insurance

The government of the Philippines is reported to be back seeking indemnity insurance protection for critical infrastructure and this is said to be being pursued instead of a renewal of its World Bank catastrophe bond, according to Bloomberg.

Cyclone Gabrielle’s impacts in New Zealand are estimated to have caused an insurance and reinsurance industry loss of NZ $1.543 billion by PERILS AG.

The Florida homeowners property insurance segment of the market is facing significant challenges after a costly year in 2022, which left the group of main carriers tracked by Fitch Ratings facing a 72% decline in shareholder’s equity.

The Insurance Council of New Zealand (ICNZ) has recorded more than 40,000 claims for Cyclone Gabrielle totalling approximately $890 million, of which roughly $70 million has been paid.

In an interview with the Financial Times today, Lloyd’s of London CEO John Neal forecasts significant growth for the global insurance and reinsurance market, with the perception of risk set to drive a potential doubling in spend in a decade.

Howden Tiger, the reinsurance arm of the Howden Broking Group, has brought together its Legacy and Investment Banking operations under the combined leadership of Jarad Madea, CEO, Howden Tiger Capital Markets & Advisory (HTCMA).

Tremor Technologies, the insurtech operator of a programmatic risk transfer marketplace, has unveiled a range of cross-placement optimisation tools which it says enables buyers of reinsurance protection to achieve best execution for all of their reinsurance placements at the same time.

Global reinsurance company Swiss Re has estimated that 2022 saw $125 billion of insured natural catastrophe losses, which the company explains was a story of rising property exposure, rather than extreme events.

The crisis being seen in banking sectors, most prominently with the failure of Silicon Valley Bank and sale of Credit Suisse to UBS, is not a crisis of the insurance sector, and there are no fundamentals to support the recent revaluation of insurance debt, Plenum Investments has stated.

In property insurance, rates are failing to keep up with inflation, according to global reinsurance firm Swiss Re, who estimates that property claims will rise by between 6% and 13% on the back of inflation, which is higher than price increases that were reported at 5% to 8%.