January renewals reflected a healthy but evolving market as reinsurers adjusted risk appetite and pricing thresholds for certain sectors in response to ongoing and emerging challenges, according to Guy Carpenter. “The changing nature of risk fundamentally influences reinsurers’ view of pricing and capacity allocations,” said Dean Klisura, president and CEO,...
Reinsurers’ quest for improved pricing has resulted in a tense round of negotiations amid a nonetheless well-capitalised industry, with some reinsurers still looking for growth, according to the 1st View January reinsurance renewals report published recently by Gallagher Re, the global reinsurance broker. Negotiations concluded very late with a wide...
Cyber incidents tops the Allianz Risk Barometer for only the second time in the survey’s history (44 percent of responses), business interruption drops to a close second (42 percent) and natural catastrophes ranks third (25percent), up from sixth in 2021. Climate change climbs to its highest-ever ranking of sixth (17 percent, up from ninth), while pandemic outbreak drops to fourth (22 percent). The annual...
International private equity firm Cinven has announced that the group will become RL360 owner International Financial Group Limited’s (IFGL) majority investor. The deal, which is subject to regulatory approval, would see Cinven succeed Vitruvian Partners. IFGL has GBP19 billion of assets under administration and operates through three principal brands: RL360, Ardan International...
As the world enters the third year of the pandemic, climate risks have dominated global concerns according to the Global Risks Report 2022 by the World Economic Forum. While the top long-term risks relate to climate, the top shorter-term global concerns include societal divides, livelihood crises and mental health deterioration. Additionally,...
Generali has joined forces with Accenture and Vodafone Business to create a package of cyber insurance services that help corporate and SMEs clients quickly and effectively recognise, respond to and recover from cybersecurity threats and incidents. The initiative, which includes cyber risk assessments, phishing simulations and learning programs, will support...
Munich Re Automation Solutions Ltd has announced its partnership with National Friendly, which has adopted the ALLFINANZ SPARK solution to provide traditionally underserved members with simplified access to income protection insurance. SPARK’s extensive analytics and reporting capabilities are designed to translate the complex world of underwriting into a straightforward, user-friendly experience....
Aviva plc recently announced the completion of the sale of its Italian Life Insurance businesses to CNP Assurances and has received GBP462 million (EUR543 million) in cash consideration. This concludes Aviva’s exit from the Italian market. Amanda Blanc, group chief executive officer of Aviva, said: “In the last 24 hours we have...
Extreme weather events in 2021, including a deep winter freeze, floods, severe thunderstorms, heatwaves and a major hurricane, resulted in annual insured losses from natural catastrophes estimated at USD105 billion, the fourth highest since 1970, according to Swiss Re Institute’s preliminary sigma estimates. While Hurricane Ida was the costliest natural...
At least 74 people in Kentucky have died after a weekend tornado outbreak across eight states flattened homes and businesses in the Midwest and South. Gov. Andy Beshear told reporters the death toll figures come from emergency management officials and may differ from what county coroners are reporting. The governor...
