insurance

Reinsurance broker Gallagher Re has made a key hire in its Global Practice for Public Sector & Climate Resilience Solutions, adding Gian Sandosh Semadeni from CelsiusPro as its new Parametric Solutions Lead.

Australian insurer IAG has reported its first-half results for the 2023 fiscal year, which runs to the end of June and has updated on its experience with the recent New Zealand floods, after which it now expects to have eroded roughly 73% of the deductible sitting beneath its aggregate reinsurance.

European headquartered re/insurer Zurich opted not to renew its global aggregate catastrophe treaty for 2023 at the recent renewals, but did add a $200 million U.S. earthquake swap, and a new $300 million top cat layer to its programme for the year ahead.

Lancashire Holdings, the specialty insurance and reinsurance group, continued its strong growth trajectory in 2022 with a 35% rise in gross written premiums (GWP), but while the firm’s underwriting performance improved, losses had an impact on its third-party capital management business.

Insurance industry losses from the devastating earthquake that struck Turkey and Syria earlier this week are anticipated to fall around the US $1 billion mark, with reinsurance capital set to bear the majority, Fitch Ratings believes.

Everest Re, the Bermuda-headquartered global insurance and reinsurance firm, has said that it achieved what it sees as an “excellent outcome” from the January renewal season, with property a particular highlight.

In an interview with Artemis, specialist provider of software for cyber risk quantification for large industrial and critical infrastructure corporates, DeNexus, argues that a more granular approach to assessing cyber risk is needed to remove some of the guess work, which in turn will make investors more comfortable allocating capital.

Australian primary insurance group Suncorp has reported that its catastrophe losses from the first-half of its fiscal year have exceeded its budget, resulting in a $399 million erosion of its aggregate reinsurance deductible.

There’s a lot of room for innovation when it comes to weather risk transfer solutions, and with the energy transition and adoption of renewables providing additional opportunities, Rishu Ranjan of Swiss Re Corporate Solutions is optimistic for the future.

Catastrophe bond, insurance-linked securities (ILS) and reinsurance investment manager Twelve Capital has said that its exposure to the earthquakes in Turkey through private ILS contracts appears “very limited”, with no impact expected to its products.