Here’s your daily Reinsurance News for Friday 30th December 2016:
2017 to be more challenging than 2016 in re/insurance: Kroll
For insurers and reinsurers 2017 is likely to be even more challenging than 2016, despite an expected slowdown at the January 2017 renewals, according to Kroll Bond Rating Agency (KBRA).
Hannover Re approved to launch India branch
Reinsurance giant Hannover Re has received its final licence to establish a branch in India from the IRDAI, the latest in a number of reinsurers to receive the approval.
Global reinsurance prices fall by 5.7% at 1/1: JLT Re
Global property and catastrophe reinsurance prices fell by 5.7% at the key January 1st, 2017, renewal period, a slower rate of decline than seen in previous years, according to JLT Re.
Polar waters standards for marine re/insurance underwriters released
It’s been reported that a new set of industry standards have been launched for marine insurance and reinsurance underwriters, that offers “critical risk mitigation directives and support.”
A.M. Best affirms ratings of Qatar Re, cites robust underwriting performance
In reflection of the firm’s strong risk-adjusted capitalisation, robust underwriting performance and global business diversification, A.M. Best has affirmed the ratings of reinsurer Qatar Re.
Allianz appoints Antoine Issa CEO, Egypt
Allianz has announced the appointment of Antoine Issa as CEO for Egypt, according to reports. Issa will replace Udo Krueger, who is to retire in December 2016.
SECP seeks public comment on draft Insurance Bill
The Securities and Exchange Commission of Pakistan (SECP) has now approved the draft of the proposed Insurance Bill, and is seeking public comment on the proposal.
Storms cost German insurers over $2 billion in 2016
The German Insurance Association has revealed that insurers in the country paid roughly $2.1 billion in claims for damages from storms, hail and heavy rainfall, in 2016.
Insurer Bumiputera struggles to find investment
According to reports the Indonesian government is considering some form of state aid for troubled insurance company Bumiputera, after difficulties finding an investor.
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.
Magnitude 6.3 quake hits Japan’s Ibaraki Prefecture
The Japanese Meteorological Agency has reported that a magnitude-6.3 earthquake struck the country’s Ibaraki Prefecture on December 28th 2016.
Philippines creates $67 billion healthcare budget for 2017
The President of the Philippine’s, Rodrigo Duterte, has signed an agreement that creates a $67 billion 2017 budget for healthcare, that will be channelled through the Philippine Health Insurance Corporation (PhilHealth), the national health insurance agency.
Typhoon Nina costs Philippines crop industry over $100 million
According to the National Disaster Risk Reduction and Management Council of Philippines, typhoon Nina caused at least $106 million of damage to crops and infrastructure.
Indian insurance premiums up by 29% in November
Reports from India claim that insurance premiums in the region grew by 29% to $1.3 billion November.
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