insurance

Reinsurance price rises likely remain on the cards after reset  – Insurance News

by

Frustrating and gruelling negotiations leading into last January’s reinsurance renewals remain fresh in the memory as the industry prepares for upcoming discussions, with early expectations suggesting further price increases but an overall smoother process.  Briefings and reports have been released around the Rendez-Vous de Septembre annual gathering in Monte Carlo, which has followed less fraught … Read more

Hong Kong floods may impact reinsurance renewals  – Insurance News

by

Hong Kong flooding that’s been described as a 1-in-500-year event may have implications for the upcoming reinsurance renewals, AM Best says.  Remnants of Typhoon Haikui bought torrential rain to Hong Kong and the Pearl River Delta area including China’s Guangdong Province and Macau earlier this month.  Hong Kong’s weather station at the observatory headquarters recorded … Read more

Parametric payout to support Morocco quake rebuild: AM Best   – Insurance News

by

The financial impact from the Morocco quake is expected to be “manageable” and is likely to trigger a maximum payout of $US270 million ($342 million) from a parametric cover that has been in place since 2020, AM Best says in a report.  In January 2020 Morocco enhanced its disaster risk management through the National Catastrophic … Read more

Rising convective storm losses mostly reflect exposure growth: Aon   – Insurance News

by

More than 80% of the increase in US severe convective storm losses is likely due to exposure growth rather than a new normal of elevated storm activity driven by climate impacts, Aon says.  From 1990 to 2022 severe convective storm insured losses rose at an annual rate of 8.9%, while over the same period exposures … Read more

Reinsurance price increases ‘not yet sufficient’: Hannover Re  – Insurance News

by

Reinsurers have put the case for further reinsurance price rises at the January renewals as the industry prepares for annual negotiations following the Rendez-Vous de Septembre event in Monte Carlo.  Hannover Re says ongoing geopolitical uncertainties, the increasing frequency and severity of natural catastrophe losses as well as inflation rates and social inflation support further … Read more

Hollard claims fast-tracked with Guidewire platform  – Insurance News

by

Hollard says its claims management has been accelerated with the transition to cloud-based Guidewire ClaimCenter.  The insurer initially implemented ClaimCenter in mid 2022 across its personal lines broker business, replacing multiple legacy platforms.  More recently, Hollard COO Paige Vincent says within weeks of rolling out Release 2 to direct partners, there has been a significant … Read more

Finity appoints two technology-focused product heads  – Insurance News

by

Finity has appointed Marcello Negro as Head of Product Management and Marketing, and Edward Owen as Head of Product Development and Innovation.  MD Scott Collings says technology has become a key element of Finity’s offer, alongside deep industry knowledge and analytics.  “We are pleased to be driving our technology capabilities forward with the appointment of … Read more

IA event to bust insurtech investment myths  – Insurance News

by

Insurtech Australia (IA) will host an event in Sydney on November 9 to dispel common investor myths about insurtech investment obstacles.  A panel will feature Curium CEO and Co-Founder Tetiana George, Investible Investment Principal Jayden Basha, Rainmaking APAC Head of Ecosystems Claire Bull, Trendspek CEO Derek Feebrey and HumanableCX Co-Founder Francoise Gelbard.  They say insurtech … Read more

‘Marked shift’ seen in attitudes towards Generative AI  – Insurance News

by

A marked shift in attitudes towards generative artificial intelligence (AI) is pointing to an increasing uptake in insurance in the near-term, professional services company Genpact says.  “Remarkably, more than 80% of our insurance clients, spanning different geographical locations, have already embarked on the path to adopt Generative AI, each at varying stages of implementation,” Senior … Read more

AILCA/ANZIIF Claims Convention nears return   – Insurance News

by

The Australasian Institute of Chartered Loss Adjusters (AILCA) and the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) are gearing up for the return of the jointly hosted Claims Convention.   The event, on September 28, will host keynote speakers and panel discussions with industry figures, with this year’s key theme “Insurance Claims … Read more