Reinsurance News

The Australia flood event in February and March 2022 has now become the second costliest severe weather related catastrophe event in the country’s history, as claims continue to rise and the overall industry loss is now pegged at AU $5.134 billion by the Insurance Council.

Global reinsurance giant Swiss Re reported its first-half 2022 results this morning and revealed a continued strong appetite for growth into natural catastrophe business, as it remains one of the larger players to keep its core focus on protecting society against disasters and weather events.

Florida Chief Financial Officer (CFO) Jimmy Patronis has responded to the Office of Insurance Regulation’s (OIR) announcement of a plan to launch a temporary reinsurance arrangement through Citizens Property Insurance Corporation as “unprecedented,” but in reality this along with other state-supported reinsurance all push more risk on taxpayers and citizens.

RenaissanceRe is managing the volatile ceded reinsurance and retrocession market by leveraging its ability to cede more risk to its managed capital and so buy less on the open market, according to comments made by its CEO.

Global reinsurance firm Munich Re estimates that global insured losses from natural catastrophe events reached $34 billion in the first-half of 2022, as over half of the economic loss tally was covered.

Universal Insurance Holdings, the Florida headquartered primary insurance carrier, has cited the states challenging insurance claims environment as a key driver of a technical underwriting loss for the second-quarter of the year.

For now a third year in a row, the California Wildfire Fund is going without reinsurance or any form of risk transfer in 2022, as the market pricing on offer still does not meet the Fund’s goal of extending its durability.

U.S. Senator Marco Rubio (R-FL) has waded into Florida’s property insurance crisis, adding to calls for a Federal review of the states dependence on Demotech as a rating agency.

Global insurance and reinsurance firm Everest Re reported a 15.3% annualised return on equity (ROE) for the second-quarter, despite suffering $85 million of catastrophe losses, all while further reducing its cat exposure at the renewal season.

Global reinsurance firm SCOR has made a relatively significant pull-back from US catastrophe risks at the mid-year renewal season, with its gross premiums written in the United States down 24%.