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Combined insured losses for Hurricane Irma for the US and selected islands in the Caribbean will be between $20 billion and $65 billion, according to estimates by AIR Worldwide. 12 September 2017
Insurance
Five seasoned executives from the re/insurance industry discussed technology, talent, reserves and, of course, pricing in the context of potentially costly hurricane losses at the annual S&P Reinsurance Roundtable at the Monte Carlo Rendez-Vous. 11 September 2017
Insurance
The insurtech revolution will have a massive impact on the primary insurance market and has the potential to shrink the business available to reinsurers, Christian Mumenthaler, the chief executive of Swiss Re, told Monte Carlo Today. 10 September 2017
Insurance
Reinsurers forced to increase their reserves in the wake of recent changes to the Ogden formula in the UK—the discount rate used for personal injury claims in the UK—could look to pass these costs on to their cedants by increasing rates on some lines of business, Mark O’Riordan, group reinsurance director at Ecclesiastical, told Monte Carlo Today. 10 September 2017
Insurance
While he would never wish to overpay for reinsurance, Stephen Postlewhite, chief executive officer of Aspen Insurance and the former CEO of Aspen Re, says he prefers to form long-term, sustainable partnerships with reinsurers which are profitable for both parties. 10 September 2017
Insurance
Unless there is an appreciation of looking at flood risk more holistically and using some of the science-driven solutions available, the industry will continue to be surprised by increasingly intense rainfall episodes such as those seen with Hurricane Harvey, Jay Guin, chief research officer at AIR Worldwide, told Monte Carlo Today. 10 September 2017
Insurance
Cyber risk has topped the list of concerns for reinsurers for the first time, reflecting the anxieties around underwriting a risk that’s constantly changing and the rising threat to reinsurers themselves, according to a new report by PwC. 10 September 2017
Insurance
In association with Swiss Re, Monte Carlo Today conducted surveys of senior industry executives ahead of and during the conference. Their responses to various questions will be published in the daily newsletters. 10 September 2017
Insurance
New UK regulations designed to enable an insurance-linked securities (ILS) market in the London Market could have the potential to be a game-changer for parts of the ILS markets but much still depends on how the Prudential Regulation Authority (PRA) adopts and embraces the concept, with the regulator having the potential to make or break the market. 10 September 2017
Insurance
A mix of further declining rates, low investment returns and unsustainable reserve releases could push the return on equity of the reinsurance sector below the cost of capital and trigger a rating review, according to S&P Global Ratings. 10 September 2017
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