property catastrophe

Share

RSA exhausts aggregate reinsurance retention

RSA Group, the UK based general insurance company, said today that it has exhausted the retention under its aggregate reinsurance program, meaning that any major catastrophe loss events in Q4 will fall to its reinsurance panel. At the same time, the company also reported that its reserves for Covid-19 claims from read the full article →

QBE says cat reinsurance could pay $100m of UK BI after test case ruling

Following yesterday's judgement by the UK High Court that found largely in favour of insurance policyholders in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case, Australian insurer QBE has said it could recover up to US $100 million of UK BI claims from its catastrophe reinsurance. The judgement came read the full article →

Carriers expect reinsurance cover on BI claims from FCA test case judgement

Insurance carriers potentially affected by today's judgement in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case, are suggesting their reinsurance, including catastrophe covers, will provide support. The judgement came through from the High Court this morning and has found largely in favour of insurance policyholders in the FCA’s business read the full article →

High Court favours policyholders in FCA business interruption test case

The UK High Court has found largely in favour of insurance policyholders in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case. The move means insurance firms may end up facing paying for many more business interruption claims from the COVID-19 pandemic than they had been hoping to, as the read the full article →

RSA puts reinsurers on-watch over Covid-19 claims aggregation

RSA Group, the UK based insurance group, has warned reinsurers signed up to its Group Volatility Cover (GVC) and catastrophe reinsurance that it hopes to be able to pass on Covid-19 pandemic related losses, above certain levels, to each of those programs. RSA has previously warned its reinsurance panel that its read the full article →

Reinsurance moves up to 20% at July renewal. January to be fragmented: Hyperion

At the July 1st reinsurance renewals rates were seen to improve by as much as 20% according to Hyperion X, a little behind the average 26.2% rate improvements seen by the company at the June 1st renewals. Data from Hyperion X Analytics, a data analytics focused unit of the global Hyperion read the full article →

Covid-19 losses to take years to catch up to industry estimates: Willis Re

Currently, bottom-up Covid-19 pandemic loss announcements from insurance and reinsurance companies stand at only around $6 billion, some way short of the wide ranging $30 billion to $100 billion industry loss estimates and broker Willis Re warns it will likely take years to catch up which has ramifications for the read the full article →

Property cat reinsurance rates up 26% at June 1st, Hyperion X index shows

Property catastrophe reinsurance rates-on-line rose by an estimated 26% at the June 1st 2020 renewal season, according to the latest data from an index tracking average risk-adjusted pricing from Hyperion X Analytics. The figure is aligned with reports that reinsurance renewal rates-on-line increased by anywhere from 20% to 30% broadly across read the full article →

FCA testing UK BI wordings. Zurich & RSA highlight reinsurance covers

The UK's Financial Conduct Authority (FCA), one of the key financial market regulators and part of the Bank of England, is to run a test case to help establish the validity of business interruption claims from the Covid-19 pandemic. Numerous major global insurers are involved, including leading players such as AIG, read the full article →

Volatile ILS fund flows to continue as Covid-19 economic hit persists

Insurance-linked securities (ILS) fund managers and reinsurance companies managing third-party capital are likely to see continuing volatility in terms of investor inflows and outflows, as the broader implications of the Covid-19 pandemic continue to emerge. While an economic recovery is hoped for in the long-run, the hit to global economies and read the full article →