• CoreLogic launches non-weather-related risk solution
• IUA forms cyber reinsurance group for London Company Market
• Internal reinsurance units of Allianz and Aviva as big as leading EU reinsurers: report
• Canopius appoints Head of Continental Europe for Reinsurance

Both products measure the frequency of non-weather-related water and fire events and use predictive analytics that look at appliances, systems, wiring, structures, climate and geographical location.

It said the solutions will allow insurers to more accurately quantify the likelihood and severity of damage from water and fire beyond previous methods of qualification.

Currently, across the U.S. non-weather-related water damage accounts for approximately 20% of all homeowner insurance losses nationwide.

CoreLogic said 84% of home structure fires are either intentionally ignited or a result of misused or failed cooking equipment, unattended candles or failures of heating and electrical systems.

Steve Brewer, Executive, Insurance and Spatial Solutions at CoreLogic, said: “With WaterRisk and FireRisk, insurers are now empowered with these previously unaccounted-for quantifiers of risk to more accurately underwrite and price policies commensurate with real risk.”

The IUA currently has a Cyber Underwriting Group for underwriters offering standalone cyber policies, and it is made up of carriers offering direct cover.

It said the new group has been formed following interest among reinsurers in the activities of the Cyber Underwriting Group.

The IUA said reinsurers have a “slightly different focus” than insurers, and that 14 companies had joined the new group, which held its first meeting on May 22.

They discussed the scope of future discussions, which are expected to cover issues such as cyber war and terrorism, accumulation and aggregation of risk, the provision of cyber cover within traditional classes of business, and natural perils as potential triggers for cyber events.

Chris Jones, IUA director of legal and market services, said: “The rapid growth and fast-changing nature of cyber threats have created many challenges for reinsurers.

“Companies are keen to support the development of dedicated cyber products in the London Market and our new reinsurance group aims to encourage this through discussion of both underwriting and claims issues.”

It attributed this to an analysis by Insurance Risk Data of solvency and financial condition reports (SFCR).

It said that Allianz and Aviva are among the groups to have been driven by Solvency II to set up internal reinsurers or ‘mixers’ to pool risk and take advantage of the diversification benefits that the regulation offers.

It reported that SFCR data from 2017 on income for proportional reinsurance of fire and property damage revealed that Aviva International Insurance Limited bought £1.1 billion ($1.5 billion) and Allianz took €2.7 billion ($3.2 billion).

This ranked them among the top six proportional property reinsurance units in Europe together with Münchener Rückversicherungs-Gesellschaft (€3.7 billion) ($4.3 billion), a unit of Munich Re, Lloyd’s of London (£1.8 billion) ($2.1 billion), SCOR Global P&C SE (€835 million) ($976 million), and Hannover Re (Ireland) DAC ($517 million) ($604 million).

Mr. Ott most recently served as Chief Underwriting Officer for Emirates Re and has held various senior underwriting positions throughout his career, predominantly in Germany and the Middle East.

Jamie Wakeling, Chief Underwriting Officer Reinsurance, said: “Stephan is a highly experienced, analytical and forward-thinking industry professional and we are delighted he is joining the team.

“His proven track record of providing ideas and solutions to insurers and reinsurers and his long-standing client relationships make Stephan the ideal person to drive our business forward in Continental Europe.”