Torsten Jeworrek News

The New Digital Normal and the Future of Work in Reinsurance

It’s been said that necessity is the mother of invention. That proverb was illustrated perfectly during the insurance industry’s successful scramble to conduct its business digitally at the onset of the COVID-19 crisis. This digital transformation is creating a new …

COVID-19 Crisis Renews Attention on Systemic (Uninsurable) Risks

Reinsurers and insurers for years have been worried about systemic risks – those uninsurable risks with the potential of surpassing the capital of the industry. The COVID-19 crisis has renewed attention on these risks, which could also include a global …

Catastrophe Losses Driven Higher by Secondary Perils – And Climate Change

Secondary perils, exacerbated by climate change, are driving catastrophe insurance losses, warn a growing chorus of reinsurers and brokers. Indeed, broker Aon reveals that more than 60% of 2020’s insured catastrophe losses of $54 billion have been caused by secondary …

What to Expect in 2021: Reinsurance Market Moving From ‘Timid’ to ‘Hard’

Speaking at one of the many virtual conferences that took place in early September, Dan Malloy, chief executive officer of Bermuda-based Third Point Reinsurance, offered an anecdotal view of the reinsurance market from a broker he knows. “It isn’t a …

Social Inflation, Low Interest Rates, Rising Catastrophes: Recipe for a Hard Market

Even before the coronavirus crisis hit, the re/insurance industry was in a period of significant rate hardening, which will likely continue over the next two years, or even longer, according to Munich Re. Such price increases became necessary after 10-plus …

Reinsurers Look at Cyber’s Massive Growth Possibilities-With Caution

Reinsurers are aware they must constantly invent new solutions in order to stay relevant for their clients. Yet, they admit they are sometimes challenged to close the protection gap for new and emerging risks such as cyber. Cyber is actually …

California Wildfires, Hurricane Michael Top List of 2018’s Costliest Natural Disasters: Munich Re

The costliest natural catastrophes occurred in the United States in 2018 with one of California’s devastating wildfires and Hurricane Michael topping the list, according to Munich Re. A report from Munich Re on last year’s natural disasters pointed to “clear …

Cyber Reinsurers Aim to Master the Dangers of Global Accumulation

Cyber insurance is a market with enormous growth potential – but one that also has the potential to become a costly, worldwide event in a matter of seconds. Unlike natural catastrophes, cyber isn’t limited to geographic regions. It’s a risk …

Munich Re Acquires Tech Firm Relayr, an Industrial Internet of Things Specialist

Munich Re announced it is taking a further key step to create new business models in industrial Internet of Things (IoT) through the acquisition of the software company “relayr” via Munich Re’s subsidiary, Hartford Steam Boiler (HSB). Valued at US$300 …

Reinsurers Invest in Fintech Startups to Diversify and Grow in Soft Market

When Micah Carr-Hill wanted to insure Chief, the Labrador that helps with his son’s autism therapy, he found an ally in Munich Re, the world’s biggest reinsurer. The German company had just teamed up with a U.K. internet startup to …