AXA CEO Thomas Buberl has drawn attention to the series of crisis the globe finds itself in a recent radio interview in France. Speaking to France Inter, Buberl said that everything must be done in order to avoid recession, no matter the difficulty. He said: “We are immersed in a multi-crisis environment that we have […]
Inflation could “absolutely dominate” reinsurance outlook: PwC’s Bichard
Jim Bichard, Global Insurance Leader for PwC, has warned that inflationary challenges could “absolutely dominate” the insurance and reinsurance landscape in the near future. Speaking to Reinsurance News at the recent RVS 2022 event in Monte Carlo, Bichard identified the main trends under discussion as the scarcity of available reinsurance capacity and the threat of […]
Nursing Home Surprise: Advantage Plans May Shorten Stays to Less Time Than Medicare Covers
After 11 days in a St. Paul, Minnesota, skilled nursing facility recuperating from a fall, Paula Christopherson, 97, was told by her insurer that she should return home. But instead of being relieved, Christopherson and her daughter were worried because her medical team said she wasn’t well enough to leave. “This seems unethical,” said daughter […]
Hurricane Ian’s reinsurance losses may be within cat budgets: S&P
According to S&P Global Ratings, global reinsurers will be significantly exposed to the damage caused by Hurricane Ian in Florida, which could reach $40 billion. Despite this, analysts expect losses to remain within annual catastrophe budgets. Source: Nasa Earth Observatory/AFP Hurricane Ian made landfall in the Fort Myers metro area of southwest Florida on September […]
Alon Neches succeeds James Bracken as CEO of Fortitude Re
Alon Neches has been appointed President and Chief Executive Officer (CEO) by Fortitude Re’s Board of Directors, taking over from James Bracken who is stepping down to pursue other opportunities. Fortitude Re was successfully carved out of American International Group, Inc. (AIG) under Bracken’s leadership. James Bracken added: “I am proud of what our team […]
JP Morgan estimates Hurricane Ian losses to hit $25bn
JP Morgan has estimated that Hurricane Ian is likely to cause more than $25bn in damages, while cautioning that more clarity will be gained in the next few days. The firm said in a note that the speed of the storm and the resulting flooding will cause ‘catastrophic impacts’. But at this stage, it said […]
Insurers expect minimal losses from Mexico’s September earthquakes
Ratings agency AM Best does not expect claims activity to increase significantly owing to the recent earthquakes that hit Mexico in September, as few minor damages have been reported and are unlikely to result in large insurance losses. The 7.7° magnitude shake on September 19 and one 6.9° on September 22 hit the Latin American […]
Hurricane Ian sustained winds at 85 mph ahead of South Carolina landfall
The latest forecasts show hurricane Ian making its second U.S. landfall along the South Carolina coast later today as a Category 1 storm with sustained winds of 85 mph and gusts of just above 100 mph. The damage and consequential industry loss caused by hurricane Ian is set to worsen as the storm has strengthened […]
UK insurers should be able to navigate gilt volatility: Moody’s
The current volatility in the UK’s gilt markets should be manageable for UK insurers, says an analyst at Moody’s. Last Friday, Kwasi Kwarteng, the UK’s new Chancellor of the Exchequer laid out a much-derided Budget that sought to slash taxes for high-earning households in the UK. Among the changes laid out by Kwarteng were a […]
Michael Bachrodt named kWh Analytics’ COO
Provider of climate insurance for renewable energy assets, kWh Analytics has announced the appointment of Michael Bachrodt as the company’s new Chief Operating Officer. Bachrodt has over 20 years of project finance, transaction management, and underwriting experience, most recently serving as Vice President, Structured Finance for OYO Hotels where he led global debt and growth […]