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Trump’s budget proposes scrapping funding for NFIP flood maps
16th March 2017
President Donald Trump's first proposed budget includes a measure that would scrap all funding for the National Flood Insurance Program's Flood Hazard Mapping Program. The Flood Hazard Mapping Program sees the Federal Emergency Management Agency (FEMA) working to identify flood hazards, assess flood risks and work alongside states and communities to ... Read the full article
China Re reports $845m of written premium for first two months of 2017
16th March 2017
China is a target market for insurance and reinsurance players, but lately it hasn't been particularly easy-going, with reports of major reinsurers pulling-back as domestic players begin to dominate the market. Today, China Re, the largest domestic player in both insurance and reinsurance, has reported its premium income for the ... Read the full article
Higher U.S. interest rates promote pension-risk transfer
15th March 2017
Higher interest rates could incentivise the growth of U.S. pension-risk transfer business as rate changes make it less expensive for employers to transfer pension obligations, providing a further catalyst in what's become a thriving cross-Atlantic longevity risk transfer business. Chief Investment Officer of United Technologies Corp, Robin Diamonte, told the Wall Street ... Read the full article
Fortune Financial requests share of India government premiums
15th March 2017
Fortune Financial’s reinsurance entity ITI has requested it be given a share of the reinsurance premium currently designated for government-owned GIC Reinsurance, in a letter to India's insurance industry regulator, the Insurance Regulatory and Development Authority of India (IRDAI), according to reports. According to CNBC- TV18 sources, the reinsurer wrote to IRDAI officials, ... Read the full article
Qatar Re capitalisation passes the $1 billion mark
15th March 2017
Bermuda domiciled reinsurance firm hailed the completion of its recent significantly oversubscribed $450 million perpetual bond debt issuance today, saying that it takes the reinsurers capital passed the $1 billion mark. Size still does matter in reinsurance, with some cedents continuing to tier their reinsurance panel based on factors such ... Read the full article
Conservative guidance given as Munich Re sets itself up for ongoing softness
15th March 2017
Global reinsurance giant Munich Re has delivered relatively conservative profit guidance for 2017, targeting a range of EUR 2 billion to EUR 2.4 billion, as it sets itself up to navigate expected challenges and softness in the market. The mid-point of the firms 2017 profit target is below the consensus expectation ... Read the full article
Blockchain: Why re/insurers need to take control of their future
14th March 2017
In this contributed article, Tom Johansmeyer, assistant vice president, PCS Strategy and Development, at ISO Claims Analytics, a division of Verisk Insurance Solutions, discusses the need for insurance and reinsurance market participants to engage with the global blockchain community. Blockchain: Why re/insurers need to take control of their future Waiting for a ... Read the full article
China ramps up regulation for offshore reinsurers
14th March 2017
China has set up an offshore reinsurance credit risk deposit scheme, requiring offshore reinsurers to hold credit with a domestic company to protect against what it sees as high offshore credit risk. The Chinese insurance and reinsurance industry regulator, the CIRC, introduced the scheme in a statement released yesterday after labelling ... Read the full article
NAICOM urged to level playing field for Nigerian reinsurers
14th March 2017
Pan-African reinsurance company Africa Re has an unfair, dominant share of the Nigerian reinsurance market, which is causing local reinsurance companies to perform below expectations, according to reports from the region. This is according to online Nigerian insurance and pension news reporting website Inspenonline, which, citing an unnamed industry expert, says that Africa ... Read the full article
Flood risk privatisation back on the U.S. political agenda
13th March 2017
The Housing and Insurance Subcommittee met recently to discuss the state of the U.S. National Flood Insurance Program (NFIP) and potential reforms, including the opportunity for the private sector to develop an effective private flood risk insurance market. The development of a private flood risk insurance and reinsurance market in the U.S. ... Read the full article
Warren Buffett’s Berkshire Hathaway should buy AIG: KBW analyst
13th March 2017
Keefe, Bruyette & Woods analyst Meyer Shields offered Warren Buffett some bold advice on Friday, laying out the case for Berkshire Hathaway buying insurance giant AIG. Shields and his fellow KBW analysts said that Peter Eastwood, the current head of Berkshire Hathaway Specialty Insurance (BHSI) and formed AIG CEO of Property ... Read the full article
Reinsurer profitability dependent on attritional loss activity: KBW
10th March 2017
Reinsurers' profitability is expected to remain under pressure in the coming months but returns could improve on 2016 if attritional losses from catastrophe events remain low, according to analysts at Keefe, Bruyette & Woods (KBW). According to analysis and commentary from KBW reinsurers produced an average return on equity (ROE) of 8.1% ... Read the full article
Validus finds up to 15% of NFIP flood policies attractively priced
9th March 2017
Bermudian insurance and reinsurance company Validus Group has said that after analysing the National Flood Insurance Program's risk profile, the re/insurer deems that it would underwrite as much of 15% of the risk on its own balance-sheet. It's a clear indication that the private insurance and reinsurance market is ready and ... Read the full article
Qatar Re positioned well for growth after successful capital raise
9th March 2017
Bermuda headquartered Qatar Reinsurance Co. (Qatar Re), the reinsurance subsidiary of Qatar Insurance Co. (QIC), has said the successful completion of its significantly oversubscribed $450 million perpetual bond debt issuance positions it well for future expansion. The issue attracted more than 290 orders for more than $6.5 billion, oversubscribing by roughly ... Read the full article
CEO Hancock resigns from AIG, citing lack of support
9th March 2017
American International Group's President and Chief Executive Officer Peter Hancock has handed in his resignation, citing a lack of support for his tenure. Following difficult times at AIG, which has seen the company downsizing and seeking to get activist shareholders on-board with Hancock's strategy, it appears he's had enough and ... Read the full article