Your weekly re/insurance round-up, ending 16th August 2024

It's Friday 16 August, 2024

In this week's news, Moody’s RMS reported that the U.S. private market insurance industry loss from Hurricane Debby is not expected to exceed $1.5bn, while catastrophe risk modeller KCC gave a similar figure of $1.4bn.

Elsewhere, Swiss Re noted that the ILS market again set records in H1 2024, with strong catastrophe bond issuance on the back of robust demand from investors.

At the same time, a new report from hyperexponential observed that while new technology has opened up significant opportunities, issues with the broader ecosystem and outdated systems are hindering innovation and limiting insurers’ efficiency, profitability, and collaboration.

In results news, Hannover Re saw its H1 P&C reinsurance combined ratio strengthen as its underwriting result improved, while Canopius’ H1 net insurance revenue climbed 24% to $980m.

Meanwhile, Aspen’s reinsurance GWP expanded significantly in Q2 on targeted casualty and specialty growth, while Fidelis reported a 25% rise in GPW in Q2 and a combined ratio of 92.7%.

US primary insurer Allstate also disclosed total catastrophe losses for July of $587m, which includes an initial loss estimate of $226m for Hurricane Beryl.

In other developments, an AM Best report revealed that a strategic market reset by global reinsurers in 2023 has led to robust technical profits and a shift in industry dynamics.

Turning to the key people moves, Gallagher Re confirmed that Guy Carpenter’s Global Head of Distribution, Larra Mowery, is joining the firm in a senior role.

Concurrently, Accredited has appointed SCOR’s Stuart McMurdo as President of the UK & Europe, and Skyward Specialty Insurance entered the mortgage re/insurance market, naming Jean-Philippe Latour as lead.

We’ll continue to update you with more coverage of the major developments from this week, while also keeping up with the regular news coming out of the re/insurance industry.

We hope all our readers stay safe and well this weekend!