Insurance Journal

Reinsurers Face Major Claims Uncertainties, but Reap Benefits of Pricing Tailwinds

A principal negative factor affecting the reinsurance industry is the large amount of claims uncertainty, but positive tailwinds are offsetting these negative headwinds, creating a stable outlook for the sector into 2022, according to Carlos Wong-Fupuy, senior director, AM Best. Wong-Fupuy pointed first to COVID-19, where a high proportion of...
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Allstate hands more than half of $1.4bn Ida loss to reinsurers

Allstate has said it expects to retain $631mn of pre-tax losses from Hurricane Ida following significant recoveries through its nationwide excess catastrophe reinsurance program. Subscribe for FULL access to this article - and ALL our premium content. For details on how to subscribe or for all commercial opportunities, including advertising,...
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What’s on the rise across “strong” reinsurance capital market?

Reinsurance broker Guy Carpenter and global ratings agency AM Best have jointly estimated that the total global dedicated reinsurance industry capital hit $531 billion by mid-year 2021, marking an increase of approximately 2.8% from year-end 2020. Traditional reinsurance capital has increased from $429 billion to $441 billion, or approximately 2.7%, while alternative capital has increased from $88 billion to $91 billion, or about 3.5%, in the same six-month period.
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Gallagher Re launches integrated reinsurance platform

Gallagher Re launches integrated reinsurance platform. Gallagher Re has launched a holistic reinsurance analytics platform, Gallagher Automated Insurance Analytics (GAIA), that will operate as a single, scalable and automated analytics ecosystem without the limitations of legacy systems. As an integrated platform, GAIA will support all analytics capabilities to deliver client...

Casualty reinsurance rate momentum “needs to continue”

AXIS Re’s Allison Janisch answers our questions on trends in the global casualty market. Given the escalating impacts of social inflation on some casualty classes in recent years, what steps have you taken to manage the AXIS Re casualty portfolio accordingly?. In 2015, we identified growing social inflation trends in...

European cat in focus as reinsurers expected to push for meaningful 1.1 increases

Escalating insured losses of €10bn+ from the European floods will meaningfully impact some reinsurers and retro writers and drive 1 January cat renewal discussions on the continent as underwriters push hard for higher rates and buyers argue that moderation is warranted due to historically low loss ratios. The Monte Carlo...

Reinsurance Group of America, Incorporated (NYSE:RGA) Receives $126.89 Average Price Target from Brokerages

Reinsurance Group of America, Incorporated (NYSE:RGA) has been given an average recommendation of “Hold” by the eleven ratings firms that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $126.89.

House legislation includes billion for Craig's proposal to create a federal reinsurance program

WASHINGTON, DC -- Today, U.S. Representative Angie Craig. secured the inclusion of several key health care priorities in the Build Back Better Act. Earlier today, the. approved its portion of the package, which includes longstanding priorities of. Rep. Craig's. to lower out-of-pocket costs for Minnesotans, including her proposal to establish...

Volatile Cyber Market Struggles to Boost Reinsurance Capacity

The cyber insurance market could benefit greatly from more reinsurance cover but it has been a challenge to attract interest. "Cyber in general is a nascent peril, and because of its complexity… a lot of traditional reinsurers… are quite scared and they're solely trying to understand the risk," Anjali Dharma-Wardana, an underwriter with the MGA Envelop Risk, said…

Prices in property and casualty reinsurance continue to rise

Along with the sometimes above-average large losses recorded in past years, the recent flooding seen in Europe – a natural disaster on a historic scale – and the considerable losses caused by Hurricane Ida in the US have further increased the need for action on the part of reinsurers. Pandemic-related costs and the low interest rate environment are an additional strain on the results generated by primary insurers and reinsurers. Inflation rates have also been rising of late in some regions. This has further heightened risk awareness among primary insurers and given an added boost to demand for high-quality reinsurance protection.

Reinsurance: prices rise, but not as desired – economy

In February 2021, a severe onset of winter in the United States brought about arctic temperatures – even in states like Texas, which actually never experience freezing temperatures. Destroyed buildings and business disruptions caused insured losses of $ 15 billion. Storm Bernd, which caused severe flooding in North Rhine-Westphalia and Rhineland-Palatinate in July, is also not cheap for insurers with around seven billion euros. And Hurricane Ida, which recently hit the United States, will cost the industry up to $ 35 billion, not including damage from record flooding in New York City. Insurers will be called upon to pay correctly in 2021, and therefore also reinsurers, with which insurers insure themselves against major claims.

NFIP’s reinsurance & cat bonds on-watch following RMS estimate –

A hurricane Ida industry loss estimate update from RMS has put the National Flood Insurance Program’s (NFIP) reinsurance counterparties and catastrophe bond investors on-watch for potential losses, as the estimate suggests the traditional reinsurance component at-least is likely to attach and face losses. Late yesterday, catastrophe risk modeller RMS updated...

Global reinsurance sector gaining positive momentum

Fitch Ratings has revised its fundamental outlook for the global reinsurance sector from ‘Stable’ to ‘Improving’ – a change that reflects the expected significant improvement in the sector’s profitability for the rest of 2021 and 2022. The revision of the sector outlook is largely due to three positive elements, according...

CLARIFICATION: Hurricane Ida will not hit Hartford reinsurance program

The Hartford does not expect Hurricane Ida losses to be sufficient to trigger its reinsurance coverage, with the carrier anticipating a pre-tax hit of ~$200mn from the storm. Subscribe for FULL access to this article - and ALL our premium content. For details on how to subscribe or for all...
Insurance Journal

Gallagher Re Touts Advanced Integrated Reinsurance Analytics Platform

Global reinsurance broker Gallagher Re has unveiled an automated analytics platform it says benefits reinsurance clients and markets by bringing together all analytics capabilities into one platform and providing a multi-model view of risk. The new platform, Gallagher Automated Insurance Analytics (GAIA), will “shave up to 80% off the time...