Reinsurance News
During an online panel hosted by the German Insurance Association (GDV), leading economists in the insurance industry suggested elevated inflation rates will persist well into the coming year despite levels easing recently. Munich Re chief economi...
Posted: Dec 30, 2022
In its Green Paper, the Actuaries Institute has identified plausible “alternative futures” that would result in the Australian economy diverging significantly from current expectations and perhaps involve a severe recession. Actuary Dr Hugh Miller...
Posted: Dec 30, 2022
Insurance companies in Saudi Arabia continued topline growth momentum in 2022 with aggregate GWP’s standing at SR39.28 billion ($10.45 billion), rising 26.8% year-on-year in Q3 2022, as reported by Trade Arabia. Citing KPMG, Trade Arabia sta...
Posted: Dec 30, 2022
Analysts at catastrophe risk modelling firm Karen Clark & Company (KCC) have estimated that the insurance industry loss from Winter Storm Elliott in the US will be $5.4 billion across 42 states. This estimate includes the privately insured dam...
Posted: Dec 29, 2022
Reinsurance Group of America (RGA) has appointed Scott Grandmont as Vice President (VP) Strategic Underwriting Initiatives. The role will see Grandmont lead a diverse group of underwriting, actuarial, technology, and client engagement professional...
Posted: Dec 29, 2022
Global insurer Chubb has announced that it has promoted four executives in its North America (NA) Financial Lines Division. Effective immediately the company has promoted Jarrod Schlesinger to Chief Operating Officer, Scott Williams to Executive V...
Posted: Dec 29, 2022
According to a Financial Times analysis of shipping and insurance records, around a quarter of Russian seaborne crude oil shipments since restrictions started on December 5 were insured by western companies. Based on an analysis of data from Kpler...
Posted: Dec 29, 2022
Arthur J. Gallagher & Co. has announced the acquisition of São Paulo, Brazil-based Interbrok Group for an undisclosed price. Interbrok Group is a retail insurance broker founded in 1976, which offers a variety of commercial and personal insura...
Posted: Dec 29, 2022
Crédit Agricole S.A. has announced that Banco BPM (BBPM) and Crédit Agricole Assurances (CAA), a subsidiary of Crédit Agricole S.A., have signed a binding Term Sheet for the establishment of a long-term bancassurance partnership in Italy to provid...
Posted: Dec 29, 2022
The German Insurance Association (GDV) has reported that German catastrophe and weather insured losses amount to an estimated €4.3 billion in 2022, making it an average claims year for the industry. Severe weather such as storms and heavy rain reg...
Posted: Dec 29, 2022
The Florida Office of Insurance Regulation (OIR) has released an updated insured loss estimate based on claims data submitted by primary insurers in the state following hurricane Ian, which now totals at almost $12.6 billion. According to data, th...
Posted: Dec 29, 2022
Japanese insurers, Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance, which are all set to halt marine coverage of risks related to the war in Ukraine starting next month, are in talks with reinsurers t...
Posted: Dec 29, 2022
QBE Asia has announced that its protection and indemnity (P&I) office in Singapore will be rebranded as British Marine, as of January 1, 2023. QBE acquired British Marine in 2005. Founded in 1876, it is the largest fixed P&I insurance prov...
Posted: Dec 29, 2022
Relief and development agency Christian Aid has called for more urgent action to combat climate change, as its data shows that all ten of the most costly extreme events surpassed $3 billion in losses this year. The organisation linked the trend of...
Posted: Dec 28, 2022
The American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) has announced that its reinsurers have served a notice to cancel certain war risk exposures related to the conflict between Russia and Ukraine. The...
Posted: Dec 28, 2022
In an interview with the Financial Times, Zurich CEO, Mario Greco, has warned that cyber attacks will become “uninsurable” as the disruption from hacks burgeon. “What will become uninsurable is going to be cyber,” Greco said, “What if someone take...
Posted: Dec 28, 2022
According to AM Best, insurers continued to follow a years-long trend by increasing their structured securities investments in 2021, with 3% growth YoY to $1.14 trillion, though indications portray an uncertain picture for 2022 as issuances have d...
Posted: Dec 28, 2022
Prosperity Group Holdings has released a statement affirming that it remains interested in acquiring life and annuity insurer American Equity, despite the company having rejected a recent takeover bid. On December 8th, Prosperity made an offer to...
Posted: Dec 28, 2022
Global insurers and reinsurers look set to incur costs stretching into the multi-billion-dollar range from the ongoing winter storm and severe cold weather impacting the United States and Canada. The storm, which has been labelled the “blizzard of...
Posted: Dec 28, 2022
Justin Cohen, Deputy CEO of Ategrity Specialty Insurance, risk and insurance solutions provider, is succeeding Mike Miller as the company’s CEO – effective January 1, 2023 – , according to a recent announcement. Cohen has led the evolu...
Posted: Dec 28, 2022
According to global GIS and geospatial technology company, RMSI, a 6.4 magnitude earthquake that jolted the northern coast of California near Ferndale on 20 December is set to cause $600 million of economic loss in Humboldt County. RMSI states tha...
Posted: Dec 28, 2022
Fitch Ratings suggests its Outlook for the US mortgage insurance sector is deteriorating due to expectations for a slowing economy in 2023, with an increase in unemployment and potential pricing corrections in the housing market. In its sector out...
Posted: Dec 28, 2022
Property and Casualty insurer Chubb, has announced the appointment of Teresa Black Executive Vice President, Chief Operating Officer of North America Surety. In her new role, Black will have responsibility for the underwriting, strategy and profit...
Posted: Dec 28, 2022
Jessica Snyder, President, US Insurance, Argo Group, suggests that there will be an unprecedented hardening of the reinsurance markets across property and casualty lines in 2023, with ceding commissions down 2-4 points and perhaps the “harde...
Posted: Dec 23, 2022
Cyber insurance mutual Miris (Mutual Insurance and Reinsurance for Information Systems) has received an operating licence from Belgian regulators allowing it to begin underwriting by January 1, 2023. The company said it aims to provide additional...
Posted: Dec 23, 2022