Here’s your daily Reinsurance News for Friday 7th October 2016:
Matthew could drag down re/insurer returns, but fail to increase rates: Peel Hunt
Analysts at Peel Hunt said that while the impact of hurricane Matthew could drag down re/insurer returns, it’s unlikely to be enough to increase rates in the sector. The latest forecast for the storm suggests that the chance of a major insurance and reinsurance industry loss from Matthew may have decreased, but significant uncertainty remains and Matthew is still a dangerous storm very close to the Florida coastline.
Matthew likely to cause severe damage without making landfall: A.M. Best
Ratings agency A.M. Best has commented on the potential financial impact hurricane Matthew could have on the U.S. P/C industry, citing that even without making landfall on the U.S. coast, it’s likely to cause severe damage.
Hurricane Matthew has potential to trigger cat bonds & ILS: RMS
Catastrophe risk modeller RMS has said noted that some catastrophe bonds and ILS structures could be triggered from hurricane Matthew, although uncertainty remains. While ratings agency S&P has highlighted 15 cat bonds that it rates that are exposed to the event.
Tropical cyclones in September cost global economy over $4 billion: Aon Benfield
Impact Forecasting, the catastrophe modelling arm of Aon Benfield, has said that tropical cyclones in September cost the global economy more than $4 billion.
Blue Capital: No changes due to Sompo acquisition of Endurance
The acquisition of insurer and reinsurer Endurance Specialty Holdings by Sompo Holdings is not expected to result in any changes to the management of Blue Capital Re.
Universal Insurance Holdings completes 2016-2017 reinsurance programmes
Universal Insurance Holdings has reported that it has completed its 2016-2017 reinsurance programmes, effective June 1st 2016. The firm has catastrophe coverage of $30 million in excess of $5 million.
Catastrophe insurance market to grow at a CAGR of 5% over next four years
Analysts at Technavio expect the global catastrophe insurance market to grow at a compound annual growth rate (CAGR) of over 5% from 2016 to 2020.
Aon Hewitt sees increased demand from Pension schemes for accelerated buy-outs
The global talent, retirement and health solutions business of Aon, Aon Hewitt, has noted that it’s seeing increased demand from pension schemes for assistance in accelerating buy-outs.
Q3 2016 Cat Bond Report – Weather risk returns, private deals, market growth
Artemis has released its third-quarter 2016 catastrophe bond and ILS market report, that reveals over $1 billion of issuance from eight transactions during the quarter.
NN Life Japan and Sumitomo Life sign collaboration agreement
Two Japanese insurers, NN Life Japan and Sumitomo Life Insurance, have signed an agreement that will see the firms work together on a long-term business.
Insurance premiums in Qatar increased to more than $3 billion in 2015: QCB
According to reports from the region insurance premiums in Qatar increased by 33.5% to over $3 billion in 2015, according to the Qatar Central Bank (QCB).
SCOR named NA life reinsurer of the year at awards ceremony
For the second year running, international reinsurer SCOR has been named North American life reinsurer of the year for 2016, at a recent awards ceremony.
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