Live Insurance News

Munich Re sells Ergo insurance company to Cinven

November 28, 2015November 26, 2015 Julie Campbell

The price of this massive sale has remained undisclosed, but it has moved Cinven up a notch in Italy’s industry. Munich Re has now agreed to sell its Italian insurance company, Ergo to a British private equity investor, Cinven, which has been working to boost the size of its position as an insurer within Italy’s industry. The agreement means that Cinven will be acquiring both the life and property-casualty businesses. Early this week, Ergo stated that the insurance companies it would be selling would be Ergo Assicurazioni and Ergo Previdenza.…

Berkshire Hathaway is pulling back from the property insurance space

July 17, 2015July 16, 2015 Marc

Lloyd’s insurance claims - Home office building

Lower claims and financial losses are good news for insurance providers This year, damage caused by natural disasters has gone down, which has provided property insurance providers with some breathing room in terms of claims payments. While some countries have experienced fairly catastrophic disasters, these events have been somewhat mild when compared to what the insurance industry had to deal with last year, according to a report from Munich Re. Though claims payments are going down, so are premiums, which means that insurers are still seeing some financial stress in…

Munich Re makes a move on marine insurance

October 1, 2014September 29, 2014 Nordstrom

Reinsurer is moving its marine insurance underwriting to Hong Kong Munich Re, one of the world’s leading reinsurance companies, is beginning to consolidate its marine businesses and has chosen Hong Kong as the center for its underwriting in the Asia Pacific region. The company is following a trend that has seen many insurance and reinsurance companies separate their marine businesses from the traditional property casualty sector. Companies are beginning to be affected in changes in the marine sector and are looking to provide better coverage options to organizations that need…

Insurance technology solution developed by Munich Re and RIB

May 30, 2014May 27, 2014 G. Turner

rebuild construction replacement insurance technology

The IT based strategy is meant to help to better gauge the risks related to construction projects. Munich Re is combining its experience with risk with the iTWO Technology from RIB in order to develop the first insurance technology in the world that is designed to be used as an IT based product for large construction projects. It is meant to cover unexpected rises in the construction costs of large-scale projects. The two companies have now entered into an insurance technology exclusive agreement that is meant to allow them to…

Insurance industry is seeing a hugely costly winter

March 14, 2014March 12, 2014 H. Cutner

Some have said that this will be among the 5 most expensive winters in over 30 years. The Insurance Information Institute has now released its predictions about the costs associated with this last winter for the insurance industry, and has determined that the payments resulting from storms have now reached over $1.5 billion. As this week has shown in many parts of the country, the snowstorms aren’t done for the year. Now, the Verisk Analytics Property Claims Services firm has estimated that there were already about 175,000 claims paid to…

Insurance industry is seeing heightened East Asian typhoon activity

November 14, 2013November 12, 2013 Julie Campbell

2017 atlantic hurricane season Insurance industry

Munich Re has warned that this part of the world is experiencing a growing number of violent storms. The insurance industry is recognizing a changing weather trend in East Asia, where the number of typhoons and other highly destructive, violent storms are becoming an increasingly common occurrence. The insured losses over the last thirty years in that region have passed the $6 billion mark. These costs to the insurance industry have come primarily from floods and typhoons. However, over recent years, it has become clear that this is likely to…

Climate change threatens insurance industry

October 12, 2012October 12, 2012 S.Vagus

Natural Disaster damage insurance trends

Climate change may be a significant problem that cannot be ignored Natural disasters are nothing new to the world. Countries have been battered by floods, hurricanes, earthquakes, volcanic eruptions, and other catastrophes since before they were officially countries. In the world of business, few industries are so well acquainted with natural disasters as the insurance industry. The industry, as a whole, is well versed in the monitoring of weather patterns and has been able to accurately predict the impact an effects of several natural disasters around the world. According to…