Commercial property insurance rates accelerate globally. Positive for ILS

The impacts of catastrophe losses around the globe continue to be felt in the commercial property insurance market, as rate rises continued to accelerate in the fourth-quarter of 2019 with U.S. property one of the fastest moving segments.Across the globe, on average, pricing for property insurance risks increased by 13% read the full article →

Storm Sabine (Ciara) insured property loss in Germany said ~EUR 600m

Insured property damage related losses from European windstorm Sabine (also known as storm Ciara in the UK and Ireland) is estimated to be around EUR 600 million in Germany alone by an actuarial firm.Actuaries from Meyerthole Siems Kohlruss (MSK) told us that they expect the eventual property insurance market loss read the full article →

RenRe’s third-party capital fee income soars as assets continue to rise

Bermuda-based reinsurance firm and third-party capital management specialist RenaissanceRe has benefited from significantly higher fee income earned through its various third-party capital management and ILS fund activities in 2019.Management fees soared for RenaissanceRe (RenRe) in 2019, as its third-party capital assets under management increased significantly across the range of joint-venture read the full article →

Suncorp’s 2020 losses erode around half its aggregate reinsurance

Australian primary insurer Suncorp has revealed that around half of its aggregate reinsurance protection has been used up thanks to heavy losses from bush fires, hail and storms in recent weeks.The start of 2020 saw Suncorp adding an expected $155 million of net losses just in January alone, resulting in read the full article →

Townsville flood insurance market loss finalised at A$1.243bn by PERILS

The insurance and reinsurance market loss to property lines of business from flooding that struck the Townsville and surrounding area of the Queensland region of Australia in 2019 has now been raised 2% and finalised at A$1.243 billion by PERILS AG.PERILS, the Zurich-based and industry backed aggregator of insurance market read the full article →

Australian storms & floods lift catastrophe losses, may drive more reinsurance claims

Insurers in Australia are now facing almost A$2.6 billion of catastrophe losses just from the last five months, with the latest being a spate of extreme rainfall and flooding in recent days that increases the chances of more losses leaking into the reinsurance market from the country.Severe storms brought torrential read the full article →

African Risk Capacity appoints former AXA exec as new CEO of insurer

A new CEO has been appointed to lead the insurance mutual and financial affiliate of the African Risk Capacity (ARC), the African Risk Capacity Insurance Company Ltd (ARC Ltd), with Lesley Ndlovu joining the firm from his most recent position with a division of AXA.The move comes as the tenure read the full article →

Gallagher to offer sensor-based parametric flood insurance to clients

Insurance broker Gallagher has teamed up with insurtech start-up FloodFlash to offer its innovative sensor-based parametric flood insurance product to commercial clients of the firm.The agreement between the two will help FloodFlash to expand the uptake of its sensor driven parametric flood insurance solution, while bringing flood coverage that may read the full article →

Retro to help SCOR manage any increase in typhoon Hagibis loss

French reinsurance firm SCOR reported EUR 343 million of natural catastrophe losses in the fourth-quarter of 2019, after taking into account any recoveries from retrocessional reinsurance and before tax, with typhoon Hagibis the main driver.In announcing the results of its reinsurance renewals in January yesterday, SCOR said that typhoon Hagibis read the full article →

Parametric cloud outage cyber risk transfer deal backed by Hiscox

Hiscox, the specialist insurance or reinsurance underwriter and ILS capital manager, has provided the capacity to support another novel parametric cyber risk transfer arrangement, this time covering the risk of cloud outages.Last month we reported that Hiscox was the capacity provider backing a parametric cyber risk transfer transaction that helped read the full article →