reinsurers News

S&P Global Says Russia-Ukraine Insurance Losses Could Reach $35 Billion

LONDON — S&P Global sees losses in the speciality insurance market of $16-35 billion from the Russia-Ukraine conflict, the ratings agency said on Thursday. This includes possible aviation insurance losses totalling $6-15 billion, S&P said in a report. Other speciality …

Reinsurers Look at Dumping Coal From Bulk-Buy Policies in Green Gambit

LONDON — Major reinsurers have already pulled back from providing bespoke cover for coal projects as part of efforts to meet global climate change commitments, but now comes the hard part – finding ways to exclude coal from bulk-buy contracts, …

Lloyd’s of London Sees ‘Large Loss’ Due to Suez Canal Blockage

LONDON — The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss …

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 …

Munich Re Among Insurers Facing ‘Major’ Beirut Blast Losses

Some of the world’s biggest reinsurers are bracing for potential losses running into tens of millions of euros after last week’s explosion that ravaged much of downtown Beirut. Property damage alone from the blast, which killed at least 171 people …

Hurricanes May Cause More Pain For Pandemic-hit Insurers

The official start of the Atlantic hurricane season on Monday could signal more steep losses for insurers and reinsurers, already battered by the impact of the coronavirus pandemic on their underwriting and investment positions. However, recent years of hefty damage …

Tech Innovation Noted as Top Growth Prospect for Reinsurers

Technology innovation will provide the biggest growth opportunities for reinsurers in the year ahead, according to a just released survey by Guy Carpenter & Company, LLC, global risk and reinsurance specialist and wholly owned subsidiary of Marsh & McLennan Companies. …

Education, Networking Prepare Claim Executives for the Future

Claim professionals gain invaluable insight from education and networking opportunities, according to industry experts who spoke with Claims Journal in exclusive interviews during the International Association of Claim Professionals (IACP) 47th annual conference in Sonoma, Calif., in September. The conference …

Commentary: Is Florida Ready for Claims Resulting From a Major Hurricane?

After tumultuous eight hurricanes in two years between 2004 and 2005, we haven’t seen a hurricane in Florida for over 10 years. Has the state learned from those storms? Are the insurance companies ready? What about the independent adjusting companies, …

Reinsurers’ Catastrophe Defenses Weakened by Hedge Funds

It won’t take another Hurricane Katrina for reinsurers to face losses from covering the cost of storms and earthquakes. Competitors such as hedge funds have eroded prices so much that a typical year of claims could move the industry into …