October 19, 2019

Looking West

Looking West
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Earnings volatility could be on rise: S&P

global reinsurance industry, earnings and capital volatility could be on the rise for some. After a prolonged soft market cycle underpinned by falling rates and intense competition, many reinsurers have been taking advantage of subsequent rate increases and growing their exposure in loss-affected regions and lines. While this has been...

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GC selected to work on wildfire fund

Guy Carpenter & Company, LLC, has been selected as the sole reinsurance intermediary for the newly formed California Wildfire Fund, which is currently being administered by the California Earthquake Authority (CEA). Guy Carpenter will provide strategic reinsurance and advisory services to develop a risk transfer and reinsurance strategy for the California Wildfire Fund. Together,...

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Specialist policies offer drought relief

Farmers who signed up for specialist parametric policies that would insure them against natural catastrophe are getting swift payouts which could help them recover from heatwaves and prolonged droughts that hit parts of the country.  Temperature records tumbled during late July’s European heatwave, the second to hit Europe in a...

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Hedvig raises EUR9.3 mn venture capital

Home insurance startup Hedvig has raised EUR9.3 million from San Francisco based Obvious Ventures and Swedish retailer group Axel Johnson’s venture leg D-Ax. The company uses technology to automate many of the processes including pricing and claims. According to cofounder Lucas Carlsén, much of the claim process is already automated. “It means that if you...

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USD1.5 bn for H1 cat claims

The German Insurance Association has said that the insurance industry has faced around EUR1.3 billion worth of claims to pay from natural phenomena such as windstorms, hail, lightning and heavy rain in the first half of 2019. Windstorms and hail drove a significant proportion of the losses, with convective weather...

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469000 frauds detected: ABI

The Association of British Insurers (ABI) recently published its detected fraud figures. The total number of fraudulent claims and applications detected in 2018, at 469,000, rose by three percent on 2017, with their value up by six percent. Every day, 1,300 insurance scams are uncovered, with the average con of...

Allianz loses bancassurance partner

Allianz has terminated its exclusive non-life distribution agreement with Banco Santander and will be paid EUR936.5 million for the acquisition of 60 percent in Allianz Popular SL. Allianz and Banco Popular entered into an exclusive long- term bancassurance alliance in 2011. It covered life insurance, pensions, and asset management through...

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Ogden discount rate revision may impact reserves: AM Best

The revision of the Ogden Discount Rate will lead to reserve strengthening for companies that had booked motor and liability reserves in the zero to one percent range, according to a new commentary by AM Best, although the impact on capital of UK insurers is not expected to be significant. Some...

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IAIS embarks on new strategic direction

With the approval of its 2020-2024 Strategic Plan and Financial Outlook (SPFO), the International Association of Insurance Supervisors (IAIS) will soon embark on a new strategic direction. A product of extensive member and public input over the course of its 18-month development, this new SPFO sets out the high level...

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Chubb pulls back from coal underwriting

Chubb Limited has announced that it has adopted a new policy concerning coal-related underwriting and investment.  With the new policy, the company will no longer underwrite the construction and operation of new coal-fired plants or new risks for companies that generate more than 30 percent of their revenues from coal...

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