Reinsurance News’ Post

After breaking records in 2023, heightened US severe convective storm (SCS) activity persisted through the first half of this year, but how high will insurance industry losses from the peril reach in 2024? #insurance #reinsurance

Recap the most important re/insurance industry news, featuring: Gallagher Re, AM Best, Deutsche Bank, Suncorp Group, Zurich Insurance, Aon, AXA, Generali, Insurance Development Forum, Coverys, Howden, MAPFRE RE, Beazley, KOREAN RE, and Ryan Specialty.

The recent severe convective storms that hit Western, Central, and Southeastern Europe between June 27 and July 2 are expected to result in economic and insured losses reaching hundreds of millions of EUR, according to Aon’s weekly catastrophe report.

Brendan Lane Larson has recently joined the leadership team of Resilience Opportunity Advisors & Resources (ROAR) Partners to provide expertise in Climatology.

Davies, a provider of specialised professional services and technology solutions for insurance and highly regulated markets, has announced a successful £1.5 billion refinancing of its senior debt facilities.

PIB Group, a specialist insurance intermediary, has expanded its presence in Central and Eastern Europe with the acquisition of Nord Group, a provider of risk management, insurance and reinsurance solutions in Poland.

Analysts at Bloomberg Intelligence have cited inflation, high costs, and premium rates needing to rise as three key themes for the European P&C sector in 2024.

Patrick Raaflaub, Group Chief Risk Officer at Swiss Re, emphasises the importance of promptly identifying minor risks and initiating early discussions on effective management strategies to prevent them from becoming unmanageable in the future.

Analysts at RBC Capital Markets believe reinsurance rates still have a favourable outlook after the mid-year renewals, despite being below peak levels seen last year.

AutoRek, an insurtech company, has announced a collaboration with J.P. Morgan Payments to assist insurance firms in navigating data complexities and exploring new market opportunities.