Reinsurance News

A hailstorm that struck the Calgary area of Canada in August 2024 is now the second-largest insurance industry loss event in the country’s history at C$2.8 billion, according to CatIQ.

CelsiusPro and New Zealand based primary insurance group Tower continue their partnership on a parametric Pacific cyclone insurance product, with an upgraded technology platform now supporting product distribution and administration of the JTWC data powered parametric insurance solution.

Having recently raised new funding to expand its offering, the Demex Group, a risk analytics and intelligence company that facilitates climate and catastrophe peril parametric stop-loss reinsurance protection, has announced a new Advisory Board with three well-know industry executives joining it.

The tightening of natural catastrophe reinsurance terms and conditions is a “structural improvement” that should benefit reinsurers’ long-term profits, Fitch Ratings has said.

The strategy of the Alternative Capital Partners (ACP) division of global reinsurance giant Swiss Re remains unchanged, according to its new Head Chris Minter, who told us the company continually reviews how it can expand its offering for investors.

Eric Andersen, President of Aon plc, spoke at an event at the Monte Carlo Rendez-Vous hosted by Guernsey Finance yesterday and explained that the brokers’ repositioning in reinsurance and risk transfer, under Risk Capital, has enabled it to better respond to the global request for capital and deliver on risk transfer innovation.

Speedwell Climate, a leading provider of weather, catastrophe and climate data, indices and settlement services, has been acquired by Vaisala, a global company focused on provision of measurement instruments and intelligence for climate action.

Investor sentiment for accessing the specialist Lloyd’s insurance and reinsurance marketplace is very strong as scepticism around the market following some turbulent years has eased on the back of impressive results, according to executives at Argenta Private Capital Limited (APCL).

Climate change is seen as a driver of higher frequency of damaging hail storm events according to specialty re/insurer Chaucer, who highlights a 267% increase in European hail storms in the past five years.

Senior executives from pure-play Bermuda reinsurance company Conduit Re held a media briefing this morning at the 2024 Monte Carlo Rendez-Vous and explained that retrocession market conditions are vibrant, but said that ILS and third-party capital providers still need to see returns evidenced.