Reinsurance News

Analysts at BMO Capital Markets are forecasting that US insurance giant Allstate will disclose around $2.65 billion in catastrophe losses for the entire second-quarter of 2024, suggesting the disclosure for the month of May that will be available later this week will be high.

Rating agency KBRA has noted that the Florida property insurance market is now presenting a “favourable market opportunity” to those with the capital, capacity and legacy-free balance-sheets that can take advantage of it.

Demonstrating that large industry loss events from severe weather are possible in the Arabian Gulf region, reinsurance broker Gallagher Re has estimated that the property market insured loss from the recent flooding that affected the United Arab Emirates in April will be between US $1.8 billion and $2.3 billion.

Global reinsurance giant Munich Re has appointed experienced parametric and weather risk transfer executive Jack Faure as its new Head of Parametric NatCat Solutions.

SCOR, the France-headquartered global reinsurance company, has promoted longstanding retrocession and third-party capital partnerships executive Benoît Liot to the new role of Head of Risk Partnerships, which will see him lead on activities with third-party investors, while retrocession will be centralised beneath his leadership.

Howden, the global insurance and reinsurance broking group, has hired Gareth Davies as its new Head of Parametric Solutions, securing the executive from his most recent employer Price Forbes Re, Artemis has learned.

US insurance giant Progressive has recorded a reinsurance recovery of $95.1 million under its per-occurrence coverage after suffering significant catastrophe losses in May, while also saying its aggregate reinsurance is nearing attachment after the month.

According to Moody’s RMS Event Response, insurance and potentially reinsurance market losses in Germany from recent Central European floods of May 30th to June 3rd are expected to be between US $2.1 billion and US$3.2 billion.

Capacity is increasing in the “active” parametric insurance and risk transfer market, according to broking group WTW, as alternative risk transfer options continue to experience “high demand”.

Moody’s Ratings does not believe reinsurance sector will resume assumption of coverage at the levels previously seen, meaning the higher exposure being borne by primary insurers is deemed now structural, rather than a cyclical occurrence.