Financial

In response to market discussions and recent hurricane activity in the Gulf of Mexico, Property Claim Services (PCS), a Verisk Analytics business, is exploring adding coverage of elemental loss events to its PCS Global Marine & Energy service. PCS launched the Marine & Energy service in 2017, to provide the insurance and reinsurance industry with…

Rating agency Moody’s Investor Service has changed its outlook on the global reinsurance sector to negative, saying that despite rising prices “2020 is shaping up to be another disappointing year.” Moody’s warns that as coronavirus and other catastrophe loss events have already depleted the annual catastrophe loss budgets of many reinsurers, the chances of a…

For the insurance-linked securities (ILS) market, just as much as for insurance and reinsurance underwriters, the clarity of terms and what is actually covered under contracts is “super-important”, Swiss Re’s CEO of Reinsurance Moses Ojeisekhoba said this morning. During the reinsurance firms virtual media briefing today, held due to the cancellation of the Monte Carlo…

Global action to combat climate change is essential to avoid the exposure becoming systemic in nature, which might cause it to become less insurable, according to Munich Re’s CEO of Reinsurance, Torsten Jeworrek. Speaking during a media briefing held as a virtual replacement for the Monte Carlo Rendez-Vous event, which was cancelled for 2020 due…

The global pandemic is accelerating the hard reinsurance market, according to Jean-Paul Conoscente, chief executive officer of SCOR Global P&C. Speaking to Artemis ahead of the virtual Monte Carlo renewal discussions, he said that trends which had begun in 2019 were being further fuelled by the expected claims impact of COVID-19. “Collateral will be trapped…

Global reinsurance giant Swiss Re is forecasting more rate hardening across all lines of business at the upcoming renewal season, while also expecting positive market growth at the same time with increasing demand. At the same time, the reinsurer explained this morning that it expects there to be increased pressure on the underwriting side of…

AXA Climate, the parametric specialist risk transfer unit of global insurance and reinsurance company AXA, has partnered with SatSure AG, a provider of decision intelligence solutions using satellite data, to roll-out parametric risk transfer solutions around the globe. AXA Climate will underwrite the parametric risks, presumably on an insurance and reinsurance or derivative and swap…

The much-discussed “flight to quality” of insurance-linked securities (ILS) investors is benefiting Munich Re through the support shown to its retrocession program, the company said today. In a media presentation given today as a virtual replacement for its annual event at the cancelled for 2020 Monte Carlo Rendez-Vous, the global reinsurance company explained how market…

Global reinsurance firm Munich Re said today that it expects a low triple-digit million Euro loss for both recent Atlantic hurricane season impacts and the Beirut port explosion. Speaking at a virtual media briefing in place of the Monte Carlo Rendez-Vous event the company would have held, Torsten Jeworrek, CEO of Reinsurance for Munich Re,…