insurance

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.

The devastating magnitude 7.8 earthquake that struck southern Turkey this morning is unlikely to have a noticeable effect on the performance of catastrophe bonds, given Turkish quake risk is only a minor component of some retrocessional deals, Plenum Investments has said.

Equity analysts at Goldman Sachs see climate change both as a driver of increasing underwriting opportunities for the global insurance and reinsurance market, as well as a key factor that can prolong the current hard market pricing environment.

Significant fatalities and damage have been reported after Southern Turkey was struck by a major Magnitude 7.8 earthquake this morning close to Gaziantep, near the Syrian border. The US Geological Survey (USGS) gives a 78% chance that the economic impact will reach above US $1 billion.

RenaissanceRe’s CEO Kevin O’Donnell is bullish about his firm’s prospects for 2023, particularly in property catastrophe reinsurance where he expects the reset, higher rate environment will persist throughout the year.

Selective Insurance Group has now confirmed the size of the reinsurance recovery it will benefit from, to help in paying claims from December’s winter storm Elliott in the United States.

Australian insurance giant IAG has revealed that it anticipates at least a $114 million reinsurance recovery to help it pay claims from the recent severe flooding that struck the New Zealand city of Auckland.