Here’s your daily Reinsurance News for Friday 31st March 2017:
Bermuda reinsurance market returns hit five-year low: A.M. Best
Rating agency A.M. Best has highlighted the challenges in the Bermudian reinsurance market, noting that negative trends are increasingly evident.
Protection gap is not just an emerging market issue: Swiss Re
Reinsurance giant Swiss Re has underlined the opportunity to narrow the global protection gap, explaining that it’s not just an emerging market issue.
Cyclone Debbie industry loss seen close to Yasi levels (AU$1.4bn)
Cyclone Debbie is expected to have caused an insurance industry loss around the levels seen with 2011’s Yasi, and could be as much as AU$1.4 billion, with reinsurance expected to cover most of the loss.
Life reinsurance expansion in Asia could outpace primary market growth: Berenberg
The growth of life reinsurance business in Asia could outpace the 10-15% primary insurance market increase expected for the life sector in the region, according to Berenberg.
JLT Re adds new partners to facultative arm
Reinsurance broker JLT Re has announced the appointment of two new partners within its JLT Fac unit that focuses on property, construction and casualty facultative reinsurance.
Aspen raises reserves by $30 million after Ogden rate cut
Aspen Insurance Holdings has said that it will raise its reserves by $30 million in response to the recent cut to the Ogden discount rate in the UK.
Cyber risks and government pools. Too soon?
Rick Welsh of Sciemus and Tom Johansmeyer of PCS recently discussed the potential for cyber risk government pools, and if the capital markets could play a meaningful role.
Citizens to report first net loss in over ten years in 2016
For the first time in more than ten years Citizens Property Insurance Corporation is to post a net loss for 2016, of $27.1 million, in light of increased costs and claims.
Morris Tooker announced as new Hartford Middle Market head
Former reinsurance President of Warren Buffett’s Gen Re, Morris Tooker, has been made head of The Hartford’s Middle Market segment.
Big data enables re/insurers to develop new products & models: Insurance Europe
Insurance Europe has underlined the potential for insurers and reinsurers to utilise big data and technological advances to develop innovative solutions that benefit themselves and clients.
ICA announces further changes to its Board
The Insurance Council of Australia (ICA) has announced changes to its Board along with the previously announced appointment of Anthony Day as President of the Board. The new appointments include Richard Enthoven as Deputy President of the Board.
China Re’s net premiums written up in 2016
China Reinsurance Corporation has reported full-year 2016 net premiums written of 83.14 billion Yuan (roughly $12 billion), up from the previous year.
Artemis ILS NYC 2017 – post-conference report
Artemis has released its post-event report following its successful 2017 New York ILS conference, held earlier this year.
Latin America – a beacon of success for integrated disaster risk schemes
A recent report explores the growing success in mitigating risk from natural disasters in Latin America via public-private partnerships and re/insurance schemes.
Lloyd’s hopes to revisit Index for ILS players at end of year
The specialist Lloyd’s of London insurance and reinsurance marketplace is hoping to revisit the Index for insurance-linked securities (ILS) players at the end of the year.
AIG names Donna DeMaio EVP & Chief Auditor
Insurer AIG has announced the appointment of Donna DeMaio as Executive Vice President (EVP) and Chief Auditor, replacing Martha Gallo.
WCMA rebrands itself to Willis Towers Watson Securities
The insurance & reinsurance capital markets, investment banking and ILS unit of re/insurance broker Willis Towers Watson, Willis Capital Markets & Advisory (WCMA), has changed its name to Willis Towers Watson Securities.
Minnesota nurses urge Dayton to veto finalised health reinsurance plan
The proposed $542 million reinsurance plan aimed to improve the Minnesota health insurance market, is reportedly with Gov. Mark Dayton, waiting to be signed. However, Registered Nurses of the Minnesota Nurses Association are hoping Dayton Veto’s the bill.
Fairfax told to sell ICICI Lombard stake by Indian regulator
India’s insurance regulator, the IRDAI, has told Canada’s Fairfax Financial to sell its 25% stake in ICICI Lombard in order to apply for a second general insurance licence.
Malath Cooperative Insurance and Reinsurance reveals name change
According to reports Malath Cooperative Insurance and Reinsurance Company has changed its name to Malath Cooperative Insurance Co.
Kenyan insurers no longer need to pay for annual licences
Insurance companies in Kenya will no longer be required to pay for annual licences, according to National Treasury Cabinet Secretary, Henry Rotich.
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