Fitch Ratings announced a dimmer “sector outlook” for global reinsurers—changing it to negative from stable, pointing to increased concerns over COVID-19. Rating agencies like Fitch offer two types of outlooks for segments of the insurance and reinsurance markets—sector outlooks and …
In an initial test of its new innovation assessment scores, AM Best found that only 1 percent of rated property/casualty insurers merit scores high enough to categorize them as innovation leaders, according to a recent report. The special report, “AM …
Reinsurer Swiss Re reported on Thursday a smaller-than-expected profit in 2019 due to claims for a series of man-made and natural disasters, as well as expenses for its U.S. casualty business, sending its shares lower. Net profit in the year …
The January 2020 reinsurance renewals saw significant variation in pricing and capacity depending on geography, line of business, cedents’ loss record and client relationships, according to two reports published by brokers Guy Carpenter and Willis Re. Indeed, the market demonstrated …
Positive pricing momentum—it’s the favorite phrase of many reinsurance executives, who are hoping that the momentum they’ve seen in 2019 will continue during the coming January renewals and beyond. The question is whether they will be disappointed, once again. Over …
Reinsurers’ earnings are likely to see further erosion in 2019 after another year of major catastrophe losses, which is prolonging the positive momentum for reinsurance pricing, according to AM Best. “Three consecutive years of severe losses, dwindling favorable reserve development …
Reinsurers are aware they must constantly invent new solutions in order to stay relevant for their clients. Yet, they admit they are sometimes challenged to close the protection gap for new and emerging risks such as cyber. Cyber is actually …
AXIS Capital Holdings Ltd. won’t insure, invest in or provide insurance or reinsurance for new coal plants or oil pipelines as part of an initiative designed to reduce climate risks and support the switch to renewable energy. The new policy …
Jean-Paul Conoscente became the CEO of SCOR Global P&C in April 2019 when his predecessor, Victor Peignet, retired after 35 years with the company. Before Peignet left the company, he offered Conoscente a sage piece of advice about taking a …
There are several things that keep SCOR’s Jean-Paul Conoscente awake at night. Climate change is one of them; cyber risk is another. Only time will tell whether these risks are actually insurable, cautions Conoscente, who became the CEO of SCOR …
