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Reinsurance News – Monday 10th April 2017

10th April 2017 - Author: Luke Gallin

Here’s your daily Reinsurance News for Monday 10th April 2017:

$2 billion insured losses for severe U.S. weather events in March: Aon Benfield

Global insured catastrophe losses from severe winter weather in the U.S. in March is expected to reach $2 billion, according to Aon Benfield.

Japanese reinsurance renewals see broader coverage, lower rates

Reinsurance brokerage Willis Re has said that the Japanese reinsurance renewals saw an expansion of coverage for the majority of ceding firms.

Munich Re and Sompo become major investors in insurtech start-up Trov

Reinsurance giant Munich Re’s HSB Ventures and Sompo have become major investors in technology start-up Trov, according to industry reports.

Jamaica seeking increased disaster insurance

Jamaica is looking to narrow its protection gap via greater purchase of reinsurance protection, after research from the government revealed the potential for high losses from catastrophe events.

Willis Towers Watson to offer airline cyber insurance solutions

Insurance and reinsurance brokerage Willis Towers Watson has introduced CyFly, an insurance solution that expands business interruption cover to include a wider range of airline cyber exposure costs.

Slowed entry of ILS unlikely to drive a turn in reinsurance pricing

Recent market dynamics suggest rate declines in the reinsurance sector could continue, despite an expectation that the slowed entry of alternative capital and moderated reserve releases might be stabilising the industry.

Africa Re holds 20% share of Nigerian reinsurance market

Reinsurer Africa Reinsurance Corporation (Africa Re) has said that it controls roughly 20% of the Nigerian reinsurance market, with foreign players controlling about 65% of the sector.

China to develop earthquake insurance system

The China Insurance Regulatory Commission (CIRC) and the China Earthquake Administration (CEA) have partnered to develop an earthquake insurance system in China.

JLT Specialty appoints Gavin Shiels to Senior Vice President

JLT Specialty has announced the appointment of Gavin Shiels to Senior Vice President. Shiels most recently worked at Aon as a Senior Vice President.

AXIS Re looks to engage, develop next generation of reinsurance professionals

AXIS Capital Holdings Limited subsidiary, Axis Re, is seeking to engage with and develop the next generation of insurance and reinsurance professionals, with a student hackathon.

DARAG to acquire Sweden-based captive insurer Ikano Försäkring AB

Run-off specialist DARAG is to takeover Stockholm-based European captive insurer and member of the Ikano Group, Ikano Försäkring AB.

Iran & India look to deepen re/insurance ties

The president of Central Insurance of Iran and the CEO of GIC Reinsurance Company recently met to discuss ways of expanding re/insurance ties between Iran and India.

Terror events up in 2016, businesses becoming more vulnerable: Aon

Aon has said that businesses are operating in an increasingly vulnerable world after 2016 saw an increased volume of terror attacks around the world.

Andy Faber to lead Everest Insurance’s Life Sciences practice

Everest Re Group, Ltd. has announced the appointment of Andy Faber as leader of its Life Sciences practice within the Specialty Casualty Group, Everest Insurance.

Chinese insurance regulator’s Xiang Junbo under investigation

The Chinese insurance regulator’s Chairman, Xiang Junbo has been put under investigation by the Chinese Communist Party’s watchdog, following investigations that the regulator violated party discipline.

Insurance business growth continues in Arab countries

Combined insurance premiums in Arab countries in 2016 totalled $35 billion, with the average annual growth in insurance premiums is around 6%, according to reports.

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