The Ontario government has launched a review of the province’s auto insurance system, saying it hopes to lower rates for drivers who pay some of the most expensive premiums in the country. The analysis announced recently will examine practices in other jurisdictions to find ways to make improvements and introduce...
The overall impact of catastrophe losses on property rates was muted at the January 1, 2019 reinsurance renewals, but the fourth highest annual catastrophe loss year on record did create questions over pricing adequacy, underwriting strategy and the amount of capital available, stated Guy Carpenter & Company LLC, in a...
Swiss Re estimates its preliminary claims burden from recent natural catastrophes in the fourth quarter of 2018 at approximately USD1.0 billion, mainly affecting Reinsurance, and net of retrocession and before tax. Swiss Re anticipates claims from the Camp and Woolsey fires in California to be USD375 million, USD150 million from Hurricane Michael, USD32 million-hike...
A study from Chubb and The National Center for the Middle Market (NCMM) found that although manufacturing is experiencing growth, there are many interconnected challenges leading to new risks. The research also suggests that manufacturers may not be fully prepared to confront some of these new and emerging risks, including...
Aon’s Impact Forecasting team recently launched the latest edition of its monthly Global Catastrophe Recap report, which evaluated the impact of the natural disaster events that occurred worldwide during October 2018. The report highlighted that Hurricane Michael killed 45 people in the US, as it became the strongest tropical cyclone on record...
Insurance start-up Lemonade has announced plans of expanding to Europe. Citing the continent’s ‘thriving tech ecosystems and the countless people who wrote to ask that we come to their country’ as reasons for the expansion plan. In a blog post on the Lemonade website, CEO Daniel Schrieber said that Europe,...
The Cayman Islands Monetary Authority (CIMA) has issued licenses for four new captive insurance companies and one portfolio insurance company in the third quarter of 2018. Between July 1 to September 30, Cayman welcomed one Class B(i) insurer, LG Indemnity Company, and three Class B(iii) insurers: Evergreen Pacific Reinsurance Company,...
The Blockchain Insurance Industry Initiative (B3i) has announced that it will jointly chair a new ACORD project group designed to propose common standards for the adoption of blockchain technology in the re/insurance industry. Led by B3i and RiskBlock Alliance, the initiative will support the adoption of data and protocol standards...
Swiss Re reported a Group net income of USD1.1 billion for the first nine months of 2018 compared to a loss of USD468 million for the same period a year ago, despite an estimated claims burden of USD1.6 billion from natural catastrophes and large man-made events in the reporting period. While the...
Hackers have gotten access to personal data belonging to 75,000 people in a breach of government health insurance system used by agents and brokers to help customers sign up for healthcare plans in the US, the media reported. The compromised system was connected to the Healthcare.gov website, where the general...
