Reinsurance News��� Post

Celebrating a 35-year partnership 🤝 We recently welcomed Shelter Reinsurance to our Head Office to celebrate our 35-year relationship on NFU Mutual’s property catastrophe reinsurance programme. During their visit, Shelter Reinsurance, a part of Shelter Mutual, presented us with a commemorative plaque in recognition of this milestone. Alex Byrd, Reinsurance Manager said about the visit: “We partnered with Shelter Mutual 35 years ago, as a member of NFU Mutual’s panel of reinsurers on our property catastrophe reinsurance programme. Our two companies’ common origins in the agricultural community, our shared Mutual mentalities of best meeting the needs of our customers while providing efficient and cost-effective services and products, has provided a strong foundation for this successful and mutually beneficial 35-year relationship.” Reinsurance helps protect insurance companies against large losses arising from unexpected events like big weather events like such as floods and storms. In the same way a homeowner would buy home insurance, an insurer pays a premium to the reinsurance company, who agrees to pay out in the event of a large claim. #NFUMutual #FinancialServices #Insurance

Spotting the Major Concerns In the INSURE Act's Catastrophe Reinsurance Program. Stay Informed! https://buff.ly/3SnesCq. #insurance #property

Following the deadly thunderstorms that hit Houston, Texas on May 16th, economic and insured losses are each anticipated to exceed $1 billion, with the potential for total losses to be even higher, according to Gallagher Re. #insurance #reinsurance

Forecasting Florida's insurance future amidst storm predictions. Learn about the potential effects on reinsurance rates and how it could shape insurance costs. https://hubs.ly/Q02tDFK70 #InsuranceRates #FloridaHurricanes #ReinsuranceRenewals #IndustryInsights #InsuranceForecast

In what is perhaps a reflection of an insurance and reinsurance marketplace with more catastrophe risk capital available, broker Marsh has for the first time in a while cited a slowing level of rate increases for catastrophe exposed commercial property accounts in the United States, with even some rate decreases reported.

Concerns voiced by the Reinsurance Association of America suggest a federal catastrophe reinsurance program might not be the solution. According to RAA President Lee Covington, CAE, such a program could increase insurance costs and encourage development in high-risk areas. https://hubs.la/Q02hfN7k0 #InsuranceDebate #FederalReinsurance #InsuranceCosts #InsuranceNews

The event cost the carrier $66mn, including $14mn related to reinstatement premiums on its catastrophe treaties. http://spr.ly/6040ugDvM #reinsurance #insurance

I came across two different headlines and summaries related to Q1 Global Insured Losses, published on 4/15 and 4/17 in the Reinsurance News. However, both of these headlines seem to contradict each other and both are talking about insured losses. I'm not sure if there's something I'm missing here, but how can the amounts differ by $10 Billion? Did anyone else notice this?   JPMorgan: Q1 global insured losses to be below $10B The first quarter's global insured losses are poised to be lower than $10 billion, compared with the $15 billion average for the past 10 years, according to JPMorgan Chase estimates. The magnitude 7.5 earthquake that hit Japan on Jan. 1 was Q1's biggest natural catastrophe, while last month's collapse of the Francis Scott Key Bridge in Baltimore is expected to be the quarter's largest insured loss overall, JPMorgan says. Full Story: Reinsurance News (4/15) Broker: Q1 natural catastrophe insured losses total $20B The first quarter saw an estimated $20 billion in global insured losses from natural catastrophes, surpassing the 10-year average of $18 billion, with US severe convective storm activity being a major contributing factor, Gallagher Re says in a report. "However, the overall financial cost from natural catastrophes to start 2024 [was] manageable for the private insurance market and public insurance entities," the report says.  Full Story: Reinsurance News (4/17) 

Imperium Managing Director, Arnie Mascali, comments on a recent Business Insurance article: "Today, it's crucial for policyholders and property owners to consider potential losses from increasingly frequent events, not just the major catastrophes. Risk managers used to fear 'Black Swans,' but now, it's time to focus on the 'American Crow.'" Visit to learn more: https://lnkd.in/e6mcqVE6   #RiskManagement #Insurance #Resilience

The latest report from Gallagher Re sheds light on the first-quarter 2024 natural catastrophe losses, revealing significant insights for the insurance and reinsurance industry. The insurance industry still faces challenges with insured losses amounting to over $20 billion. While this marks a notable decrease from the previous year, it still surpasses the 10-year average. 🌩️ Severe convective storms emerged as the leading cause of loss, particularly affecting the U.S. with $11 billion in insured losses. ☔ Hail, identified as the primary subperil, drove the majority of insured losses across the central and eastern U.S. This reaffirms the significance of understanding regional risk factors and preparedness measures here in Texas. #Insurance #Reinsurance #RiskManagement #NaturalCatastrophes #GallagherRe https://lnkd.in/giHFWk3c