Here’s your daily Reinsurance News for Tuesday 21st February 2017:
Ogden rate revision to result in huge re/insurer reserve charge: Willis
Brokerage Willis Towers Watson has warned that the proposed revision to the Ogden discount rate would see reinsurers that operate in the UK motor industry face a £4.9 billion one-off reserve charge.
Bruce Carnegie-Brown to replace Nelson as Chairman of Lloyd’s
Lloyd’s of London has announced that Chairman of Moneysupermarket.com Group, Bruce Carnegie-Brown is to replace John Nelson as its new Chairman.
Sydney & NSW hail storm losses estimated at AU$42m, fire loss rises
The Insurance Council of Australia (ICA) has said that the severe summer hailstorm that struck Sydney and parts of New South Wales (NSW) has an insurance industry loss estimate of AU$42 million, while losses from the NSW bushfire have also risen.
Ed brokers re/insurance for Iranian gas field projects
Reinsurance broker Ed has completed the first arrangements in Iran that will result in London market re/insurance capacity backing energy industry projects for the first time since sanctions were in place.
Reinsurers cautioned over climate change risks to finance system: APRA
The Australian Prudential Regulation Authority (APRA) has warned insurers and reinsurers over the potential threat to the finance system from climate change.
ASEAN countries explore regional risk insurance pool
The ASEAN group of countries has agreed to deepen cooperation on disaster risk finance and insurance in the region, during a recent meeting in the Philippines.
Russian National Reinsurance to seek global diversification, ratings
In an effort to diversify its book of business as it looks to expand, the Russian National Reinsurance Company is reportedly looking to enter international reinsurance markets.
John Fowle promoted to CEO of Chaucer Syndicates
The Hanover Insurance Group has announced that John Fowle has been promoted to CEO of Chaucer Syndicates, Ltd., replacing Johan Slabbert.
Willis Towers Watson to acquire French aviation broker OAAGC
Insurance and reinsurance broker Willis Towers Watson is to acquire French aviation broker, OAAGC, a move that expand the firm’s aviation business in the region.
Zurich merges global corporate & commercial units in Asia-Pacific
Zurich Insurance has reportedly merged its global corporate and commercial divisions in the Asia-Pacific region.
Higher cat losses push United Insurance to net loss in Q4
United Insurance Holdings has reported its fourth-quarter 2016 results, posting a net loss of $10.5 million compared with a gain of $13.8 million a year earlier. The firm attributes the change in earnings to higher catastrophe losses.
Re/insurers increasingly utilise cloud computing
According to consulting services and software provider The Certus Group, insurers, reinsurers, and other financial services companies are increasingly using cloud computing.
Uptick in cat bond issuance likely in 2017: Driscoll, Validus Re
The CEO of Validus Re, Keane Driscoll, has said that he expects to a rise in catastrophe bond issuance during 2017 as appetite for ILS investment persists.
Chubb names Adrian Matthews COO, Continental Europe
Chubb has announced the appointment of Adrian Matthews as Chief Operating Officer (COO), Continental Europe, effective during the first-quarter of 2017.
Western Pacific customers to receive first Christchurch quake payout
Reports from the region claim that customers of collapsed insurer, Western Pacific, will receive their first payout from their 2010-2011 Christchurch earthquake claims.
Mark Johnson named CEO of Hyperion’s FP Marine Risks
Hyperion Insurance has announced the appointment of Mark Johnson as CEO of its Hong Kong specialty marine business, FP Marine Risks Ltd.
Cyber attacks cost India $4 billion in last 12 months
According to a recent report cyber attacks cost India a huge $4 billion in the fiscal year ending March 31, 2017, underlining the need for adequate and effective cyber solutions.
MENA insurance sector still has growth potential
Regardless of a dip in oil prices and reduced economic growth in recent times, the MENA insurance sector still has potential for growth as competition increases.
ASIC to crack down insurance add-ons
In an effort to crack down on insurance add-ons, the Australian Securities & Investments Commission (ASIC) is prepared to use its full power to achieve better consumer outcomes with add-on insurance.
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