Archive for January, 2020

Natural catastrophe events cost the global economy an estimated $232 billion in 2019, while the insurance and reinsurance industry is estimated to have paid for roughly 31% of this at $72 billion, according to broker Aon.

The insurance and perhaps reinsurance market loss from the recent severe convective storms and large hail events in Australia is estimated to have risen by 27% in just one day, reaching A$407 million (around US $280m) as claims start pouring in.

Given the way reinsurance rates moved at the recent January renewals, particularly in property catastrophe lines, the market should expect further “broad-based price increase” at the next sets of renewals in April and at the mid-year, Moody’s believes.

The deceleration of third-party, or alternative reinsurance capital expansion in recent times is a reflection of a marketplace that is now growing in a healthier and more mature manner, according to Jerome Jean Haegeli, Group Chief Economist at reinsurance giant Swiss Re.

AXIS Capital Holdings Limited, the Bermuda headquartered specialist global insurance and reinsurance firm, has pre-announced a range of hits to its fourth-quarter 2019 earnings, from catastrophes and severe weather during the period, as well as continued loss creep from hurricane Irma.

The longevity swap market is forecast to experience record levels of activity in 2020, with availability of reinsurance capacity likely to be a key consideration for pensions looking to offload the risk of their members living longer.

Hyperion X Analytics, a data, advisory and technology focused unit of the global Hyperion Insurance Group, has confirmed the hiring of Mark Shumway and announced two more senior leaders as it continues to build out its practice expertise in reinsurance analytics and capital advisory.

More information has been revealed on a recent innovative parametric cyber risk transfer transaction, which it turns out was for an asset manager to hedge potential cyber attack related disruption to U.S. power generation assets.

The Horseshoe managed private catastrophe bond and insurance-linked securities (ILS) issuance vehicle Eclipse Re Ltd. has completed its first issuance of 2020, a $10 million Eclipse Re Ltd. (Series 2020-01A) transaction.

Everest Re, the global insurance and reinsurance firm headquartered in Bermuda, has made a senior hire as it plans a succession within its European reinsurance leadership, hiring Artur Klinger to lead activities there.