Hannover Re booked premium growth in traditional property and casualty reinsurance of 8.5 percent adjusted for exchange rate effects in the treaty renewals as at 1 January 2021. A price increase of 5.5 percent was achieved for the renewed business. Along with another substantial burden of large and frequency losses...
Aon plc has released its Q4 2020 Global Market Insights Report, which finds that insurance pricing is up across most lines and classes globally, as COVID-19 impacts, including the economic downturn, have resulted in heightened underwriting scrutiny and risk aversion from insurers. Aon’s report shows that while capital and capacity are...
Managing general agent Volante Global has announced the launch of a cyber ransomware solution, Cyber Lockout, that combines ransomware insurance cover with the latest in cyber security technology. Cyber Lockout is designed specifically to greatly reduce an organisation’s exposure to malware attacks, including ransomware. At the core of the proposition...
AM Best has announced that the organisation has become a signatory of the United Nations Environment Programme’s (UNEP) FI Principles for Sustainable Insurance (PSI) in keeping with its observation that the insurance industry plays an important role in supporting sustainable economic and social development. Management of environmental, social and governance (ESG)...
Global mergers and acquisitions (M&A) activity in 2020 fell to its lowest level since the aftermath of the financial crisis over a decade ago, despite a surge in dealmaking in the final three months, according to latest research on completed deals by Willis Towers Watson’s Quarterly Deal Performance Monitor (QDPM). ...
Lloyd’s recently announced that regulators had approved the insurance market’s special purpose vehicle as part of its future strategy, which aims to create an insurance market that attracts new forms of capital. The new platform will make it easier for investors to access the Lloyd’s market and will benefit investors...
Bermuda-based reinsurance company Canopius Reinsurance Limited (Canopius Re) has been granted a Class 4 Reinsurer licence by the Bermuda Monetary Authority. The reclassification will significantly extend Canopius Re’s scope, enabling it to increase gross written premiums and write more third-party risks. This marks a reorientation of the reinsurer, which will...
Aviva announced recently that it was expanding its investments in fintech and insurtech through a new collaboration with venture capital firm Anthemis. Aviva, working with Anthemis, has committed to invest new capital in innovative companies that are advancing the digital transformation of the financial services sector. Anthemis will deploy capital...
Global losses from natural disasters in 2020 came to USD210 billion, of which about USD82 billion was insured, according to a statement by Munich Re. Both overall losses and insured losses were significantly higher than in the previous year (2019: USD166 billion and USD57 billion respectively). Munich Re has reported that the...
The reinsurance market continued hardening at the January 2021 renewals as pandemic-related claims, high natural catastrophe losses and pressure on liability lines of business led to widespread price increases that often went beyond claims inflation, according to a new report by Fitch Ratings. However, these improvements were capped by abundant...
