Commercial Risk » Reinsurance
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Commercial Risk » Reinsurance
4d ago
Liberty Mutual Re, the reinsurance division of Liberty Mutual Insurance, has partnered with technology company Safehub to provide the University of California with sensor-based parametric earthquake coverage. The policy is written by Liberty Mutual Re and backed by additional reinsurance capacity from Munich Re. The placement was brokered by Alliant ..read more
Commercial Risk » Reinsurance
1w ago
CCR Re has announced it will operate under the new name of Arundo Re from January 2025. It follows a change in ownership last year, when French state-backed nat cat reinsurer CCR sold 75% of its open market subsidiary CCR Re to French mutuals SMABTP and MACSF. CCR retains a ..read more
Commercial Risk » Reinsurance
2w ago
Munich Re’s Patrice Michellon has announced his appointment as chief executive of continental Europe at the reinsurer. Michellon said on LinkedIn that he will join the leadership team headed by Clarisse Kopff, executive board member for non-life reinsurance in Europe and Latin America. As chief executive of continental Europe, Michellon ..read more
Commercial Risk » Reinsurance
2w ago
Reinsurers are calling for further casualty rate increases and a renewed focus on claims settlement practices to counter the effects of social inflation in the US. Social inflation, which is driving ever-larger jury verdicts and settlements in the US, is expected to be a major talking point of casualty reinsurance ..read more
Commercial Risk » Reinsurance
2w ago
Commercial reinsurance property rates have peaked as new capacity entered the market over the past year following sharp price hikes in 2023, reinsurance executives say. Cedents will likely push for rate decreases at year-end renewals, though reinsurers say pricing needs to reflect the continued high level of insured losses the ..read more
Commercial Risk » Reinsurance
2w ago
Reinsurers will be pushing for double-digit rate increases in the run-up to January’s US casualty renewals, according to Fitch Ratings. Rates jumped by up to 15% for loss-affected portfolios at mid-year renewals and increased by up to 10% for other accounts, it added. “Reinsurers do not believe this year’s US ..read more
Commercial Risk » Reinsurance
3w ago
Unless there are big losses in the rest of this year, Berenberg expects property cat reinsurance rates to fall at year-end renewals in the low to mid-single-digit percentage range, but thinks that meaningful changes to programme structures, including attachment points, will be a no go area. Following discussions with reinsurers ..read more
Commercial Risk » Reinsurance
3w ago
The reinsurance market is broadly stable following flattening of rates in many lines this year but reinsurers remain wary of several sectors, including US commercial liability risks. During presentations at the Monte Carlo Rendez-Vous this week, market executives said liability loss trends continue to worsen, while the property reinsurance sector ..read more
Commercial Risk » Reinsurance
1M ago
Social inflation has driven up US liability claims by 57% over the past decade, with the trend likely to spread to Europe, according to Swiss Re Institute. Publishing its new Social Inflation Index, Swiss Re said social inflation increased liability claims in the US by a peak of 7% in ..read more
Commercial Risk » Reinsurance
1M ago
Munich Re told those gathered at the Monte Carlo Rendez-Vous it plans to “continue providing significant capacity” for cyber risk over the coming years but will stick to its guns on avoiding systemic threats. The reinsurer predicts that the cyber insurance market will see ‘”substantial growth” in the next few ..read more