Backing Up EV Battery Reliability: Munich Re’s aiSure
The European Union is miles ahead of the U.S. in terms of adopting electric vehicles (EVs). By 2026, the number of EVs sold in the EU is expected to exceed 4.4 million ...
Reinsurance
AI Insurance Takes a Step Toward Becoming a Market
Back when Munich Re launched the industry's first insurance coverage for artificial intelligence (AI) at the end of 2018, the policy, aiSure, found few takers. In ...
How Federato Solves Underwriters’ Problems—and Lowers Reinsurance Costs
Lower reinsurance costs aren't the most talked-about benefit of introducing AI and automation tools to the desks of property/casualty insurance underwriters, but with ...
Property-Cat Reinsurance Rates Likely to Rise by More Than 10% in January Renewals
Reinsurance rates for property-catastrophe business should increase by well over 10 percent when contracts are renewed in January 2023, according to a commentary from ...
Lloyd’s Ian Claims More Than $2B
On Friday, Lloyd's announced that claims to the Lloyd's market arising from Hurricane Ian are estimated to be in the range of $2.3 billion to $3 billion. The estimate is based on third-quarter data ...
Persistent ‘Underperformance’ at SCOR Prompts S&P Downgrade to A+
S&P Global Ratings announced that the rating agency is lowering the AA- financial strength and long-term issuer credit ratings for global reinsurer SCOR SE and its operating subsidiaries, ...
FEMA Projects $3.5-$5.3B NFIP Losses for Hurricane Ian
On Friday, the Federal Emergency Management Agency announced an initial estimate of Hurricane Ian losses for the National Flood Insurance Program, putting them in the range of $3.5-$5.3 billion, ...
Berkley Cooling On Professional Lines, Firing Up Property Cat Re Engines
Property cat reinsurance: "More." Professional liability insurance: Not so much. The president and chief executive officer of W.R. Berkley Corp., Robert Berkley, Jr., shared his company's appetite ...
Munich Re Estimates $1.6B Hit From Hurricane Ian Could Affect 2022 Targets
Munich Re said it will probably take a hit of about 1.6 billion euros ($1.6 billion) after hurricane Ian led to massive damages in Florida, and warned reaching its full-year profit goal has become ...