Swiss Re

The reinsurer and the tech firm will collaborate on driverless vehicle products.

Flood coverage is one area where the insurance industry can close protection gaps, but carriers and agents need to increase their efforts to educate clients about this peril, Swiss Re’s US P&C president told this publication.

The insurance marketplace aims to bridge the gap between insurance and capital markets.

The deal brings an end to Prudential’s participation in non-core legacy property and casual business.

The carrier also estimated its European flooding burden will be $520mn.

An increase in the frequency and severity of nat cats and cyber incidents is pushing up protection demand.

The reinsurer warns that climate risks could increase average weather-related property cat losses in advanced markets by more than 60%.

Coletti takes the role previously held by Anthony Cordonnier, who recently joined reinsurance broker Guy Carpenter.

Governments will need to think in the long term despite current Covid challenges.

A complex web of factors are creating uncertainty around the likely insured loss, but much early discussion centers on a $20bn-$25bn range.

The offering uses highest wind speeds at set locations as triggers for payouts.

Overall figure was driven by a deep winter freeze, hailstorms and wildfires and marked the second highest first-half figure behind 2011.