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NewsExtent of Fiona-related losses depends on grid restoration
Hurricane losses in Puerto Rico and the Dominican Republic will be influenced by duration of BI due to power losses - AM Best
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Eiopa urges scrutiny of systemic risk exclusions
Carriers should pay particular attention to traditional war and terrorism exclusions that may cause ambiguity
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Aeolus and SUNY collaborate on hurricane prediction
The research will look at the medium-term time forecast horizon, using machine learning techniques
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Fidelis introduces new fossil fuel restrictions
Pledges are in line with Fidelis’ recently made pledges as a member of the Net-Zero Insurance Alliance
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Marsh clients can use carbon credits in lieu of broker fees
Program (in partnership with Bank of America) provides ‘another incentive’ for clients to invest in carbon removal
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UK regulations have ‘suffocated’ London’s competitive edge
The news comes as Prime Minister Liz Truss is set to announce sweeping reforms to the financial services industry
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CCR to sell €200m stake in CCR Re
French reinsurance mutual needs to grow and become autonomous in the face of growing nat cat losses, says Board
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Support our transition journeys, FERMA urges re/insurers
Exclusions, limited or unavailable cover are ‘punishing’ insureds for embracing the green transition, says European risk association
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(Re)insurance sector can no longer ‘waste time’ when it comes to tackling systemic risks – PWC
Finding industry-wide ways to deal with systemic risks is ‘not an urgent task’ the (re)insurance sector has so far undertaken – but this needs to change, says PWC partner
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Reinsurers risk misunderstanding secondary perils due to cat models
PWC predicts a ‘pretty expensive year’ as secondary perils drive up losses ahead of H2’s Florida hurricane season
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Reinsurance sector needs to invest in cloud-enabled analytics
Although PWC partner believes reinsurance is ‘a little bit behind’ the primary market in terms of digital transformation, Acord vice-president thinks the sector is ‘on the edge of insurtech’
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New cyber syndicate gets green light from Lloyd’s
Trium Cyber, a risk carrier backed by Jim Stanard’s Pelican Ventures, expects to write $50m of gross premiums in 2023
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AXA launches forest restoration program
Research from the program will be shared at a European level, to strengthen biodiversity and climate resilience
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Losses paid to Florida carriers quadruple in just three years
Losses paid by US-domiciled reinsurers topped $1 billion in 2021, prompting market correction - AM Best
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Insurance industry must support roll out of green technology - PWC
The sector has previously shown ‘inexcusable laziness’ by simply being reactive to client problems, but now the industry must lead on green tech cover to support UK’s transition to net zero
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Gallagher Re names Swiss Re’s Choniski head of Embedded Insurance
He will be responsible for creating an embedded insurance solution for clients in North America
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Chedid Re names Elie Abi Rached global CEO
Joe Asmar has been named deputy CEO, whilst retaining his role as group head of facultative reinsurance
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Property cat retrenchment is improving market ‘stability’
Most large European players remain committed to cat business, but are moving away from lower layers of protection - AM Best
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Asta and Acrisure to launch 'low-touch' Flux syndicate
Flux is expected to generate gross written premium of £106.7 million in 2023, of which 70% is new to Lloyd’s
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Avoid sensationalist renewal headlines - Tom Wakefield
Clients are leaving Monte Carlo feeling more confident about what they can get done, says Gallagher Re UK boss
