The reinsurer has announced that it expects to boost its industry coverage business. Munich Re has made insurance news with its latest statement, which has indicated that it expects to be able to increase the size of its industry coverage business, which offers corporate clients both insurance and reinsurance. The last cycle has already shown notable increases, and this does not show signs of halting. The head of the corporate insurance partner unit for Munich Re, August Proebstl, stated that “We have shown that we can achieve profitable growth in…
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Insurance news from Swiss Re shows need for longevity risk coverage
The reinsurer points out a new market solution requirement in the industry. According to Swiss Re’s latest insurance news announcement, the capacity of insurers is not great enough to cover approximately $23 trillion of the pension liabilities around the world against the risk that policyholders will be living longer than originally anticipated. They recommend that the risk of longevity should be passed through to the investors. This insurance news was made in the second largest global reinsurer’s recent report. In this document, they pointed out that for every additional year…
Read MoreA.M. Best to re-evaluate Florida insurance companies
Rating revisions due to financial troubles with state’s Cat Fund Florida home insurers could soon be seeing revisions made to their ratings as A.M. Best, one of the largest rating firms in the world, announces that it will be reviewing the state’s insurance companies due to the financial troubles of the Florida Hurricane Catastrophe Fund. The Cat Fund, as it is called, is meant to provide insurance companies with $17 billion in reinsurance coverage each hurricane season. With two consecutive years of powerful natural disasters behind it, the Cat Fund…
Read MoreU.S. RE Analytics releases new tool to help insurers manage their risk exposure
Insurance technology with new risk managment tool for industry use U.S. RE Analytics, a consulting firm that provides services to the insurance and reinsurance industries, has developed a new tool that could help some insurance companies manage the cost of reinsurance more efficiently. The tool, called U.S. RE Risk Optimizer, is designed specifically to assist companies that are exposed to catastrophic natural disasters. These disasters have proven to be a serious financial risk over the past two years. Two consecutive years of severe natural catastrophes have caused the price of…
Read MoreReinsurance companies face tremendous losses
Last year, the reinsurance sector was battered down by huge losses resulting from natural disasters. The disasters that lead to the enormous insured losses included the earthquakes in New Zealand, the flooding in Thailand and Australia, and the tsunami following the earthquake in Japan. These were all top events discussed in the most recent survey results from the Reinsurance Association of America. Catastrophe losses considered, the combined ratios for most reinsurers within the group were reported to have fallen. According to the executive director covering property and casualty insurance at…
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