Reinsurance News

The UK insurance and reinsurance market is awash with uncertainty, as the ramifications of a UK vote to leave the European Union are digested and London seeks to understand what a vote for Brexit will mean for its future prospects.

Primary insurer Federated National Holding Company (FNHC) has announced the completion of its 2016-2017 catastrophe reinsurance program, securing multi-year protection structured to incorporate a cascading feature, and the termination of its 30% quota share arrangement.

As the world digests the ramifications of the UK’s Brexit vote to leave the European Union, the equity analysts are assessing the potential impact to the insurance and reinsurance sector, particularly in the UK and Europe.

The imbalance between supply and demand in the overcapitalised reinsurance marketplace has helped drive innovation in space, which has ultimately benefitted buyers of reinsurance protection, according to Steve Johnston, director of corporate reinsurance at The Co-operators.

Here are the ten most popular news articles, week ending 26th June 2016, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates.

The insurance and reinsurance industry is already facing an $11 billion bill for U.S. severe convective storm losses suffered during the first-half of 2016, as tornadoes, hail and straight-line winds impacted the country, with Texas particularly hard hit.

The insurance and reinsurance industry loss estimate from the UK flooding that hit the country in December 2015 and early January 2016 is now £1.135 billion ($1.56bn), after the estimate for storms Eva – Frank fell by 7%, according to PERILS AG.

Insurance and reinsurance market headwinds continue to hinder the profitability of market players and after a decade of “wonderful results,” the industry is more than likely at an inflection point, according to Andrew Newman, President of Willis Re.

The figure reported for insurance and reinsurance industry losses due to claims paid for damage to dwellings from the earthquakes that struck the Kumamoto region of Kyushu, Japan in April has risen again and the total re/insurance industry loss is now expected to by over $4 billion.

The Board of Florida’s Citizens Property Insurance Corporation has approved a statewide 6.8% rate rise for personal lines policies, as it tries to head off a trend of rising non-weather water losses and assignment of benefit (AOB) abuse.