Here’s your daily Reinsurance News for Friday 26th August 2016:
Italy earthquake could cause $11bn economic loss: Report
The Italian Civil Protection Department has provided an early estimate for losses from the recent earthquake that devastated part of Italy, saying that it could result in an economic loss of roughly $11 billion, and that the re/insurance loss will be substantially lower.
Berkshire Hathaway’s Ajit Jain calls on Gen Re staff to fix “costs problem”
One of Warren Buffett’s senior executives at Berkshire Hathaway, Ajit Jain, has told staff at Gen Re that it’s time to fix certain issues within the business, including a reduction in complexity.
Soft market aggregation build up a risk for reinsurers: Fitch
Fitch Ratings has warned that some reinsurers might be at risk of obtaining “unintended aggregations” amidst the fight to retain business in a competitive market, which could potentially result in some overexposure.
Everest Re completes sale of crop insurer to CGB & enters into quota share reinsurance contract
Bermuda domiciled Everest Re Group has completed the sale of its U.S. crop managing agent, Heartland Crop Insurance, to CGB Diversified Services, Inc. for $49 million. At the same time, Everest Re has entered into a long term quota share reinsurance relationship with CGB DS.
Cyber the fastest growing peril, will require reinsurance & ILS capital
A report from Fitch Ratings examines the expanding cyber market, describing it as the fastest growing insured peril in the P&C sector. With the potential exposure so vast, it will require reinsurance and ILS capital to adequately cover the risk.
ASR enters into reinsurance contract with Munich Re
Dutch insurer ASR is looking to improve its Solvency II ratio by entering into a reinsurance contract with Munich Re, a move that will see the firm transfer some of the mass lapse risk within its life portfolio.
Innovation, engagement, risk transfer boosts disaster resilience: World Bank
The World Bank has again highlighted the need for the development of innovative products and collaboration with the risk transfer industry in order to improve global disaster resilience.
Allied World Bermuda appoints Dale Chow SVP
Allied World Assurance Company Holdings has announced the appointment of Dale Chow as SVP, Professional Lines for Allied World Bermuda.
Fairfax increases stake in Torstar
Fairfax Financial Holdings Limited has announced the acquisition of shares in Torstar Corporation totalling 4.9%, taking the firm’s holdings in the company to 27.4% of the total Class B Shares outstanding.
Regulators and insurance industry must work together: MAS
Lee Wai Yi, Director & Head of Supervisory Analytics Division, Insurance division, at the Monetary Authority of Singapore (MAS), has stressed the importance of regulators and the insurance industry working together.
Cyber premiums in Australia to increase 10-fold over next four years: Aon
Insurance and reinsurance brokerage Aon has predicted a 10-fold increase in the volume of cyber premiums in Australia over the next three to four years.
Ratings activity in U.S. life/health re/insurance sector balanced in H1: A.M. Best
A report from ratings agency A.M. Best that looks at the U.S. life & health re/insurance industry, notes that rating activity in the sector remained balanced during the first-half of 2016.
Re/insurance business helps Bermuda weather the storm
A recent article explores the importance of insurance and reinsurance business in enabling and assisting Bermuda in the fight against global, economic headwinds.
As Asian tail risk grows need for ILS increases: Lixin Zeng, AlphaCat
Speaking at the Artemis ILS Asia 2016 conference in July this year, Lixin Zeng of AlphaCat Managers Ltd., explained that as the tail risk in Asia grows in importance there will be greater opportunity for alternative reinsurance capital to play a role in the region.
Colorado Springs July hailstorm insured loss at $352.8mn: RMIIA
According to Rocky Mountain Insurance Information Association (RMIIA), insured losses from a hailstorm in late July that impacted the Colorado Springs area could cost $352.8 million.
Chubb’s Westchester unit expands offerings into new industries
Chubb recently announced that it has expanded its Westchester unit offerings, with the division expanding the availability of its wholesale property, casualty, and specialty small business protection to new industries.
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