Reinsurance News

The property insurance related legislation currently being debated by lawmakers during Florida’s Special Session is seen as “historic” by the CEO of the state’s insurer of last resort, Citizens Property Insurance Corporation.

The U.S. Federal Emergency Management Agency (FEMA) has adjusted its estimate of flood insurance claims losses for the National Flood Insurance Program (NFIP) from hurricane Ian slightly, raising the lower-end of the range to $3.7 billion, but dropping the top-end slightly to $5.2 billion at the same time, putting it a little further from where […]

Descartes Underwriting, an insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has announced the launch of a full-stack insurer, named Descartes Insurance.

Kenyan reinsurance company ZEP-RE is partnering with Planet Labs, a satellite imagery and data provider, to develop enhanced indices that can be used within the trigger and calculation process for parametric drought insurance products in Africa.

FedNat Holding Company, the regional insurance holding company of the Florida-focused carrier group, has now filed for bankruptcy protection alongside a number of wholly-owned subsidiaries, as its restructuring continues.

Florida’s personal property carriers are having another very difficult year, with policyholders surplus being down by 23.5% across the group by the end of the third-quarter of 2022, new data from reinsurance broker Gallagher Re shows.

The Swiss Re Institute has estimated that traditional reinsurance capital has declined by 30% over the course of the first nine months of 2022, a far steeper decline than had previously been forecast.

Florida’s lawmakers meet this week in a Special Session of the legislature that will have a significant focus on passing reforms to its pressured and often seen as dysfunctional property insurance market.

Tremor Technologies, the insurtech operator of a programmatic risk transfer marketplace, has said that on average its reinsurance pricing and placing platform enables cedents to achieve full programs, in authorised capacity terms, in less than 72 hours.

Hurricane Ian is seen as an additional catalyst for hardening reinsurance rates, by global giant Swiss Re, who warns that its impact “will extend beyond Florida and add to pre-existing drivers of rate increases such as claims inflation.”