Archive for June, 2024

Broking giant Aon has reported that the June and July mid-year 2024 reinsurance renewals saw heightened competition from markets, helping to drive a much more positive outcome for reinsurance buyers than a year ago.

With global political instability spelling a rise in Strike, Riot, and Civil Commotion (SRCC) events, PCS (a division of Verisk) has highlighted the urgent need for a robust risk assessment and transfer tool or, SRCC index.

The global reinsurance market remains “very healthy” despite a slowdown in rate trajectory at the mid-year renewal season and for those generating returns from reinsurance the opportunity is expected to persist, with premium volumes like to continue to expand, analysts at TD Cowen have said.

Australian primary insurer IAG has entered into a long-term natural peril reinsurance agreement with Berkshire Hathaway and Canada Life Re, with the company saying the arrangement gives it material downside protection against weather volatility and severe weather event impacts.

The amount of alternative capital in the reinsurance industry has reached another new high at the middle of 2024, with capital allocated to alternative and insurance-linked securities (ILS) structures now reaching $110 billion, according to Aon.

Descartes Underwriting, the parametric insurance and data-driven risk transfer specialist managing general agency (MGA) and insurer, has announced a re-organisation of some of its top executive team, as it sets out a platform for accelerated growth.

Just over a fortnight ago, we saw another strong signal of the profit potential of the global reinsurance marketplace, as rating agency AM Best shifted its outlook on the sector to positive for what we now know to be the first time ever.

Howden Capital Markets & Advisory (HCMA), the insurance and reinsurance broker’s capital markets and insurance-linked securities (ILS) specialist unit, has hired J.P. Morgan’s Sébastien Bamsey as Managing Director (MD), as the firm continues to build out its European team.

Climate insurtech company IBISA has announced a $3 million funding round to help it scale its parametric insurance solutions for weather-related risks in Asia and Africa.

Global Parametrics, the parametric and index-based disaster risk transfer specialist owned by CelsiusPro AG, has mobilised some of the risk capacity to support the renewal of a parametric tropical cyclone insurance cover for the Mexican state of Quintana Roo, via the Natural Disaster Fund (NDF).