Live Insurance News

Swiss Re seeks creation of cyber insurance linked securities marketplace

November 10, 2022November 9, 2022 Nordstrom

The global reinsurance giant has stated that the industry needs a new approach to underwriting cyber risk. Swiss Re has issued a call to the industry saying that a new approach is required to underwrite cyber risk while repeating is recommendation for the development for a cyber insurance linked securities (ILS) marketplace. The reinsurance company released a new Institute report including its insights and suggestions. The reinsurer stated in a new Institute report that the cyber risk model is still in its early days and that it has become evident…

Lloyd’s of London insurance market will write online for the first time in 2020

October 2, 2019September 30, 2019 G. Turner

The industry’s largest market will finally begin writing electronic business next year. Lloyd’s of London, the largest insurance market in the world, has finally announced that it will be taking its first steps into writing online. It will write its first business electronically beginning in 2020. The first online-only policy writing will begin operations as of January 1, 2020. The largest reinsurer in the world, Munich Re, will start writing policies by way of an online-only syndicate at the beginning of next year. This, according to statements issued by both…

What you need to know about Berkshire insurance investing struggles

August 7, 2019August 5, 2019 Nordstrom

Berkshire Insurance - Analysis - Woman with glasses

Warren Buffett is known for outstanding outcomes in this industry but current figures are sour. In the investing world, Berkshire insurance decisions have often been seen as the gold standard in terms of solid and reliable choices. However, the company’s operating earnings fell in Q2 2019, shocking many investors. Insurers owned by Berkshire saw a substantial plummet in underwriting income in that quarter. Berkshire insurance underwriting income fell by almost 63 percent during the second quarter. This brought it to $353 million. The firm’s reinsurance unit also drooped to a…

Australian insurance companies may face massive payouts from Cyclone Debbie

April 3, 2017March 29, 2017 G. Turner

australia insurance companies cyclone debbie

The country’s Insurance Council has cautioned that damage could cost billions of dollars. The Insurance Council of Australia (ICA) has cautioned Australian insurance companies, businesses and residents that the damage from Cyclone Debbie is extensive and will be costly. In fact, the ICA declared it a catastrophe. There has yet to be a final estimate of what the damage total will be but previous ones have been in the billions. Over 90 percent of the residents of North Queensland are covered by some form of insurance policy. The majority of…

Obama administration makes insurance news with EU agreement negotiations

November 23, 2015November 22, 2015 G. Turner

The U.S. Treasury and U.S. Trade Representative have said they plan to work for a covered agreement. The insurance news announcement has now been made that the U.S. Treasury and the U.S. Trade Representative intend to enter into negotiations with the European Union over a covered agreement regarding insurance. The goal of these negotiations will be to “level the regulatory playing field for U.S-based insurers and reinsurers.” E.U. insurance companies and industry regulators have been expressing frustration with regards to the American reinsurance collateral requirements. The issue at the center…

Program to protect health insurance companies to be expanded

June 19, 2015June 19, 2015 Logan B.

Government plans to expand reinsurance program to protect insurers The Obama Administration has announced that it will be expanding a program that is designed to protect health insurance companies from high claims. The system serve as a reinsurance program, which provides insurers with the protection they need from the risks that they face. Insurers throughout the country will have the chance to pay into the program, which will partially reimburse them for insurance claims that go beyond a certain level. HHS will have the program cover the cost of claims…

Cyclone program making insurance news in Australia

April 2, 2015April 1, 2015 Julie Campbell

Austrailia's Cyclone Yasi insurance news

A taskforce is looking into various options such as a reinsurance pool backed by the government. The Abbott government is making insurance news as it considers making financial support available to reduce the premiums that are being paid in certain regions of Australia that are particularly prone to cyclone damage. There have been a number of different potential options presented by the government for this purpose. Among those making the top insurance news include a government-backed reinsurance pool, or a form of coverage specific to cyclones that is provided by…