Your weekly re/insurance round-up, ending 30th of August 2024

It's Friday 30 August, 2024

In this week's news, Fitch Ratings revealed that global reinsurers’ earnings will remain favourable through into 2025, while S&P highlighted the industry's increased appetite for natural catastrophe risks.

At the same time, a joint report from Aon and Parametrix underlined why geographical diversification is key to reducing the portfolio risk of cloud outage events.

In other developments,?Swiss Re’s Urs Baertschi emphasised the industry’s critical role as a shock absorber, and?Morningstar DBRS said its outlook for the P&C reinsurance market remains positive.

Elsewhere,?Enstar completed its?adverse development cover agreement with IAG, while the credit ratings of Core Specialty's subsidiaries were upgraded by AM Best.

Also, providing?initial estimates from the wildfire that struck the Municipality of Jasper and Jasper National Park this summer,?CatIQ observed that insured losses will exceed $880m.

Meanwhile, with alternative risk solutions gaining traction,?a recent poll by Reinsurance News?suggested that?parametric insurance will be the most in-demand offering.

As for the key people moves, Peak Re appointed Peter H?mmerli as Head of Business Operations, and?Kristopher Lynn joined Lockton Re as a Senior Broker and Practice Leader for Agriculture.

Concurrently, AXIS Capital named David White as its new Head of Aviation, and?Howden Capital Markets & Advisory added Des Potter as an Independent?Non-Executive Director in the UK.

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!