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Fewer nat cat losses in 2018, but caution advised

Natural disasters across the world caused significantly lower losses than usual in the first half of 2018, according to provisional figures, with overall losses at around $33bn, the lowest level since 2005.

June storms cause estimated $3bn loss

Severe storms throughout the US have caused insurers an estimated $3bn in losses in June, according to Aon's global catastrophe recap report.

Swiss Re places $350m cat bond for Frontline Insurance

The catastrophe bond is one of the largest completed by a Florida insurer in the last three years.

China’s regulatory maze

Despite China’s great nat cat exposures, low levels of commercial insurance penetration still dominate the market. China’s senior industry officials talk to Reactions about the state of the Chinese insurance industry.

Smaller markets drive premiums shifts

Advanced economies are stagnating when it comes to premium growth, but smaller markets are exhibiting notable swings in premiums according to Swiss Re's Sigma report.

China drives global premium growth

Insurance premium volume increased 1.5% to nearly $5tn in 2017, mostly thanks to China and other emerging markets but issues remain in Europe and North America, new figures from Swiss Re show.

Perils ups Eleanor estimate to €724m

Peril's third insured loss estimate of the damaging windstorm that hit earlier this year has been upped roughly €40m.

CCRIF SPC appoints new chairman

Timothy Antoine, the former permanent secretary in the Ministry of Finance in Grenada, has been appointed CCRIF SPC chairman for a three year term, succeeding Milo Pearson.

Rate increases run out of steam

Reinsurance rates for non-catastrophe hit portfolios in the US are flat or on the decline as excess capital, lower than initially estimated catastrophe losses for 2017, and a benign loss experience for the first half of 2018 force reinsurers to remain competitive on pricing.

Comments

Garry Booth comment: Fort McMurray wake-up - FREE

Under successive leaders, Canada has been one of the worst performers on the global stage in terms of climate protection.

Reactions April digital issue online now!

This month's magazine issue celebrates 35 years of Reactions, plus features on terrorism, Iran sanctions, reinsurance broking and the run-off market.

Garry Booth comment: no COP out for insurers - FREE

As the euphoria around the “success” of the COP21 climate talks subsides, and reality bites, the insurance industry can start to take stock of what it all means for them.

Garry Booth Comment: States in denial over climate risks

Worsening weather related disasters have raised climate change on the US agenda, writes Garry Booth

Editor’s comment: Icahn threat to oust AIG boss

Investor activism has caught up with insurance sector conservatism, writes David Benyon.

Editor's comment: China: crisis, disaster, ambition, expansion

Whatever does happen next in the sector, it’s a safe bet that the arc of China’s story will figure increasingly prominently on the global re/insurance stage.

Garry Booth comment: What’s hiding in Tianjin’s tail?

There’s a growing sense of unease around the wider loss implications of the explosions in the Chinese port of Tianjin.

Garry Booth Comment: G7 in Germany, the heat is on

Reinsurance and climate change are on the menu for the annual summit meeting of the G7 countries' leaders, taking place on June 7-8 at Germany's Schloss Elmau.

States under pressure over building codes

As the hurricane season approaches, some states are dragging their heels on implementing safe building codes, writes Garry Booth.

Interviews

Mount Agnung losses expected to be low so far

A major eruption of Mount Agnung in Indonesia could cause more than $70bn in economic losses, but insured losses are expected to be low.

Africa in focus

Africa Re’s group managing director and CEO, Corneille Karekezi, gives his perspective on the outlook for the continent’s reinsurance markets.

Willis Re’s John Cavanagh: Time to buy more reinsurance

Willis Re’s chief executive John Cavanagh remains optimistic at his company’s future growth prospects even though market conditions are tough.

Micro insurance consortium: Aspen’s Mario Vitale interview

Developing products that actually meet the needs of those in emerging economies, as well as creating reliable and user-friendly ways of both paying premium and collecting claims, will all determine whether the multi-company multi insurance venture incubator is a success, says Aspen’s Mario Vitale.

Mike Krefta on Hiscox Re's changing strategy

Hiscox Re has scaled back at recent renewals, reducing its concentration on property catastrophe.

Interview: Novae - Off the to-buy list

Novae can start considering acquisitions rather than being acquired since share value has soared above book value, Novae’s CEO tells Reactions.

Kevin O'Donnell's tough act to follow at RenRe

Interview: The top threat to catastrophe reinsurer RenaissanceRe’s new CEO Kevin O'Donnell maintaining his predecessor’s enviable returns is a flood of alternative reinsurance capacity settling for single-digit returns. He is bullish about RenRe's future.

Swiss Re’s Smith: NFIP is “unsustainable”

Interview: The National Flood Insurance Program (NFIP) is unsustainable, says Swiss Re’s Americas CEO Eric Smith. He and others are now suggesting that the private sector needs to take up some of the burden to ensure flood protection remains in the US.

Canada M&A good for reinsurers: Swiss Re’s Ludlow

Interview: Swiss Re’s Canada CEO believes consolidation among Canadian insurers will boost reinsurance demand as well as kick-start cat bonds. Insurers are also looking for reinsurance as a result of onerous new solvency requirements for BC earthquake.

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May 2018

 

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  • Political risk report
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  • Digitisation in London
  • Michael Watson interview
  • Demian Smith interview

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