Data from the Polish Chamber of Insurance said that local insurers aggregate gross written premium dropped by 0.5% year-on-year to almost 7.6 billion ($7.4 billion) in the first half of the year, mostly due to the more than 8% decline in life insurance premiums.
According to the Post Disaster Needs Assessment, total losses from the recent devastating floods in Pakistan have reached $28 billion.
Telecommunication companies in European countries, including France, Sweden and Germany, have raised concerns of mobile network connectivity disruptions this winter should the energy crisis in Europe lead to power cuts for telecom companies.
U.S.-based insurance broker Acrisure LLC has acquired U.K.-based specialist commercial insurance broker CRK Commercial Insurance Services Ltd.
Data from Indonesias Financial Services Authority said that credit insurance claims reached a staggering 5.7 trillion ($374 million) as of July 31, reflecting an 80% annual increase.
U.K.-based data analytics firm GlobalData PLC predicts that South Koreas reinsurance market will be worth 13.4 trillion South Korean ($11.9 billion) in 2026, in terms of gross written premiums, up from KRW9.6 trillion in 2021.
Derecho and windstorms that swept through southern Ontario and western Quebec in May caused over $1 billion Canadian ($735.3 million) in damage.
Australia-based telecommunications company Singtel Optus Pty Ltd. could face huge multimillion-dollar penalties over the latest ransomware attack that compromised the personal information of almost 10 million of its customers.
According to U.K.-based consultancy firm Peel Hunt LLP, reinsurance brokers want the reinsurance industry to embrace volatility and scale up to leverage the opportunity arising from climate change, a widening protection gap, and growing demand for cyber and intellectual property risk transfers.
Thierry Leger, group chief underwriting officer at Swiss Reinsurance Co. Ltd., said that the reinsurer is keen on expanding its natural catastrophe portfolio even as many other reinsurers withdraw from the segment as natural disasters become more frequent and severe.
Manuel Adam, credit analyst at S&P Global Ratings Inc., said that growing demand for cyber insurance, and protection gaps due to reinsurance and insurance capacity constraints, provide insurance-linked securities investors with an opportunity to participate in the cyber insurance market.
Lara Mowery, global head of distribution at Guy Carpenter & Co. LLC, expects the reinsurance market to come up with a solution to manage the ever-increasing demand for property reinsurance and the reduction in the available capacity.
New environmental, social, and governance laws across the world, such as the upcoming German Supply Chain Due Diligence Act, will potentially increase corporate risk exposure, especially for directors and officers liability.
German investment banking firm Joh. Berenberg Gossler & Co. KG said that reinsurance rate hikes will be commensurate with inflation.
Post-Tropical Cyclone Fiona battered eastern Canada on Sept. 24, unleashing powerful winds that caused widespread power and telecommunications outages as well as property and infrastructure damage.
Credit rating agency DBRS Morningstar said that insured losses from Hurricane Fiona could reach up to $700 million Canadian ($515 million) in Canada.
U.S.-based Moodys Investors Service Inc. has predicted continued reinsurance price hikes and further market hardening at the January 2023 renewals.
A report by Allianz Global Corporate & Specialty SE said that fires and explosions, excluding wildfires, were the leading cause of corporate insurance losses, generating more than 18 billion ($18.5 billion) worth of insured losses in the last five years.
A report by U.S.-based A.M. Best Co. Inc. showed that major global reinsurers are increasingly moving away from property catastrophe risks and updating their business portfolio with casualty and specialty primary lines.
A report by U.K.-based data analytics firm GlobalData PLC predicts that global cybersecurity insurance premium writings will reach $10.6 billion in 2025 from $6.4 billion in 2020.
According to Allianz Global Corporate & Specialty SE, the easing of COVID-19 restrictions has rekindled the live events industry while also creating new risks for organizers.
A survey by Willis Towers Watson PLC showed that a significant proportion of semiconductor industry players likely lack insurance protection against extreme weather events.
A report by U.S.-based A.M. Best Co. Inc. said greater uncertainty arising from global issues like the COVID-19 pandemic and the Russia-Ukraine war have prompted the global reinsurance industry to maintain a more conservative and prudent approach towards claims reserving.