Each reinsurance renewal season sees brokers feverishly chasing down the best premium prices in the market. Frequently, when the panel of reinsurers offer their submissions for a slice of treaty, the broker will discover that the treaty is oversubscribed and …
Insurance premium rates are likely to continue to climb in Europe, the Middle East and Africa in 2022, but probably at a slower clip, the chief executive of AIG Europe said at the Reuters Future of Insurance Europe conference on …
Bermuda’s advantageous tax status for the re/insurance industry will be reduced at the margin with the expected passage of the recent multilateral agreement to establish a 15% global minimum tax rate, according to Fitch Ratings in a market commentary. The …
Years of low interest rates and burgeoning catastrophe losses have accelerated the hardening of the reinsurance market, as the January 2021 renewals clearly demonstrated, and moreover, the COVID-19 pandemic has worsened the “lower for longer” interest rate environment. Considering suboptimal …
For the fifth consecutive year, insured losses from natural catastrophes are expected to be at or above global reinsurers’ budget expectations, but their very strong capital adequacy continues to provide a cushion, according to S&P Global Ratings. “The top 21 …
Everest Re Group Ltd. and AXIS Capital announced their preliminary third quarter 2021 catastrophe losses. In advance of its full quarterly earnings to be released on Oct. 27, 2021, Everest is estimating total Q3 pre-tax net catastrophe losses of $635 …
RenaissanceRe Holdings Ltd. estimated losses from certain catastrophe events will have a net negative impact of approximately $725 million on the company’s third quarter 2021 results. This estimate is primarily composed of net negative impacts of approximately $440 million from …
The pandemic caused economic and insured losses from cyber attacks to skyrocket, which has heightened awareness of the risk and increased demand for cyber re/insurance, according to a report published by S&P Global Ratings. “The trend toward digitalization will inevitably …
Reinsurers’ estimates of their exposure to natural catastrophe risk could be underestimated by 33%-50%, according to a report published by S&P Global Ratings. “Unmodeled risks and the inherent difficulties in attributing extreme events to climate change create the risk that …
A principal negative factor affecting the reinsurance industry is the large amount of claims uncertainty, but positive tailwinds are offsetting these negative headwinds, creating a stable outlook for the sector into 2022, according to Carlos Wong-Fupuy, senior director, AM Best. …
