Reinsurance News

Catastrophe data aggregator PERILS has now raised its insurance industry loss estimate for the severe flooding experienced across parts of Central Europe and Italy in September 2024 due to storm Boris, increasing the total by 5% to €2.19 billion.

In reporting its full-year results for 2024 this morning, the Lloyd’s insurance and reinsurance market delivered positive returns across both underwriting and investments, while despite a more than doubling of the major claims ratio during the year, still saw the underlying combined ratio come down.

Over the last few years, there has been a significant shift in sentiment among mainstream media and politicians, who cite the cost of reinsurance coverage as a key driver of the escalating cost of property insurance in the United States and nowhere has this been more apparent than in Florida.

Yokahu, an insurtech and Lloyd’s Coverholder, has announced the launch of a parametric risk exchange platform for the London insurance and reinsurance market, aiming to seamlessly connect brokers, carriers, and data providers to streamline parametric risk transfer transactions.

Perry Thomas, Chief Executive Officer (CEO) of Flood Re, has announced the successful completion of the company’s debut catastrophe bond, the £140 million London Bridge 2 PCC Limited (Vision 2039 – 2025-1) issuance, stating that it represents an “innovative transaction” that strengthens the firm’s reinsurance programme and enhances protection for UK households against flooding.

Greg Case, CEO of insurance and reinsurance broking giant Aon, is taking on the additional responsibilities of company President, as long-standing senior Aon executive Eric Andersen is transitioning into a role as a senior advisor to Case.

Insurance technology veteran Sandra DeSilva has announced the launch of Mythen, an artificial intelligence (AI)-powered parametric insurance platform and reinsurer, based in Bermuda and Texas, that specialises in writing natural catastrophe risks.

An outbreak of severe and convective weather across the US Midwest and South looks set to be costly for the insurance and reinsurance industry as tornadoes, large hail, strong winds, dust storms, wildfires and flooding all turned deadly over the weekend.

Global insurance and reinsurance player Everest Group has reported significantly increased cessions from its property catastrophe line of business to cells of its Mt. Logan Re Ltd. third-party capitalised sidecar-like structure in 2024.

Tropical Cyclone Alfred, the seventh named storm in the Australian cyclone season, is expected to drive economic and insured losses in the hundreds of millions of Australian dollars at least, according to insurance and reinsurance broker Aon.