Reinsurance News

Recent severe European windstorm activity from storms Dudley, Eunice and Franklin (Ylenia, Zeynep and Antonia) could drive losses of as much as EUR 5 billion for German, UK and Dutch insurers, Fitch Ratings has warned, but reinsurance could take the lions share.

Heavy catastrophe losses through 2021 have driven SCOR’s P&C reinsurance combined ratio above 100 for the full-year, as the firm’s nat cat ratio rose to 12.8% and the company said it is carefully monitoring the effects of climate change.

Andrew Barnard and Brent Slade, the two most senior executives from Lodgepine Capital Management Limited, the in run-off start-up retrocession investment manager owned by Markel Corporation, are departing the company.

US primary insurance carrier Allstate has revealed making $1.37 billion of recoveries under its catastrophe reinsurance arrangements during calendar year 2021, $300 million of which came after a full exhaustion of its Sanders Re II 2019-1 catastrophe bond transaction.

In announcing its results this morning, global reinsurance giant Munich Re cited two factors that helped to improve market conditions and provided opportunities for growth, increasing demand for protection and tightened capacity, in particular from alternative market sources.

Global reinsurance giant Munich Re is forecasting that it will construct its largest ever portfolio of risk in 2022, as the company anticipates positive reinsurance market conditions and continued growth at renewals this year.

Forecasts for insurance and reinsurance market losses from the recent spell of severe European windstorms are heading towards EUR 3 billion (approx. US $3.4bn), as reports coming from the UK, Germany and the Netherlands alone get close to that number.

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, is partnering with Reask, a climate analytics and data company that uses machine learning techniques.

Arbol, the technology-led underwriter of parametric risk transfer, climate and weather insurance business, has reported transacting an impressive $70 million in gross premium through its first full-year of operations in 2021.

Cyber risk modelling and data analytics will help to build a better understanding of cyber exposures across the insurance and reinsurance industry, which in time will bridge the gap to the ILS investor base on cyber risk, according to CyberCube’s Brittany Baker.