Analysis

Preparing for cybergeddon: how a black swan event could recalibrate the cyber market

Cyber insurance has seen explosive growth in recent years and looks set to continue its rapid expansion. A report from Berenberg has forecast the market’s premium base could rise to $40bn by 2025, double previous estimates.

NCCI: Workers’ comp reserve redundancy grew to $14bn at year-end 2020

The US workers’ compensation industry’s loss reserves were redundant by $14bn at year-end 2020, compared with $10bn at the end of the previous year, according to analysis from the National Council on Compensation Insurance (NCCI).

P&C insurtech deal volume strong in Q3 but fundraising value down from Q2

Following a record-breaking second quarter for new non-life insurtech-related funding, the pace in the third quarter has slowed despite seven $100mn-plus rounds so far.

Aon: Cat bond market poised for another record-breaking year

The catastrophe bond market continues to grow from strength to strength with the sector set to potentially post a successive record-breaking year after the first half of 2021 surpassed H1 2017 as the largest six-month period of primary issuance ever, according to Aon Securities.

P&C stocks outperform in choppy third quarter

US and European P&C insurance benchmark indices posted notable gains in the third quarter despite a September sell-off in (re)insurance equites, as investors looked past the US hurricane season.

Recent loss creep trend highlights potential for Ida to top $30bn

Expectations that Hurricane Ida insured losses will hit and potentially exceed the top end of modelled estimates have built throughout #ReinsuranceMonth, fuelled further by the release of an initial $26bn estimate from Property Claim Services.

Aspen: Cloutier’s path to profitability

The latest half-year results from Aspen can be viewed as a clear sign that actions taken under the stewardship of CEO Mark Cloutier to improve the carrier’s underwriting performance are taking shape.

EU unveils Solvency II overhaul but industry wants more…

Brussels last week unveiled a package of reforms to the Solvency II directive, including a short-term capital boost of up to €90bn ($105bn) for European insurers which it hopes will be used to increase investment in the region’s economy.

Wrapping up #ReinsuranceMonth: Ten key talking points ahead of the 1.1 renewals…

The autumn nights are drawing in. Soon, the September shadow boxing will be over and cedants, their brokers and reinsurers will get down properly to the task of negotiating in detail the structures and terms of their 2022 treaties. After a month of talking to the industry’s thought-leaders and experts, these are the key points that are expected to drive discussions…

Is OIC launch a sign SIAB framework is finally gaining traction?

Oman Insurance Company’s planned syndicate in a box is the latest in a series of Lloyd’s launches which have highlighted the diverse range of businesses looking to enter the market.

Aon: Reinsurance capital rose $10bn during H1 but earnings need to improve

Aon has estimated that total reinsurance capital rose by $10bn to $660bn at the half-year point of this year, but catastrophes mean the level of return in the first half will not be sustained for the full year and covering the cost of capital remains a problem.

US mutuals’ capital grows faster than stock peers despite Covid-19 paybacks

The US mutual market grew its capital and surplus by 8.3 percent last year despite returning some $6.1bn of dividends to policyholders largely in Covid-19-related paybacks, with the sector outstripping the 6.7 percent growth recorded by its stock company peers, new data from the National Association of Mutual Insurance Companies (NAMIC) shows.

Hiscox most exposed to Covid BI reinsurance failure as impasse continues

UK insurer Hiscox is by far the most heavily leveraged to its reinsurers among the large listed Lloyd’s carriers, highlighting its vulnerability in the event of a failure to collect its assumed share of Covid-19 business interruption reinsurance recoveries, research by The Insurer highlights.

Auto losses spike as frequency and severity jump post pandemic amid car shortage

Auto insurers are facing soaring losses as driving returns to pre-pandemic levels with claims frequency and severity on the rise while costs to repair or replace vehicles have also spiked amid a shortage of parts and new and used cars, with consumers set to face increased pricing unless these trends reverse.

Agg covers to become area of focus at 1.1 as average rate increases of 2-3% predicted

Reinsurers’ appetite to write aggregate covers has narrowed further, with the European floods and the prospect of deteriorating Hurricane Ida losses leading to higher attachment points and reduced coverage, according to KBW analyst Meyer Shields.

Broker carousel settles after frantic 18 months

The Insurer looks back at an unprecedented period for major personnel movements among (re)insurance brokers.

Cordial but inactive: Covid-19 has tested reinsurer relationships with governments

The Insurer tracks the evolution of the sector’s relationship with policymakers following calls for public-private partnerships to address pandemic risk in light of Covid-19.

SoftBank’s groundbreaking $130mn cyber reinsurance deal has its roots in 2018 Swiss Re talks

Earlier today, SoftBank led a $130mn Series B investment in MS Amlin-backed cyber reinsurance MGA Envelop Risk. However, as The Insurer highlights, SoftBank’s interest in the sector goes back to 2017/18.

MS Amlin: The talent challenge

The carousel of senior personnel at MS Amlin has continued to spin over the past two years, with a number of high-profile departures – and subsequent arrivals – at the MS&AD-owned carrier.

CEOs bullish on US commercial insurance rates despite Q2 moderation

Reinsurers will be closely monitoring underlying insurance rate trends as the key 1 January renewal date nears. For US commercial pricing, deceleration has become a common phrase to describe the current environment.

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