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UK & Germany praised for efforts to reduce protection gap in emerging regions

21st July 2017

Intentions of the UK partnership with the World Bank Group and Germany to establish a Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions, has been praised by the Insurance Development Forum (IDF), the United Nations Development Programme (UNDP), and global re/insurers. Expanding on the announcement that the Read the full article

Proportion of 2017 cat losses covered by re/insurance up 10%: Aon

20th July 2017

The first-half of 2017 brought catastrophe losses to the global economy of $53 billion, 42% of which, or $22 billion was covered by re/insurance protection, according to Aon Benfield unit, Impact Forecasting's latest catastrophe report. 76% of total global catastrophe losses were from U.S. events, making the U.S. the only region ... Read the full article

Choolhun joins Ed from RKH Specialty as a Divisional Director

18th July 2017

International reinsurance broker, Ed, has named Roshan Choolhun Divisional Director of its Accident & Health (A&H) and Contingency operations. As part of his new role at Ed, Choolhun will be tasked with growing the firm's A&H and Contingency business with a focus on expanding the company's presence in the Middle East, ... Read the full article

Soft reinsurance market yet to fully play itself out, warns KBW

11th July 2017

Citing reinsurance broker Willis Re's mid-year reinsurance renewal report, analysts at Keefe, Bruyette & Woods (KBW) have warned that the soft market environment is to continue, with hopes of a market floor at the June and July renewals being premature. Reinsurance rates continued to decline at the mid-year renewals across most ... Read the full article

G20 countries to discuss climate insurance partnership

7th July 2017

At the G20 summit agenda in Hamburg - the biggest global economies are expected to discuss climate insurance partnerships to support climate policies that would accelerate movement towards Paris Climate Agreement goals. The German presidency made climate change one of the top priorities on the G20 agenda,  Christoph Bals, Vice-Chair of MCII ... Read the full article

Marjorie Ngwenya succeeds Colin Wilson as Institute & Faculty of Actuaries president

4th July 2017

South-Africa based Marjorie Ngwenya succeeded Colin Wilson earlier this week as the next annual president of the Institute and Faculty of Actuaries (IFoA). For the past year Ngwenya has been IFoA President-elect, after having volunteered for the institute since she became a fellow in 2006. Ngwenya, whose tenure marks the first time the ... Read the full article

Nepal Reinsurance Company continues to expand global business

30th June 2017

According to industry reports the Nepal Reinsurance Company (NRC) has been growing its international business, and collected Rs100 million (roughly US$969,500) in the first eleven months of the fiscal year. NRC is Nepal's sole reinsurer, and has clients across 15 countries, which includes United Arab Emirates, Bahrain, Papua New Guinea and a ... Read the full article

Severe weather to increase in frequency & intensity: AIR Worldwide

30th June 2017

Catastrophe risk modeller AIR Worldwide compiled the latest findings of climate science in a report on the potential impact of climate change to extreme weather; bringing attention to tropical cyclones, extratropical cyclones, severe storms, wildfire, and floods and warning of an overall increase in frequency and intensity of severe weather phenomena ... Read the full article

Reinsurance industry helps World Bank secure $500m pandemic facility backing

29th June 2017

The global reinsurance industry has collaborated with and assisted the World Bank's launch of specialist bonds to support the $500 million Pandemic Emergency Financing Facility (PEF), which is designed to rapidly disburse funds to eligible countries facing a major disease outbreak. In response to the high financial, social and economic loss driven ... Read the full article

Mainstream adoption of InsurTech to accelerate

26th June 2017

Adoption of technology based or bought insurance is expected to increase dramatically, as InsurTech's look poised to hit the mainstream, according to data from a survey by EY. Consultancy, assurance, tax, transaction and advisory specialist EY surveyed 22,000 digitally active consumers from across 20 markets as part of its FinTech Adoption Index, ... Read the full article

Swiss Re appoints D’Andrea to Italy CEO, as Coletta takes EMEA run-off role

15th June 2017

Global reinsurance specialist Swiss Re has appointed Daniela Read the full article

“Ignoring emerging risks is not an option,” says Swiss Re’s Patrick Raaflaub

13th June 2017

Swiss Re's Group Chief Risk Officer (CRO), Patrick Raaflaub, warned re/insurers to take a proactive stance to prepare for emerging risks, after the reinsurance giant released its 2017 SONAR report with insights on top risks set to threaten society and shape demands on the re/insurance world in coming years. Raaflaub said; "Ignoring emerging ... Read the full article

President Mugabe rejects Zep Re’s Bill to expand into Zimbabwe: Reports

12th June 2017

Kenya-based insurer and reinsurer Zep Re, also known as PTA Reinsurance Company, has been denied expansion into the Zimbabwe marketplace after President Mugabe rejected the Zep Re (Membership of Zimbabwe and Branch Office Agreement) Bill, according to industry reports. The Bill is designed to enable the insurance and reinsurance company to expand its ... Read the full article

Zep Re becomes just second foreign reinsurer to launch Ethiopia office

7th June 2017

Kenya domiciled reinsurer Zep Re, or PTA Reinsurance Company, has established a new regional office in Ethiopia in an effort to boost its reinsurance operations in Africa's second largest market by population, according to reports from the region. The new office has now opened following the signing of a hosting agreement ... Read the full article

SCOR expands EMEA longevity risk capabilities with new appointment

6th June 2017

French insurer and reinsurer SCOR has announced the appointment of seasoned longevity risk transfer executive, Wolfgang Murmann, as its new Head of Longevity for Europe, the Middle East and Africa (EMEA). The appointment of Murmann, who has a solid track record in longevity risk transfer markets and joins from asset management firm, Insight Investment, will enable ... Read the full article