Page 19 - Insurance Times June 2024
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ings products that secure higher retire- those potentially developing into hur- of parametric underwriting specialist
ment incomes. As a result, total global ricanes, of which five might become New Paradigm Group.
premiums are forecast to grow to USD severe hurricanes, reaching wind Stuart Newcombe, former active un-
4 trillion by 2034. In contrast, global life speeds of over 110 mph (177 km/h). derwriter for Munich Re Innovation
insurance premiums grew by only USD It is important to highlight that these Syndicate 1840, has been named active
300 billion in the entire low interest
estimates are significantly higher than underwriter for NormanMax Syndicate
rate decade of 2010 to 2019. the long-term average between 1950 3939.
Paul Murray, Swiss Re's CEO Life & and 2023 (12.0 named storms, of NormanMax has partnered with
Health Reinsurance, says: "Higher in- which 6.4 were hurricanes, with 2.8
Apollo, which provides Lloyds manag-
terest rates give consumers more at- severe hurricanes). ing agency services, via a long-term
tractive options to secure their retire- As well as this, Munich Re explained partnership model. (In addition to pro-
ment income and we are seeing very that the forecasts are also well in ex- viding third-party managing agency
positive market growth for life insur- cess of storm activity in the cyclical services that support new Lloyds en-
ance to meet this need. Higher inter- warm phase in the North Atlantic since trants, Apollo also is a re/insurer that
est rates also allow insurers to meet the mid-1990s (15.7 tropical storms, of underwrites via three Lloyds syndi-
their cost of capital. Reinsurers can which 7.5 were hurricanes, with 3.3 cates.)
furthermore support life insurers by severe hurricanes).
freeing up capital, boosting underwrit- Aon completes transac-
ing capacity and focusing on product
innovation for capital-light growth." NormanMax Launches 1st tion to acquire Global In-
Nat Cat Parametric Lloyds surance Brokers in India
Highly active 2024 hurri-
Syndicate, Managed by Leading global reinsurance broker Aon
cane season on the hori- Apollo plc announced that it has successfully
zon, says Munich Re NormanMax Insurance Holdings, the completed the transaction to acquire
Global Insurance Brokers (GIB) and will
Munich Re has indicated that the 2024 Miami, Florida-based parametric re/ become a part of the firm after the
hurricane season in the North Atlantic insurance group, has launched Lloyds finalization of the National Company
is expected to be highly active, as cur- Syndicate 3939, in partnership with Law Tribunal merger process.
rent forecasts are suggesting that the third-party managing agent Apollo.
number of tropical cyclones could be The process is expected to be com-
significantly higher than the long-term NormanMax Syndicate 3939 is the first pleted later this year. In the meantime,
average. syndicate to focuse on natural catas- Global Insurance Brokers will operate
trophe parametric re/insurance prod- independently as an Aon company.
In a recent report released by the firm, ucts for hurricane, tropical cyclone,
it explains that it is difficult to predict typhoon and earthquake. Rishi Mehra, Head of Aon for India, will
how many will actually make landfall, but join the GIB board as its chairman sub-
the increased number of storms raises NormanMax will combine 21st cen- ject to customary approvals. Jon Pipe,
the probability of multiple landfalls. tury data and technology to create CEO and principal officer of Aon India
parametric solutions for clients around Insurance Brokers and GIB's existing
In addition, there is also a higher risk executive leadership team, will work
of storms in the Gulf of Mexico and the globe to address the natural disas- closely with Mehra to help clients
Caribbean Sea this year, increasing the ter protection gap, at a time of in- make better decisions to protect and
likelihood of landfalls taking place creased climate risk and volatility, the grow their business.
across these regions. company said.
Mehra said, "This is an exciting mile-
As per its report, Munich Re is antici- NormanMax first received in-principal stone in Aon's journey in India and re-
pating above average hurricane activ- approval from Lloyds to launch Syndi- flects our commitment to the Indian
ity in 2024 based on climatological con- cate 3939 in December 2023. market. The exceptional talent and
ditions. NormanMax is led by CEO Bradley breadth of capabilities across our two
Leading research institutes are antici- Meier, former founder, chairman and firms will create opportunities for our
pating approximately 23 named cy- CEO of both Universal Insurance Hold- colleagues and expand our ability to
clones in the tropical North Atlantic for ings and Universal Property and Casu- better serve the growing needs of our
the 2024 season, with roughly 11 of alty Insurance Co. as well as co-founder clients."
18 June 2024 The Insurance Times
