Insurance
AXA lowers US hurricane, quake & aggregate reinsurance retentions at renewal
Global insurance and reinsurance group AXA has reduced its exposure to peak U.S. natural catastrophe events at the January 2021 renewals, lowering its retention for major hurricanes and earthquakes by one-third and its aggregate tower retention by more than half. AXA and in particular AXA XL, the commercial property & casualty insurance and reinsurance arm…
Read MoreWinter storm Uri insured loss seen up to $20bn: Fitch
Property and casualty insurers in the United States are facing record levels of first-quarter catastrophe losses due to the severe winter weather associated with winter storm Uri, rating agency Fitch has said. Extensive property damage was seen during last week’s severe winter weather in Texas, Louisiana and other southern states of the U.S. Extreme cold…
Read MoreAXA XL saw reinsurance renewal price increases rise 50% YoY
AXA XL, the commercial property & casualty insurance and reinsurance arm of the AXA Group, saw a significant increase in prices at the January 2021 reinsurance renewals, compared to price increases a year earlier. In reporting the AXA Group results this morning, the France headquartered global insurance and reinsurance company provides some insight into its…
Read MoreMunich Re forecasts positive April & July renewals with growth opportunities
Global reinsurance giant Munich Re is bullish about the upcoming April and mid-year renewal seasons in 2021, forecasting a positive market environment and growth opportunities as it reported its 2020 results this morning. The reinsurance firm has posted €1.2 billion of profit for 2020 despite significant losses suffered due to the COVID-19 pandemic and natural…
Read MoreSpotlight on Connecticut Insurance Commissioner Andrew Mais
By Scott Holeman, Media Relations Director, Triple-I For Black History Month, Triple-I is putting the spotlight on Black entrepreneurs and innovative leaders in insurance. Connecticut’s first Black Insurance Commissioner, Andrew Mais, is an undisputed insurance leader and mentor as the video above makes clear. “Connecticut is the insurance capital of the known universe,” says Mais.…
Read MoreAon hires Foley from Aspen, Radford from Securis for Capital Management roles
Aon’s Reinsurance Solutions division has announced two key hires in its Capital Management units in Bermuda and London, with Marcus Foley of Aspen joining to lead its Bermuda Capital Management team and Tim Radford from ILS specialist Securis Investment Partners joining the London Capital Management unit. Marcus Foley joins the Bermuda operations of Aon Reinsurance…
Read MoreArbol taps machinery sensors for parametric crop insurance triggers
Arbol, the provider of marketplace technology supporting parametric risk transfer or weather insurance and that utilises smart contracts, has provided the backing for a new crop yield cover whose parametric triggers are based on the throughput measured by machinery sensors. The use of sensor technology in creating new parametric risk transfer, insurance and reinsurance product…
Read MoreReinsurance prices must rise further to provide adequate returns: Moody’s
The reinsurance market is not in a hard market and in fact rate increases seen at the January 2021 renewal season are only seen as adequate by Moody’s, who believe that reinsurance prices must keep rising for adequate risk-adjusted returns to be achievable. The rating agency said that the January 2021 reinsurance renewals were “favorable…
Read MoreHong Kong’s ILS grant scheme to cover ~US $1.6m of issuance costs
Hong Kong’s Government has revealed some of the details of its proposed insurance-linked securities (ILS) grant scheme, through which it will pay a share of issuance costs for any ILS structures issued out of the Special Administrative Region. The Hong Kong Special Administrative Region (HK SAR) of the People’s Republic of China has been preparing…
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