insurance

Higher reinsurance pricing is seen as essential by Hannover Re and the firm sees a chance of rates increasing in Germany for all-important natural catastrophe risks, something that would be welcomed by the broader market and ILS capital providers.

Tremor Technologies Inc., the programmatic insurance and reinsurance risk transfer marketplace provider, has announced its first dedicated sales hire, adding an experienced reinsurance broker from Willis Re.

As the world rapidly advances thanks to technology and the increasing interconnection this brings, the risks faced by the insurance and reinsurance industry are changing fast too, meaning market participants need to help capital providers gain confidence that it understands the exposures it is asking them to underwrite.

Insurance giant American International Group (AIG) is likely to severely drain its reinsurance protection for Japanese loss events after it accounts for its losses from typhoons Faxai and Hagibis, according to analysts,

If the Loma Prieta earthquake that struck California’s Central Coast on October 17th 1989 were to occur again today, the economic impact would be more than six times higher at $38 billion, while insurance and reinsurance carriers would face a more than four times larger bill at $4 billion, RMS estimates.

Florida headquartered and expanding primary insurer United Insurance Holdings (UPC Insurance) said that it expects its third-quarter 2019 results will be dented by roughly $61 million of retained catastrophe losses and adverse development from previous events.

CCRIF (formerly named the Caribbean Catastrophe Risk Insurance Facility) has expanded its parametric insurance risk pool with the addition of a new member in Central American nation Guatemala.

Retrocessional reinsurance focused investment manager Markel CATCo Investment Management has now established specific loss reserves for recent catastrophes hurricane Dorian and typhoon Faxai.

The recent announcement from Pacific Gas and Electricity (PG&E) of an insurance subrogation settlement totalling $11 billion may eventually provide some benefit to ILS funds that were exposed to losses from certain 2017 and 2018 California wildfire events.

An early estimate suggests that Japanese typhoon Hagibis could eventually drive in excess of $10 billion of insurance and reinsurance industry losses, which when added to the other recent typhoon Faxai could see the 2019 typhoon season leaving a larger dent in the industry than 2018’s Jebi and Trami combined.