The insurance industry needs to be cautious about how it positions itself to support the now operational Loss and Damage fund and not over promise on what it can deliver, Dr. Simon Young, Senior Director, Climate and Resilience Hub at WTW, told Re...
Posted: Dec 08, 2023
Specialist re/insurance broker Miller has launched a new artificial intelligence (AI) tool, MillerMo, based on technologies from Microsoft and OpenAI. It was designed to enable Miller employees – more than 800 people across its UK and intern...
Posted: Dec 08, 2023
Crédit Agricole Assurances’ P&C insurance subsidiary Pacifica has made its debut venture into the insurance-linked securities (ILS) market with the sponsoring of a €160 million catastrophe bond issued by Taranis Re DAC, a special purpose...
Posted: Dec 08, 2023
Pan-African focused insurer and reinsurer, Africa Specialty Risks (ASR), has now received ‘in-principle’ approval to launch a Lloyd’s syndicate in 2024, which aims to begin underwriting in March 2024 with a focus on underwriting business across Af...
Posted: Dec 08, 2023
A Memorandum of Understanding (MOU) has been signed at the 26th ASEAN Insurance Regulators’ Meeting & 49th ASEAN Insurance Council Meeting, to establish the ASEAN Renewable Energy Pool (AREP), which will support ASEAN governments’ renewa...
Posted: Dec 08, 2023
In a recent report titled “Hail No! Defending Solar from nature’s cold assault,” GCube Insurance underscores the urgent need for practical solutions to the growing threat of hailstorms on the solar industry. With climate change-induced...
Posted: Dec 08, 2023
The National Association of Insurance Commissioners (NAIC) membership has voted to adopt the Model Bulletin on the Use of Artificial Intelligence (AI) Systems by Insurers during the 2023 Fall National Meeting. “This initiative represents a c...
Posted: Dec 08, 2023