Reinsurance News’ Post

Did you know that reinsurances expands the capacity of the insurance market, enabling it to cover a broader range of risks and therefore more options to consumers. https://lnkd.in/eqntemmG #insurance #consumer

What is reinsurance? In the simplest terms, reinsurance is insurance for insurance companies. It enables the insurance companies to protect themselves in the same way that car, home, and life insurance offer financial protection to individuals in times of need.  In more specific terms, reinsurance is a type of protection that insurance providers buy to minimize their risk in the event of major claims, such as a natural disaster. With that said, reinsurance allows insurance companies to share liability with other firms, especially in cases where the primary insurance company does not have enough cash reserves in place to pay out claims. This functions to keep insurance providers afloat when large or multiple claims are made and ensures that claimants will receive the benefit they are entitled to. www.lrb.co.tz office@lrb.co.tz #Reinsurance##RiskManagement#insuranceIndustry"#reinsurance# #insurance#Product#Liability#insuranceindustry##underwriting##agriculture##agriculturalproducts##farming#lighthouse#reinsurance#insurance#Credit#surety#bonds#Property#cyber#lighthouse#reinsurance#brokers#management#solutions#growth#solutions,growing businesses#

The property and casualty insurance industry posted its second consecutive year of underwriting losses, driven primarily by personal lines, according to the latest industry underwriting projections by actuaries at Triple-I and Milliman. Learn more: https://bit.ly/4anpe2D #insurance #underwriting

Alera Group has released its “2024 Property and Casualty Market Update,” full of vital information and expert insights to help businesses and individuals manage the cost of risk and protect their assets. A bridge between the annual editions of our much heralded and increasingly popular “Property and Casualty Market Outlook,” the update is based on information from Q2 2024 and July policy renewals. The new report provides: ◾ An at-a-glance look at current property and casualty market conditions ◾ Strategies for getting the best the market has to offer ◾ Sections devoted to individual lines of commercial insurance coverage, as well as personal insurance. Discover the insights ▶️ https://ow.ly/eaTr50ThVsK #riskmanagement #insurance #commercialinsurance

Download our update to read about our market update and understand expert opinions on our expectations for Q4. At SMG Insurance, we seek to equip our partners with information to help make informed decisions on how to protect and grow your business. #InformationIsPower #Insurance #RiskManagement #CommercialInsurance

The U.S. property and casualty insurance industry experienced better-than-expected economic and underwriting results in the first half of 2024, according to the latest forecasting report by Triple-I and Milliman. Read more: https://bit.ly/4dGeRIP #insurance #underwriting #economis

According to Capgemini's World Property and Casualty Insurance Report 2024, while 83% of insurance executives believe predictive models are critical for underwriting’s future, only 27% say their firm has these advanced capabilities. At the same time, 53% of policyholders express concern about the amount of personal information collected by insurers, whereas 63% of policyholders say they would be willing to share more data in exchange for transparency, discounts, and reassurance that their information is secure. This sentiment represents a chance to drive risk mitigation and enhance insurability while building engagement, trust, and better retention. For a deeper dive into these insights and more, download the full report today: https://bit.ly/49z2Pia #PropertyandCasualtyInsurance #Underwriting #WPCIR24

According to Capgemini's World Property and Casualty Insurance Report 2024, while 83% of insurance executives believe predictive models are critical for underwriting’s future, only 27% say their firm has these advanced capabilities. At the same time, 53% of policyholders express concern about the amount of personal information collected by insurers, whereas 63% of policyholders say they would be willing to share more data in exchange for transparency, discounts, and reassurance that their information is secure. This sentiment represents a chance to drive risk mitigation and enhance insurability while building engagement, trust, and better retention. For a deeper dive into these insights and more, download the full report today: https://bit.ly/49z2Pia #PropertyandCasualtyInsurance #Underwriting #WPCIR24

In the first 9 months of 2024, losses covered by the private insurance market or public insurance entities totalled at least $108 billion, 5% higher than the decadal average of $102 billion, driven by a higher frequency of low/mid-size events, especially in parts of the world with higher coverage, a new report from Gallagher Re has revealed. According to the reinsurance broker, there were at least 28 individual billion-dollar insured loss events in the first 9 months of 2024, which ties 2020 as the second-highest Q1-Q3 on record. 19 of these events resulted in a multi-billion-dollar loss, the most ever recorded in any year for insurers. The overall costliest peril year-to-date remained SCS, which accounted for more than half of insured losses. Meanwhile, the total economic loss from natural perils in the first 9 months of 2024 was at least $280 billion, lower than the recent 10-year Q1-Q3 average of $309 billion. https://lnkd.in/e7znWQcq #NatCat #Insurance #Loss

Our CEO's insights have been featured in the prestigious Capgemini World Property and Casualty Insurance Report 2024. Don't miss out on the latest industry perspectives. Check it out here >> https://lnkd.in/gU_mWrwd #insurance #insuranceindustry #underwriting