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Reinsurers Will Bear Most of Costs of Container-Ship Grounding in Suez Canal

Apr 8 2021 // LONDON — Reinsurers are set to foot most of the bill for the grounding of the ship that halted traffic in the Suez Canal, industry sources said, with payouts expected to run into hundreds of millions of...

Australia’s Regulator Weighs Limits on Life Insurers’ Exposure to Offshore Reinsurance

Apr 8 2021 // Australia’s insurance regulator on Thursday proposed to limit the exposure of life insurers to offshore reinsurers, given its lack of oversight of foreign players. The Australian Prudential Regulation Authority...

April Reinsurance Renewal Pricing ‘More of the Same,’ Reports Willis Re

Apr 1 2021 // International reinsurance renewals completed for April 1 followed trends set earlier in the season, as market pricing remained firm in virtually all classes and territories. Capacity was adequate across the board, and no...

Suez Blockage Claims Expected to Hike Marine Reinsurance Rates, Says Willis Re

Apr 1 2021 // The blockage of the Suez Canal is likely to lead to large reinsurance claims, adding to upward pressure on marine reinsurance rates, James Vickers, chair of reinsurance broker Willis Re International, told Reuters. Formal...

Australia’s Floods to Hit Insurers’ Earnings, Put Upward Pressure on Reinsurance Rates

Mar 31 2021 // Insured losses from Australia’s March floods are expected to hit general (or property/casualty) insurers’ underwriting margins and earnings in 2021, while putting more upward pressure on reinsurance rates,...

Suez Canal Blockage Likely to Bring Large Losses for Global Reinsurers: Fitch

Mar 29 2021 // The blocking of the Suez Canal and resulting disruption to global shipping is likely to cause a large loss event for the reinsurance industry, according to Fitch Ratings. This event will reduce global reinsurers’...

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