Reinsurance News

According to the General Insurance Association of Japan (GIAJ) insurance market losses from the July 2020 heavy rainfall event that caused widespread impacts and flooding in Kyushu and typhoon Haishen in September add up to around US $1.7 billion.

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has made a key hire in Daniel Vetter who will lead the firms expansion in North America.

After meeting virtually with Bermuda-based reinsurance companies and brokers, analysts at KBW said that they expect the renewal outcome to be generally positive, with satisfactory rate increases expected, but nothing spectacular.

QBE, the Australian headquartered global insurance and reinsurance group, said it expects to fall to a roughly $780m after tax cash loss for the fiscal-year 2020 and that its catastrophe costs have eaten “well into” its aggregate reinsurance program.

Patrick Roder, Associate Partner and Global Head of ILS at Synpulse Management Consulting, joined us recently to discuss the publication of a study analysing the results of our survey on the maturity of environmental, social, and governance (ESG) practices in the risk transfer, reinsurance and insurance-linked securities (ILS) markets.

MS Amlin AG, an international reinsurance arm of MS Amlin and part of the Japanese MS&AD group, has announced the appointment of a new Chief Underwriting Officer, hiring Charles Goldie who was previously at PartnerRe.

Florida headquartered, expansive catastrophe exposed primary property insurer United Insurance Holdings (UPC Insurance), has sold its personal lines business from the four Northeast states of Connecticut, New Jersey, Massachusetts, and Rhode Island to HCI Group.

Global reinsurance firm Munich Re has lifted its estimate for insurance industry losses from 2018’s Japanese typhoon Jebi to $13 billion, which we understand could put a handful of still-exposed industry loss trigger contracts such as ILW’s in play.

Tropical cyclone Yasa is making landfall in Fiji with winds estimated at close to 150 mph, threatening significant damage to the island of Vanua Levu, while the main island of Viti Levu and capital city of Suva is also being affected.

Global Parametrics, the parametric and index-based disaster risk transfer company, has partnered with risk modelling specialist JBA Risk Management to design a parametric flood insurance product for VisionFund to cover flood risks in Myanmar.