Worldwide aerospace insurance renewals season could bring change

Aerospace insurance

The industry is facing an opportunity to look again at pricing, policy conditions and retention levels. This year’s aerospace insurance and reinsurance renewal season is arriving and is providing the opportunity to make changes for more favorable retention and pricing levels as well as policy conditions, said reinsurance broker Gallagher analysts. The global market is facing several a number of changes and renewal season is an opportunity to adapt. The aerospace insurance and reinsurance renewal season can open the door to adapt is a way that will allow insurers and…

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Insurance losses hit $120 billion in 2022 due to hurricanes and flooding

Insurance losses Flooding damage Flodded roads

The US and Australia were the countries that contributed some of the biggest disaster costs. In 2022, Hurricane Ian in the United States and the flooding that struck Australia were among the leading drivers of insurance losses, according to Munich Re. This is contributing to a trend that connected with the intensity and frequency of disasters from climate change. The insurance losses from natural catastrophes last year reached about $120 billion in 2022, which was comparable to 2021, though still fell short of the record-breaking damages that occurred in 2017,…

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Swiss Re seeks creation of cyber insurance linked securities marketplace

Cyber insurance - Protection Security

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…

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Insurance industry recovery will be faster and more powerful than 2008, says Swiss Re

Insurance industry recovery - economist research - predictions

Insurers worldwide will see improvements in a far stronger way than after the last financial crisis. According to new projections from insurer Swiss Re AG’s chief Americas economist, the worldwide insurance industry recovery will happen faster and stronger than was the case following the 2008 financial crisis. This, despite the barriers currently faced such as inflation risk and low interest rates. Unlike following the financial crisis, this insurance industry recovery doesn’t include harm to the overall capitalization of insurers, or to their financial strength overall. This will make it possible…

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Secondary catastrophic perils on the rise from climate change, says Swiss Re

Secondary catastrophic perils - tornado destruction

Global economic losses from disasters (natural and human-caused) last year reached $146 billion. Secondary catastrophic perils are rising in a measurable way as a result of climate change, said a recent Swiss Re Institute sigma. The sigma was titled “Natural catastrophes in times of economic accumulation and climate change”. Severe weather events were the primary driver of losses overall last year, as was the case in years prior. Last year, worldwide economic losses from disasters broke the $146 billion mark. This represented a fall from 2018’s $176 billion. The ten-year…

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Cyber insurance market growth is fast and healthy, says Swiss Re

cyber insurance market

As worries over the impact of a hack, data breach or other similar risks, firms are insuring themselves. Swiss Re released a statement describing considerable growth trends in the cyber insurance market. The reinsurance firm pointed out that businesses are starting to see the importance of coverage in an environment where risks are skyrocketing. The Zurich-based giant it pointed out that the cyber risks are rapidly rising in their complexity and frequency. The Swiss Re Sigma report titled “Cyber: Getting to grips with a complex risk,” provided considerable insight on…

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National Flood Insurance Program continues to struggle from financial losses

flood insurance rates

10 years after Hurricane Katrina, federal program is still financially crippled More than 10 years have passed since Hurricane Katrina hit the United States, and many homeowners are still reeling from the damage caused by the catastrophe. Homeowners faced one of the most expensive disasters in the history of the country and its insurance industry, with some $80 billion in losses, with another $16.1 billion in flood insurance claims. The hurricane, as well as other storms that hit the country between 2008 and 2012, caused serious problems to the National…

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