Reinsurers must increase property cat rates in 2023
Reinsurers must increase property cat rates in 2023 to help combat climate change impact, according to EY
Reinsurance News
Florida’s legislature passed a Bill that creates a state-backed $1 bn Reinsurance Fund
Florida’s legislature passed a bill that would create a state-backed reinsurance fund and attempt to ease litigation costs that have pushed a homeowners-insurance market
Lloyd’s grantes in-principle approval to Lime Syndicate Management as first managing agency
Lloyd’s has granted in-principle approval to Lime Syndicate Management, in what will be the first managing agency in the market since the Reconstruction and Renewal
Canada Life Re entered into a structured mortality transaction with Allianz Indonesia
Canada Life Re, a provider of reinsurance solutions for life and health, has entered into a structured mortality transaction with Allianz Indonesia, expanding its footprint in Asia
Bermuda reinsurers will incur $13 bn claim losses in payments to policyholders & US cedants
Bermuda reinsurers estimate that they will incur gross claim losses of more than $13 billion in payments to policyholders and cedants in the United States (US)
New reinsurance laws in Puerto Rico open the jurisdiction to international market
Historically, jurisdictional insurance laws in the United States governing credit for reinsurance have required non-US reinsurers to post 100% collateral in the US for risks
Munich Re with Shanghai JiuGe IT launches rating services platform in China
Munich Re and JiuGe Technology, subsidiary of mobile data and services company FingerMotion, are ready to launch new behavioural rating services platform
Lloyd’s Blueprint Two programme will be delivered overall in 2024
There will be a one to two quarter delay in the delivery of some solutions within Lloyd’s of London’s digital transformation project Blueprint Two
Lloyd’s Syndicates should be achieving a sustainable profit after losses from Hurricane Ian
The Lloyd’s market’s ability to absorb losses from Hurricane Ian demonstrates just how far the market has come over the last five years in getting to grip with cat exposures
Global Reinsurance Market remains well capitalised
Long term, if the Global Reinsurance Market does not develop more innovative solutions, its role and its relevance to the broader economy may be dramatically diminished
Reinsurance market will present Marine Hull & Machinery insurers with a new set of difficulties
Reinsurance market is expected to present Hull insurers with a new set of difficulties at the forthcoming January renewals
Reinsurance programs structure could play as important of a role as pricing
The structure of reinsurance programs could play as important of a role as pricing at the upcoming renewal periods
Rising rates reduce the fair value of fixed income securities held by re/insurers
The movement of interest rates this year has reduced the carrying value of fixed income securities held by insurance companies
Reinsurance sector returns will rise significantly in the next few years
Analysts at international insurance broker Howden are forecasting that reinsurance sector returns will rise significantly in the next few years
Reinsurance and the London Insurance Market is continuing to see strong rate increases
Goldman Sachs said that reinsurers have historically been a low-beta and defensive sector that outperformed in terms of uncertainty
Munich Re launches a Innovation R&D Centre in China
Munich Re said that the new centre will ‘foster new innovative initiatives’ through facilitating networks with technology providers and industry leaders
Next renewals period is a time for reinsurers to move towards risk
This next renewals period is a time for reinsurers to move towards risk and not away from it in order to showcase what the industry does best
Apollo Underwriting is the latest Lloyd’s carrier to enter cyber market
Apollo Underwriting is the latest Lloyd’s carrier to enter the cyber market following a partnership with SoftBank-backed MGA and modeling firm Envelop Risk Analytics
Lloyd’s estimates Hurricane Ian claims $3bn
Lloyd’s announced that claims to the Lloyd’s market arising from Hurricane Ian are estimated to be in the range of US$2.3bn – US$3bn
Reinsurers and banks alike are finding difficult to re-adjust to reality
Swiss Re Institute has warned of the risk posed to insurance and reinsurance companies by the prospect of inflationary recessions and financial instability
European re/insurers reaffirm commitment to international climate goals
Europe’s insurers and reinsurers wish to reiterate their willingness to continue playing their important role in climate change mitigation and adaptation in support of the goals
Munich Re anticipates a quarterly profit of about EUR 500 mn
German reinsurer Munich Re anticipates a quarterly profit of about EUR 500 mn, despite in Q3 2022 the company registered higher-than-average major-loss expenditure
E+S Ruck expects improvements in risk-adjusted prices in P&C reinsurance
E+S expects significant improvements in risk-adjusted prices and conditions in property and casualty reinsurance on the back
Global natural disaster events caused $227 bn total economic losses
Global natural disaster events of Q3 2022 caused total economic losses estimated at minimally USD 227 billion – of which USD 99 billion were covered by insurers
War Risks require action from the Reinsurance Industry to help improve resilience
Lloyd’s and Aon highlights a number of areas and risks that require further action from the industry to help improve resilience as the war in Ukraine continues
Tremor launches Reinsurer Product Council with its first cohort of global reinsurers and ILS funds
Tremor Technologies, Inc., the leading online reinsurance pricing and placing platform, is pleased to announce that the company has launched its Reinsurer Product Council
Swiss Re will incur a net loss of $399 mndue to the impact of Hurricane Ian
JP Morgan have forecast that Swiss Re will incur a net loss of $399 million for the third quarter of 2022, largely due to the impact of Hurricane Ian
Reinsurance market requires close attention ahead renewals
Reinsurance market has materially shifted and requires close attention ahead of the January 1st, 2023, renewals
Reinsurance capacity crunch a key catalyst for property catastrophe rate
A potential capacity crunch in the reinsurance sector could be one of the key catalysts for further property catastrophe rate rises at the January 2023 renewals
UK regulator is paying close attention to insurers’ reliance on reinsurance
UK regulator the Prudential Regulation Authority (PRA) is “paying close attention” to the potential for concentration risk due to insurers’ reliance on reinsurance
Re/insurance industry is showing strong momentum. Fund and Insure domain as the big opportunity—potentially generating $17 tn in gross value by 2035
Global reinsurance market has entered a post-peak pricing phase, with earnings expected to moderate in 2025–2026
The global reinsurance sector has undergone a notable transformation since the market reset, drawing sustained attention from investors and analysts
Reinsurance pricing in the European reinsurance market has started to ease after several years of steep increases. Still, underwriting standards remain strong