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Thomas Brazil named CEO of Sompo International’s SI Insurance (Europe)
18th April 2019
Thomas Brazil, currently Senior Vice President (SVP), and Head of Europe Property Catastrophe Reinsurance at Sompo International, has been named Chief Executive Officer (CEO) of SI Insurance (Europe), SA. SI Insurance (Europe) is the insurer and reinsurer's platform for European Economic Area (EEA) insurance operations. In his new role, Brazil will ... Read the full article
World Bank pegs Cyclone Idai economic loss at $2bn
16th April 2019
Cyclone Idai, which last month cut a path of destruction through the southern African countries of Malawi, Zambia and Zimbabwe, has been estimated by the World Bank to have inflicted over $2 billion in economic losses. Vast areas of land were submerged by torrential rainfall released by the Category 2 storm, ... Read the full article
World Bank eyes updated pandemic risk transfer facility for 2020
10th April 2019
The World Bank Group has reached out to catastrophe risk modelling firms as it prepares to begin development on the next phase of its Pandemic Emergency Financing Facility, PEF 2.0. In response to the high financial, social and economic loss driven by outbreaks of infectious disease, such as the 2014 Ebola ... Read the full article
Global flood events in March result in $8 billion of economic losses: Aon
9th April 2019
Flooding events across the world in the month of March has resulted in economic losses of roughly $8 billion, with approximately half of this coming from events that hit the U.S., according to global insurance and reinsurance broker, Aon. Aon's monthly global catastrophe report highlights numerous flood events, which, combined are ... Read the full article
IRDAI grants special approval to 11 cross-border reinsurers for 2019-2020
8th April 2019
The Insurance Regulatory and Development Authority of India (IRDAI) has granted special approval to 11 cross-border reinsurance companies for the 2019-2020 year. This compares to 16 cross-border reinsurers that were approved by the regulator to operate in India for the 2018 year. According to a circular published by the IRDAI, the recently ... Read the full article
Islamic insurance demand to drive profits & premium growth: Moody’s
5th April 2019
Growth in global demand for Islamic insurance, also known as takaful, is supporting profitability in the sector and will likely result in moderate premium increases over the next 2-3 years, according to Moody’s Investors Service. Globally, gross takaful premiums, or contributions, increased at a compound annual rate of 9% between 2014 ... Read the full article
Sedgwick appoints new Chief Client Officer, International division
3rd April 2019
Sedgwick, a global provider of technology-enabled risk, benefits and integrated business solutions, has named Eric Malterre as Chief Client Officer for its International unit. Malterre brings more than 15 years of international experience in the insurance, reinsurance and broking sector, having held numerous leadership roles in a number of regions, including Africa, ... Read the full article
Boeing faces first lawsuit from Ethiopian Airlines crash
3rd April 2019
U.S aircraft manufacturer Boeing is facing its first liability lawsuit from the family of a victim of the March 10 Ethiopian Airlines crash, which resulted in the death of all 157 passengers. The lawsuit was filed in Chicago federal court by the family of Jackson Musoni, a citizen of Rwanda, and ... Read the full article
Eleonora Geamanu named Head of Willis Towers Watson in Romania
2nd April 2019
Global insurance and reinsurance broker Willis Towers Watson (WTW) has appointed Eleonora Geamanu as Head of WTW in Romania. Based in Bucharest, she will take responsibility for driving revenue growth and meeting clients' needs across the Romania marketplace, for a broad set of business lines. She joined WTW in 2007 and has ... Read the full article
Neon leads London Political Risks Insurance Consortium
27th March 2019
Insurance and reinsurance specialist Neon has been revealed as the lead of the newly established London Political Risks Insurance Consortium, with MS Amlin being announced as a joint agreement party. The new initiative will be led by Nicholas Robinson, who was recently promoted to Head of Specialty at Neon, and is ... Read the full article
MENA re/insurance markets face short term volatility: A.M. Best
26th March 2019
Insurance and reinsurance companies operating in the Middle East and North Africa (MENA) region face significant volatility in the short to medium term due to an economic slowdown, regulatory changes, social unrest, and a lack of diversification, according to A.M. Best. Analysts said that navigating these risks is becoming increasing important, ... Read the full article
Alesco launches $3.5bn energy reinsurance facility for Equatorial Guinea
21st March 2019
Alesco Risk Management Services, the specialist insurance and risk management broker, has been appointed by Africa Reinsurance Corporation (Africa Re) to arrange a reinsurance facility for all international upstream energy insurance programs written from Equatorial Guinea. The commission of the $3.5 billion facility, which will largely be placed through Lloyd’s, adheres ... Read the full article
Mutual insurance sector grows global market share to 27%: ICMIF
20th March 2019
The mutual and cooperative insurance market significantly outpaced the growth of the total global insurance industry over the last 10 years, increasing its market share from 24.0% in 2007 to 26.7% in 2017. This is according to the findings of a recent report by the International Cooperative and Mutual Insurance Federation ... Read the full article
A.M. Best will continue to provide ratings in UK & EU after Brexit
20th March 2019
A.M. Best has confirmed that it expects to be able to continue providing credit ratings that can be used for regulatory purposes in both the UK and European Union (EU) after Brexit. The rating agency incorporated a new subsidiary in Amsterdam last year and secured credit rating agency (CRA) registration with ... Read the full article
Allianz (AGCS) makes senior adjustments
19th March 2019
Allianz’ corporate insurance carrier, Allianz Global Corporate & Specialty (AGCS), is appointing its current Chief Underwriting Officer, Corporate, Hartmut Mai to the Board role of AGCS Chief Regions and Markets Officer for the company’s three strategic business units: Central & Eastern Europe (CEE), Mediterranean and Africa. This announcement comes as AGCS ... Read the full article