reinsurance News

Aviation Reinsurance Rates Rise by Up to 250% – Report

LONDON — Aviation reinsurance rates rose by up to 250% at the key Jan. 1 renewal date, broker Willis Re said in a report on Monday, with the market still reeling from the impact of Boeing 737 MAX crashes two …

Insurance Costs Too Steep? Try Writing Your Own

LONDON — Fed up with rising prices and more stringent terms and conditions for their insurance policies as a result of the coronavirus pandemic, companies are turning to in-house insurance firms. These so-called “captive” insurers are already common among large …

Lloyd’s Calls For State-Backed ‘Black Swan’ Reinsurance

LONDON — “Black Swan” reinsurance schemes backed by governments could help businesses get insurance pay-outs after huge shocks such as the coronavirus pandemic, Lloyd’s of London said. Commercial insurance market Lloyd’s has said insurers worldwide will pay out more than …

2nd Circuit Throws Out $64 Million Jury Award Against Fireman’s Fund

A federal appellate court on Tuesday overturned a jury’s award of $64 million against Fireman’s Fund Insurance Co. for allegedly breaching the terms of a reinsurance agreement. The 2nd Circuit Court of Appeals found that Fireman’s Fund was not liable …

Rain-hit Cricket World Cup May Cost Insurers Millions

LONDON — Lost revenues from a record number of rain-hit cricket World Cup games in England and Wales may result in insurance claims of a few million pounds for each abandoned fixture, insurance sources say. Broadcasters, organisers, venues, advertising sponsors …

AIG May Be More Exposed to Storm Losses After Reinsurer Acquisition

American International Group Inc.’s Brian Duperreault spent his first year as chief executive officer on a rebuilding effort, and his biggest acquisition is the one that can magnify the insurance giant’s exposure to losses from catastrophes like Hurricane Michael. AIG …

Costlier Disasters Push U.S. to Buy Reinsurance

The federal government, seeking to protect itself from the growing cost of natural disasters, is borrowing a technique from the private sector and buying reinsurance. The Federal Emergency Management Agency, which started purchasing reinsurance last year for the National Flood …

Catastrophes Prompt Investor Interest in Reinsurance

The $500 billion reinsurance industry is experiencing a flurry of deal talks. One reason: Companies are finally for sale as a rash of natural disasters has depressed valuations and a influx of competitors has made it harder to raise rates. …

NFIP Buys $1M in Private Reinsurance, Plans More in 2017

The federal government has contracted with private reinsurers to improve the National Flood Insurance Program‘s claims paying ability and reduce the need for the NFIP to borrow from the U.S. Treasury to cover future claims. The Federal Emergency Management Agency …

Business News

PDA Extends Appraisal Services to Financial Sector Property Damage Appraisers (PDA) is spreading the word about one of its core business practices that many may not know about – financial services. PDA’s appraisal services are ideal for banks, credit unions …