(Re)insurers

GWP rose by 17% to $177bn for Aon’s peer group of reinsurers, while their average combined ratio stood at 94.0% – down from 104.4% for the prior-year period.

The ratings agency said that cat models were not taking into account the full impact of climate change.

The cat modeller’s estimate follows a $950mn projection from Karen Clark and Company.

Provinzial confirmed its claims had risen above EUR1bn and it now estimates they could reach EUR1.5bn.

The state body supporting earthquake cover has seen risk transfer requirements swell over the past decade.

Recently one of my colleagues argued that it was time for a “bonfire of PMLs”, as the past five years have shown that the industry has seriously underpriced the kind of $10bn-$20bn loss events that have been happening since Harvey, Irma and Maria landed in 2017.

The convergence of traditional reinsurance and ILS has seen reinsurers’ fee income rocket over the past three years.

The ratings agency said cat activity, Covid-19 and social inflation would play key roles in influencing investor returns.

From ESG to social inflation, systemic risk to cat risk, we highlight some of the top discussions from this year’s four-day virtual conference.

European cedants are bracing for a ‘sizeable price correction’ after the scale of summer flooding took reinsurers by surprise.

An increase in the frequency and severity of nat cats and cyber incidents is pushing up protection demand.

More than 95% of global reinsurance capacity can now be accessed by placing business on the platform.