Insurance

We spoke with Tom Johansmeyer, Head of PCS, today, to discuss the rioting and civil disturbance seen at the US Capitol buildings on January 6th 2021. While the rioting and disturbances seen yesterday won’t have any significant implications in terms of losses for the insurance and reinsurance industry, there is a lot to consider. Johansmeyer…

Severe convective storm, thunderstorm and severe weather impacts reached a record high last year, as the peril drove the largest share of annual natural disaster losses that were covered by insurance and reinsurance in the United States during 2020, according to data from Munich Re. The convective storm peril, which includes severe convective weather, thunderstorms,…

It is time for the world to act on climate change as it will play an increasing role in disaster losses, Torsten Jeworrek of reinsurance company Munich Re warned today. Munich Re reported today that the global insurance and reinsurance industry faced some $82 billion of natural disaster losses in 2020, up significantly on the…

The “hardening” of the reinsurance market is expected to be limited to just this year, unless the industry faces losses above expectations throughout the rest of 2021, equity analysts at Barclays said this morning. The analysts point to a “loss of price momentum” in January 2021, compared to the April, June and July 2020 renewals,…

AbsoluteClimo, a climate and weather modeling, forecasting and risk management firm based in Hawaii, has teamed up with AKR Zell, a Singapore-based actuarial consultancy, with the collaboration set to deliver climate-driven risk services to the insurance, reinsurance and insurance-linked securities (ILS) sectors. The pair have spotted an opportunity to fill gaps where standardised industry tools…

The U.S. Federal Emergency Management Agency (FEMA) has explained the structure of its $1.153 billion National Flood Insurance Program’s (NFIP) traditional reinsurance renewal for 2021. As we were first to report yesterday, FEMA renewed the NFIP’s traditional reinsurance program at the January 2021 renewals, opting for a downsized $1.153 billion of coverage, but securing it…

Catastrophe exposed property insurance rates surged higher through the fourth-quarter of 2020, with hurricane exposed property in Florida and wildfire exposed property in California seen to experience some of the steepest increases. This is according to the latest analysis from MarketScout, who reviews movements in the personal and commercial property insurance markets on a quarterly…

With reinsurance rates and pricing having increased at the key January 2021 reinsurance renewals, there is now an expectation that future renewals this year should follow-suit, with some saying rate rises may be even “more pronounced.” As we’ve already reported this week, broker Howden said that property catastrophe reinsurance rates were up by around 6%,…