Here’s your daily Reinsurance News for Friday 6th January 2017:
Reinsurance price declines moderated at 1/1 2017 renewals: Guy Carpenter
Reinsurance price declines moderated at the key January 1st 2017 renewals, when compared with the previous three years, across most business lines, according to reinsurance broker Guy Carpenter.
Swiss Re in Brazil parametric hydro-power insurance first
Reinsurance giant Swiss Re’s Corporate Solutions division has announced the completion of the first weather-indexed parametric insurance solution, for a hydroelectric power company in Brazil.
Citizens 2017 risk transfer program approved
The Board of Florida Citizens Property Insurance has approved the development of the company’s 2017 risk transfer program for its Coastal Account, with the firm estimating it could secure reinsurance coverage of up to $754 million.
Growth opportunities still exist in reinsurance: J.P. Morgan Cazenove
Analysts at J.P. Morgan have said that despite the reinsurance market going through another tricky renewal season, with rates falling further, there are still opportunities for premium growth.
“Dramatic” Q4 ILS price declines triggered reinsurance softening: GC
“Dramatic” price declines in the fourth-quarter of 2016 in the ILS space, which were as high as 30% in some areas, was partly responsible for triggering reinsurance softening, according to Guy Carpenter (GC).
Energy reinsurance cedents continue to improve renewals: JLT
During the 2017 January renewal period ceding energy insurers were able to further develop their reinsurance program coverage, as the market remained favourable to buyers, says JLT.
Munich Re’s Basu named CUO of Collinson Group
Saugata Basu has left reinsurer Munich Re for London-based provider of insurance solutions, Collinson Group, where he will be Chief Underwriting Officer (CUO).
Fairfax looks to establish joint venture insurer in India
Canadian insurance company Fairfax Financial has announced plans to establish a joint venture in India, and is awaiting regulatory approval.
Deborah Morris joins Integro as New York operations leader
Former AIG executive, Deborah Morris, has been appointed New York operations leader at Integro Insurance Brokers, the company has announced.
Syndicate 4242 and Neon announce partnership on D&F large property accounts
Specialist Lloyd’s underwriter Neon has partnered with ICAT Syndicate 4242 at Lloyd’s, to underwrite D&F large U.S. property accounts.
African nations lost at least $2bn from cyberattacks in 2016, cover needed
Further highlighting the need for adequate and effective cyber insurance solutions, it’s been reported that African nations lost at least $2 billion to cyberattacks in 2016.
R&Q Insurance acquires Clariant Insurance
R&Q Insurance (Malta) Limited has announced the acquisition of Clariant Insurance AG, although terms of the deal are yet to be disclosed.
U.S. commercial P&C rates down by 1% in December
U.S. commercial P&C rates declined by an average of 1% during December, meaning the soft marketplace is now 16 months old, according to analysis from MarketScout.
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.
CIRC grants approval to first insurer in Zhuhai to begin business
Chinese insurance regulator, the CIRC, has given the green light to Hengqin Life Insurance to have its headquarters in Zhuhai in Guangdong Province, and to begin operations.
Strong & continued appetite for parametric ILS solutions, says RMS
Stephen Moss and Ben Brookes of catastrophe risk modelling firm RMS, recently discussed trends in the ILS and alternative space with Artemis in 2016, and what the coming year might hold.
World Bank unit to acquire 10% stake in Kenyan insurer Britam Holdings
International Finance Corp., the venture capital arm of the World Bank, has revealed plans to acquire a 10% stake in Kenyan insurer Britam Holdings Ltd., for a reported $34 million.
Japan’s Fukoku Mutual Life to replace 30% of payment-assessment staff with robots in 2017
According to industry reports, Japanese insurer Fukoku Mutual Life Insurance Co. is planning on replacing 30% of its payment-assessment unit’s human staff with robots, in 2017.
CIRC issues guidelines for compliance and whistle blower system
The insurance industry regulator in China, the CIRC, has issued draft guidelines that would see insurers need to establish a compliance management framework, and also a whistle blower system.
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