Reinsurance News

Speaking at the Lloyd's Q4 2024 Market Message, Patrick Tiernan, Chief of Markets, explained that whilst looking at the jump off point for 2025, he sees a “global specialty market that continues to experience favourable, if not, more competitive conditions.”

Chaucer Group has highlighted growing demand in Mexico for insurance protection against cartels and other organised crime, driven by cartel activity spreading into new areas and greater demand from sectors outside of tourism and leisure.

Australian insurer IAG is to acquire 90% of RACQ’s existing insurance underwriting business for $855m, under a 25-year exclusive partnership between the two companies.

French reinsurance giant SCOR’s corporate foundation is backing an initiative led by Lancaster University Management School to use prediction markets to combine diverse forecasts of future climate into unified predictions, potentially providing a new mechanism for funding climate research.

Allianz Partners, a provider of insurance and assistance services, has announced that Michael Buttstedt has assumed the role of Chief Financial Officer and Board Member as of September 1, 2024.

Zurich Resilience Solutions, the commercial risk advisory and services unit of global insurer Zurich Insurance, has launched Climate Spotlight, an interactive digital solution leveraging climate data to provide businesses, municipalities, and public entities with insights to better anticipate, mitigate, and manage their climate risks while enhancing resilience.

As the insurance and reinsurance industry continues to grow, the extensive risk landscape also continues to widen, with major risks stemming from key areas such as climate change and cyber, which according to John Neal, CEO of Lloyd's, means that the industry has to evolve and innovate at a more faster rate than it has done in history.

In an interview with Reinsurance News, William Ho, Chief Executive Officer of MS Amlin for Asia Pacific, affirmed that although reinsurance market dynamics in Asia have shifted in 2024, discipline is expected to persist as the company continues to innovate for clients and brokers in an ever-changing landscape.

Specialist insurance provider CFC has announced the launch of a new comprehensive insurance solution which will provide coverage for technology and cyber risks faced by tech businesses with revenues exceeding $250 million.

S&P Global, a provider of credit ratings, research, and analytics, maintains a stable outlook on the global cyber insurance and reinsurance industry, supported by solid underwriting profitability in 2023 and 2024, with expectations for this trend to continue into 2025.