BI claims the likely focus of insured losses from Microsoft IT outage, say analysts

Following today’s Microsoft Cloud outage, analysts currently expect business interruption claims to drive the bulk of insurance industry losses, and question whether this could be the litmus test for cyber underwriters, notably UK headquartered, specialist insurer Beazley. One of the largest-ever IT outages hit companies across the world today, causing significant disruption to airlines, hospitals, […]

2023 SCS losses were not extreme or surprising, says KCC

While the active 2023 severe convective storm (SCS) season led to higher-than-average insured losses, these losses were not extreme, according to Karen Clark & Company’s (KCC) SCS Model. The KCC US SCS Reference Model offers a realistic depiction of the impacts from SCS events, using advanced simulations of the actual atmospheric conditions during severe storms. […]

London market insurers key to future of advanced air mobility: IUA

The International Underwriting Association (IUA), representing insurance and reinsurance companies in London, has stated that London Market insurers will be essential in advancing new air mobility technologies in the coming years. The IUA emphasised the importance of a thorough certification process that ensures safety and provides access to data, allowing underwriters to accurately evaluate risks […]

KatRisk appoints Petros Keshishian and John Tewhill to key roles

KatRisk recently announced two key appointments: Petros Keshishian as the new Head of Model Engineering and John Tewhill as Enterprise Account Executive. Founded in 2012, KatRisk specialises in catastrophe modelling for various perils, including inland flooding, tropical cyclone wind, storm surge, severe convective storm, and wildfire. Utilising advanced GPU computing technology, the company provides high-resolution, […]

OneAdvent teams with Solace Global Risk to boost A&H hostile territory product offering

OneAdvent, the specialist managing general agent (MGA) and broker services platform, has partnered with risk management and security services organisation, Solace Global Risk, in a move that is set to provide a holistic insurance and risk management offering to clients of its Accident & Health (A&H) MGA. From what Reinsurance News understands, this new partnership will […]

A costly week of severe weather & SCS losses across US and Europe: Aon

Severe convective storms (SCS) that struck parts of the US and Canada from July 13-17, as well as several countries in Europe between July 11-17, are each expected to result in economic and insured losses totaling hundreds of millions of USD, according to Aon’s weekly catastrophe report. In the US, severe weather hit hardest between […]

Travelers sees Q2 net income soar to $534m despite elevated cat losses

The Travelers Companies, Inc. has reported a net income of $534 million for Q2 of 2024 despite an underwriting loss of $65 million driven by substantial cat losses of $1.5 billion, which were offset by net favourable prior year reserve development of $230 million and an investment income increase of 24%. Travelers’ net income of […]

Travelers buys more Northeast cover at July reinsurance renewal

US primary insurer Travelers decided to increase the size of its Northeast property catastrophe excess-of-loss (XoL) reinsurance treaty by $150 million at the July renewals, and also renewed its personal insurance hurricane cat XoL treaty with a higher retention. Alongside the release of its second-quarter 2024 financial results, Travelers has provided an update on its […]

LRS securitization vehicles could benefit Brazil’s re/insurance market: Fitch

As per a new Fitch Ratings report, the regulation of Letras de Risco de Seguro (LRS), which are similar to insurance linked-securities (ILS), could benefit Brazil’s re/insurance market. According to Fitch, LRS may provide new access to portfolio diversification and capital management, which would support re/insurer credit ratings. If successful in attracting alternative sources of […]

19 individual billion-dollar insured cat loss events in H1’24: Gallagher Re

According to reinsurance broker Gallagher Re, there were at least 19 individual billion-dollar insured natural catastrophe loss events in the first half of 2024, making it the second-highest H1 total on record, behind the 20 events seen in 2023 and 2022. Of the 19 events, 12 resulted in a multi-billion dollar loss. As well as […]