reinsurance News

FEMA Expands Reinsurance Program by Transferring $575M in Flood Risk to Capital Markets

The Federal Emergency Management Agency in an effort to engage reinsurance markets to bolster the financial framework of the National Flood Insurance Program and promote private sector participation in flood-risk management has again obtained reinsurance coverage through insurance-linked securities reinsurance. …

Climate Change a Risk to South Africa Premiums, Insurer Says

Climate change poses the most significant threat for South African insurance companies and risks raising premiums and the cost of reinsurance, a top official at its biggest insurer by assets said. After staying almost flat in the decade to 2020, …

Conditions Are Challenging, Claims Are Elevated, but Reinsurers’ Profits Return: Reports

Despite extremely challenging conditions, with persistent and elevated claims activity, the global reinsurance segment returned an underwriting profit in 2022, according to an AM Best report. “Reinsurers generally have realigned their risk profiles and are in a strong position to …

AXA Weighs Offloading $2B Reinsurance Arm to Cut Disaster Risk – Sources

One of the world’s top insurers is mulling offloading its property reinsurance business in a bid to cut its exposure to natural disasters like hurricanes, according to three people familiar with the matter. French insurer AXA SA has been discussing …

Ship Insurers to Cancel War Cover for Russia, Ukraine from Jan. 1

LONDON —Ship insurers said they are canceling war risk cover across Russia, Ukraine and Belarus, following an exit from the region by reinsurers in the face of steep losses. Reinsurers, who insure the insurers, typically renew their 12-month contracts with …

Some Risks Too Big: Insurers Withdraw from Fossil Projects

BERLIN (AP) — Insurance companies that have long said they’ll cover anything, at the right price, are increasingly ruling out fossil fuel projects because of climate change — to cheers from environmental campaigners. More than a dozen groups that track …

Insurer Universal Estimates Nearly $1 Billion Loss from Hurricane Ian

Florida-based Universal Insurance Holdings Inc. on Tuesday forecast a gross loss of nearly $1 billion from Hurricane Ian, some of which will be covered by its reinsurance program. “To date, we’ve received approximately 18,000 claims, roughly half the number of …

Some Fear Ian Will Consume Florida Cat Fund, Forcing More Reinsurance

While some analysts are predicting that the property insurance industry will be able to manage Hurricane Ian and its estimated $50 billion in insured losses, a few are now warning that the storm could significantly erode the Florida Hurricane Catastrophe …

Vermont High Court: COVID Virus, Like Cat Urine, Can Cause Physical Loss

Citing decisions that found insurance coverage was owed for contamination caused by cat urine and gasoline vapors, the Vermont Supreme Court broke from courts across the nation and found that SARS-CoV-2 can cause a direct physical loss to property. The …

Lloyd’s of London Sets Aside $1.3B for Ukraine Claims

LONDON –– Lloyd’s of London has set aside 1.1 billion pounds ($1.26 billion) to pay claims related to the war in Ukraine, the commercial insurance market said on Thursday, as it recorded a first-half pre-tax loss of 1.8 billion pounds. …