Swiss Re estimates it will pay claims of approximately $1.0 billion for natural catastrophes booked in the fourth quarter of 2018, with the largest generated from California wildfires and Hurricane Michael. These natural disaster claims will mainly affect its Reinsurance …
The overall impact of catastrophe losses on property rates was muted at the Jan. 1, 2019 reinsurance renewals, but the fourth highest annual catastrophe loss year on record did create questions over pricing adequacy, underwriting strategy and the amount of …
Global reinsurance capital – comprising traditional and alternative capital – fell 2 percent in 2018 to US$595 billion from $605 billion in 2017, remaining resilient in the face of insured natural catastrophe losses of $230 billion over the two-year period, …
Japanese insurance group MS&AD Insurance Group Holdings (MS&AD) has agreed to increase its minority stake in ReAssure, Swiss Re’s UK closed life book consolidator, by making an additional cash investment of £315 million ($398.7 million). The transaction, which is subject …
French reinsurer SCOR forced one of its board members — Thierry Derez, the CEO of Covéa — to resign this week. It was the culmination of a boardroom squabble that began in September when SCOR rebuffed an 8.3-billion-euro ($9.3 billion) …
ACR Capital Holdings Pte shareholders are considering reviving a sale of the Singapore reinsurer, less than a year after a deal with Chinese buyers fell apart, people familiar with the matter said. The company’s owners, which include Temasek Holdings Pte …
Cyber insurance is a market with enormous growth potential – but one that also has the potential to become a costly, worldwide event in a matter of seconds. Unlike natural catastrophes, cyber isn’t limited to geographic regions. It’s a risk …
Many reinsurance executives have been left scratching their heads in surprise after last year’s natural catastrophes, which cost a whopping $100 billion but ended up having very little impact on rates. The insurance and reinsurance market isn’t behaving as it …
India’s Chennai Petroleum will stop processing Iranian crude oil from October to keep its insurance coverage once new sanctions by the United States against Iran go into effect, three sources familiar with the issue said. Iran’s Naftiran Intertrade Co. Ltd., …
Insurtech is often touted as the cure that will solve the insurance industry’s inefficient and antiquated processes – from distribution, to underwriting, to claims. While many insurers want to investigate the benefits of insurtech partnerships, most don’t have the first …
