Reinsurance
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 Fitch Ratings. Fitch said the ...
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 ...
The Hidden Cost of Standing Still: Legacy Platforms Slow Growth and Halt the Shift to AI-Enabled Insurance Business
Presented by Majesco
There is a hidden disease that is killing insurers — the disease of legacy technology. The problem is a matter...
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 ...
Munich Re’s Jeworrek Stepping Down; Blunck Is Successor
The Supervisory Board of Munich Re has appointed Dr. Thomas Blunck (age 57) as the chair of the Reinsurance Committee of the group's Board of Management with effect from Jan. 1, 2023. He will succeed ...
Property Market to Harden More: MMC’s Doyle
While the total impact of Hurricane Ian won't be realized for some time, the effect on an "already stressed property market will be significant," said John Q. Doyle, group president and chief ...