Insurance Europe’s Reinsurance Advisory Board (RAB) has urged the UK’s Prudential Regulation Authority (PRA) to either extend its Temporary Permissions Regime (TPR) for the reinsurance business or wait until the Treasury’s review of Solvency II is finalised before making changes to its regulatory requirements. It would be recalled that a recent consultation conducted by the […]
The catastrophe bond and related insurance-linked securities (ILS) market has reached a new all-time-high as the amount of issuance recorded across a twelve-month period to end of September 2021 A news report by artemis.bm, a leading catastrophe bonds, insurance linked securities, reinsurance capital and investment, risk transfer intelligence firm, indicated that the catastrophe bond market […]
Insurance broker and risk advisor, Marsh, has asserted that insurers must create new forms of coverage, including programmes to support gig-workers at scale, in order to support changes in the global sharing economy and mobility sector. Analysts at Marsh in a new report found that the COVID-19 pandemic had already accelerated mobility changes such as […]
The Government of Fiji has granted value added tax (VAT) exemption to insurance firms for premiums on climate and disaster risk parametric insurance products for the people and corporate entities in the country. The fiscal initiative represents the first time any government in the country is making efforts to make disaster insurance more affordable for […]
The Bermuda Monetary Authority (BMA) has completed its United Kingdom (UK) Data Claim Survey for this year, showing that from 2016 to 2020, Bermuda re/insurers paid out US$35.2 billion to UK policyholders and cedants for large catastrophes, property and casualty losses and life insurance claims. A news report by Reinsurance News indicated that compared to […]
As economic development and climate change contribute to a fundamental shift to higher-risk, catastrophe-exposed property lines, global property and casualty (P&C) insurance premiums are forecast to more than double to USD 4.3 trillion by 2040.. According to an industry analysis conducted by Swiss Re Institute, the driving factors in premiums growth rise of more than […]
The latest data from the World Meteorological Organization (WMO) have estimated that weather, climate and water related disasters drove some US$ 3.64 trillion in losses over the last 50 years, thereby laying bare the high costs of weather disasters around the globe over the decades. The WMO’s latest Atlas of Mortality and Economic Losses from […]
The global dedicated reinsurance capital is estimated to have increased by just under 3% to US $532 billion so far in 2021 while insurance-linked securities (ILS), third-party or alternative reinsurance capital has recorded faster growth. The latest data on the reinsurance and insurance market trends was provided rating agency, AM Best, and reinsurance broker, Guy […]
Catastrophe risk modelling firm, RMS, has estimated that the insurance and reinsurance industry loss from July’s devastating flooding across Europe could be as high as €6.5 billion (US $7.7bn). Industry analysts believe, however, that RMS’s estimate may prove too low as its lower insured loss for Germany is lower than even the country’s own insurance […]
Fitch Ratings, a leading global research and rating firm, has projected that cyber reinsurance would help drive growth in sundry Asia Pacific (APAC) region’s economies in the 2021 year as more companies embrace re-insurance policy options to protect their investment The APAC region was reported to have accounted for 7% of the total global ransomware […]