Reinsurance News

In the final quarter of 2019 Florida’s primary insurance carriers continued to add to their ultimate net losses from 2017’s hurricane Irma, demonstrating that the loss creep continued more than two years after the catastrophe event.

There is a chance some carriers choose to exit certain parts of the reinsurance market if rates do not materially improve at the next sets of renewals in 2020, with some Lloyd’s players in particular finding property catastrophe underwriting uneconomical currently.

German reinsurer Hannover Re has increased the size of its capital markets backed K-Cessions quota share retro reinsurance sidecar facility to $680 million for 2020, after sharing 40% of its major catastrophe losses with retrocessionaires in 2019.

The reality of climate change needs to be addressed and addressed fast by countries, governments and public sector entities, and the risk transfer, reinsurance and insurance-linked securities (ILS) sectors are well-placed to assist, according to Guy Carpenter.

German reinsurance giant Hannover Re has reported a more than 21% rise in net income for 2019 as the performance of its life & health (L&H) reinsurance operation more than offset the impacts of losses on its property & casualty (P&C) reinsurance result.

A new direct to consumer parametric earthquake insurance product has been launched for the Latin America market by Super Seguros Inc., with reinsurance backing from global player Munich Re.

February saw some reasonable sized losses from severe weather events in Europe and the United States, according to insurance and reinsurance broker Aon, with industry losses from the month expected to eclipse US $2 billion and European windstorm activity taking the seasonal loss to more than $3 billion.

Brian Hanuschak has been appointed as the CEO of Marsh-owned specialty managing general underwriter (MGU) Victor Insurance Holdings, previously known as the Schinnerer Group.

The insurance-linked securities (ILS) market continues to evolve in the wake of the major catastrophe losses of recent years and one of the most important and ongoing developments is the quest to front cedents as efficiently as possible, A.M. Best explains in a new report.

United States Federal agencies should explore and employ risk transfer from private markets, such as insurance, reinsurance and capital market solutions, to transfer risks that American taxpayers are exposed to, an amendment to a key budget document will now state.