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Reinsurance News – Friday 25th November 2016

25th November 2016 - Author: Luke Gallin

Here’s your daily Reinsurance News for Friday 25th November 2016:

Protectionism hurts ability to close insurance coverage gap: Swiss Re

Reinsurance giant Swiss Re recently highlighted how protectionist practices are having a detrimental impact on the ability of global insurers and reinsurers to close the protection gap.

Pool Re names Stephen Burr Head of Actuarial Services

Pool Re has announced the appointment of Stephen Burr as Head of Actuarial Services, effective immediately, and reporting to Steve Coates, CUO.

UK ILS regs could add to reinsurance rate pressure: Peel Hunt

Analysts at Peel Hunt have warned that the UK’s implementation of ILS regulation could add further pressure on reinsurance rates and pricing.

Lloyd’s study backs modelling of weather risks as “independent” for reinsurers

Lloyd’s of London has published a new report that argues the case that extreme weather events can be modelled as “independent” by reinsurance companies when assessing risks around the globe.

Meteo Protect and BNP Paribas partner on weather risk transfer

Weather risk management firm, Meteo Protect, has entered into a strategic partnership with banking group BNP Paribas, to offer its corporate and institutional clients weather risk transfer solutions.

CIRC calls for collateral from offshore reinsurers

The Chinese insurance industry regulator, the CIRC, has called for draft regulations to control credit risk from offshore reinsurance dealings, calling for collateral from such entities.

Reinsurance expected to cover all of Vero’s Kaikoura quake claims

Following the recent earthquake in Kaikoura, New Zealand, Vero, the NZ arm of insurer Suncorp, has said that it has strong reinsurance in place to cover all expected claims.

Hiscox promotes Juan de Castro to COO, UK & Ireland

Insurer and reinsurer Hiscox has announced that it has promoted Juan de Castro to the position of COO for the UK and Ireland, reporting to CEO, Steve Langan.

ILS NYC 2017 conference – Feb 3rd, New York

A thoughtfully curated annual insurance-linked securities event in New York City from Artemis. Featuring ILS & reinsurance industry leaders speaking on forward-thinking, engaging topics.

Storms cause $74 million worth of damage to table grape industry in Victoria, Australia

According to reports from the region, hail, heavy rain and strong winds caused $74 million worth of damage to the table grape sector in northwest Victoria, Australia.

Risk transfer could help affordable solutions reach the world’s most vulnerable

The Munich Climate Insurance Initiative (MCII) has expressed its support of the G7 InsuResilience target, and also underlined the potential for risk transfer to help protect the world’s poorest against natural disasters.

ASEAN records insurance premium growth of 2.9% in 2015

A report from the Asean Insurance Council (AIC) claims that insurance premiums across the ASEAN region increased by 2.9% in 2015, with the most growth occurring in Cambodia, Vietnam and the Philippines.

More SMEs now concerned about cyber attacks

Underlining the need for effective and affordable cyber attack insurance solutions across the world, a global SME survey claims that more and more small and medium-sized enterprises are concerned about the risks of a cyber attack.

10% of small firms in Singapore don’t utilise insurance

10% of the smallest companies in Singapore have no insurance protection for risks posed by sales, profitability and the region’s economic difficulties.

Old Mutual and Blue Marble develop drought insurance product for smallholder farmers

Old Mutual, Zimbabwe’s largest integrated financial services group, has launched a pilot drought insurance solutions for smallholder farmers, in collaboration with Blue Marble Micro Insurance.

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