Global reinsurance giant yesterday announced plans to streamline its organisational structure by splitting the current Reinsurance Business Unit into P&C Re and L&H Re, with each having full authority over the respective underwriting and claims management processes.
Hannover Re generated a group net income of EUR1.41bn ($1.54bn) in the 2022 financial year (2021: EUR1.23bn), based on preliminary unaudited key figures, the global reinsurer says in a statement. The net results are expected to be higher in 2023.
Specific drivers will prevail in the insurance industry during 2023 and these will include ESG risks, geopolitics, technology change and claims inflation according to Kennedys, the global law firm in its annual forecast report for the insurance sector.
Extreme weather events induce psychological trauma which can have long-term impact on survivors' cognitive functioning according to a new study.
Healthcare reported the most cyber breaches of all sectors in 2022, overtaking finance to account for 22% of incidents, up from 16% in 2021 according to a data breach outlook report by Kroll.
Climate change driven natural disasters caused global economic losses of $313bn in 2022, according to a new report by insurance broker Aon. Less than half of these losses were insured.
Ravaged by human disturbances, deforestation, drought and fires, over a third of the Amazon rainforest has been rapidly deteriorating according to two new studies which have raised concerns that the rainforest with a unique ecosystem may be approaching a point of no return.
A new ranking table of the top global universities has revealed that these institutions are failing to prepare graduates for a 1.5 degrees Celsius rise future.
S&P Global Ratings says that for global reinsurance, it expects the hard market in short-tail lines will continue throughout 2023.
Cedants were, by and large, able to secure their required Nat CAT reinsurance limits during the 1 January renewal season. However, the reinsurance renewals came at a price, says Gallagher Re.