4th September 2022
This week, S&P Global Ratings said the natural catastrophe business of global reinsurers has been reshaped by five years of losses that were higher than they anticipated-"Half of the top 21 global reinsurers have increased exposure and the other half have made reductions, with the aggregate catastrophe budget rising almost 20% to $15.5bn in 2022," said S&P Global Ratings credit analyst Charles-Marie Delpuech in the report "Global Reinsurers Part Ways On Natural Catastrophe Risk-Even As Prices Rise"-the company also released "S&P Global Ratings Top 40 Global Reinsurers And Reinsurers By Country: 2022". Gallagher revealed that UK councils have been hit by 10,000 cyber-attacks every day so far in 2022. Which? indicated that despite the loyalty penalty ban introduced by the Financial Conduct Authority(FCA), many UK personal lines insurance customers are seeing price rises. Aviva in its latest guest article highlighted that more over 65s in the UK are still working than six years ago.
Member companies of the Association of Bermuda Insurers and Reinsurers(ABIR) recorded a 21% year-over-year increase in net premium written in 2021. The Chartered Insurance Institute(CII) has teamed up with Pearson to support the launch of T Levels, a new route into a rewarding career in the insurance and personal finance profession-the 125-year-old professional body is part of the panel that validate content for the two-year Finance T Level courses, which follow-on from GCSEs and are equivalent to three A levels.
Ariel Re is the first Lloyd’s business to become a signatory of the Standards Board for Alternative Investments(SBAI)-the SBAI is an alliance of allocators and asset managers supported by over 250 institutional investors and investment managers, which has created an Alternative Investment Standards framework. Sompo International signed an agreement to sell the run-off Endurance at Lloyd’s(EAL) business to RiverStone, and DARAG Group announced the conclusion of a new agreement with an undisclosed US-based captive insurance company. esure announced a positive half-year trading report. There were senior appointments at QIC, Compre, and TigerRisk.
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