The meteorological agency issued an emergency warning saying the...
Category:
Reinsurance
Latest
Red Sea insurance nearly doubles after attacked oil tanker appears to leak oil
Insurance industry sources said on Wednesday additional war risk...
Peak Re appoints Swiss Re’s Peter Hämmerli as Head of Business Operations
“His deep expertise and dedication to excellence make him a perfect...
Victory for UK firms in court battle over COVID-19 BI insurance claims
UK High Court rules in policyholders’ favour in landmark business insurance case
Some 370,000 firms which lost earnings as a result of lockdown could expect up to £1.2billion in damages
However, insurers are expected to appeal the decision – meaning firms will likely have to wait months before seeing any payout
Lloyd’s to pay up to £5bn as gross COVID-19 claims
John Neal, Lloyd’s CEO said: “The first half of 2020 has been an exceptionally challenging period for our people, our customers, and for economies around the world. The pandemic has inflicted catastrophic societal and economic damage calling for unparalleled measures to stifle the spread of the virus, and to get businesses and economies back on their feet. Our half year results demonstrate that our robust approach to performance management and remediation has begun to take effect, evidenced by a significant turnaround in the underlying performance metrics, which give the truest indication of our market’s profitability.”
COVID-19 “not a capital event”, 3% decline in global reinsurance capital in the first half of 2020: Willis Re
Total capital dedicated to the global reinsurance industry was USD 587 billion at 30 June 2020, combined ratio worsened from 94.9% in the first half of 2019 to 104.1%, due to COVID-19 losses which added 11.1 percentage points to combined ratios on average. However, on an underlying basis i.e. normalising COVID-19 and catastrophe losses and excluding prior year reserve development, the combined ratio improved from 100.5% to 98.6%.
James Kent, Global CEO, Willis Re, said: “This half-year analysis shows a reinsurance market understandably in a state of change. While reinsurers have so far resiliently shouldered the combined effects of COVID-19 losses and investment market volatility, underlying profitability remains challenging. Uncertainty therefore remains, particularly over the potential impact of COVID-19 on long-tail lines, which is driving reinsurers to deliver additional improvement in underwriting returns. We expect to see further reinsurance market discipline as well as continued differentiation between regions and clients based on past performance and underlying risk.”
“SCOR well positioned to capture profitable growth opportunities”:Kessler
Kessler commented: “With the Covid-19 pandemic, SCOR has once again demonstrated its capacity to absorb major shocks combined with the resilience of its business model. Regarding the assessment of our exposure to the Covid-19 pandemic that we provided at the end of July 2020, on the P&C side, claims are developing as expected. On the life side, at this stage, claims experience is emerging better than expected. In addition, the pandemic has also exacerbated society’s growing aversion to risk, creating the conditions to drive stronger growth for the reinsurance industry.
Munich Re expects Beirut losses of €100 million; sees slowdown in COVID-19 losses
Munich Re said it expects a similar volume of losses from damage caused by hurricanes Hanna, Isaias and Laura in July and August, according to the statement. By contrast, the California wildfire season isn’t seen having a material impact on the company.
Swiss Re sees positive outlook for renewals, further market hardening expected
Overall, Swiss Re expects the non-life insurance market to continue to grow, driven primarily by exposure growth. Swiss Re Institute forecasts a global growth rate of 3.3% in real terms for 2021. Other factors driving demand are the awareness, triggered by COVID-19, of the danger of being uninsured and the increasing frequency of weather-related events.
Swiss Re is making use of advanced technology to lead the way in underwriting. This includes enriching client exposure information with geospatial data to improve both the accuracy and speed of risk and loss assessments. In contracts, natural language processing complements human contract reviews, which helps to flag favourable vs potentially problematic clauses and generate new wording insights
GIC Re incurs losses of Rs 557 cr in Q1 FY2020-21, sees higher underwriting losses and lower investment income
Global scenario for insurance industry for the FY 2020-21 has shown weak trends due to COVID-19 situation. GIC Re although has maintained its prominent position in Indian insurance sector, there has been reduction in business for the Q1 2020-21 partially due to strategic reduction of risk acceptance and partially due to reduction of overall direct premium in India, said the corporation..
GIC Re however expects to see rebound in business during the rest of the year. GIC Re’s gross premium for foreign business has shown a growth for the 1st Quarter 2020-21, added the corporation…
General insurance business in India to contract by 9% in 2020 due to COVID-19, says GlobalData
As per the latest data, India’s general insurance market is expected to register a compound annual growth rate (CAGR) of 4.7% over 2019-2024, as compared to the pre-COVID forecast of 11.9%, primarily due to the ongoing economic uncertainty and the imposition of country-wide lockdown restrictions.Pratyusha Mekala, Insurance Analyst at GlobalData, comments:
Don’t stop us paying dividends, European insurers tell regulators
The pandemic will likely lead to between $50 and $100 billion in losses for insurers, the Insurance Europe trade body said in response to a consultation by the International Association of Insurance Supervisors (IAIS) on the impact of the pandemic
Wildfires rage in California, stoked by extreme heat in U.S. West
The blaze, growing under “extreme weather conditions,” had devoured nearly 79,000 acres (32,000 hectares) of land, while a cause remained under investigation, the California Department of Forestry and Fire Protection (CalFire) said in a statement.