Here’s your daily Reinsurance News for Monday 10th October 2016:
Early Hurricane Matthew insured loss estimates suggest up to $6bn
Insurance and reinsurance industry losses from hurricane Matthew are currently converging around the $6 billion mark, with analysis from CoreLogic suggesting a loss of between $4 billion and $6 billion.
Soft reinsurance market and low rates a concern: National Insurance Co, CMD
The ongoing softening reinsurance landscape and resulting lower rates and returns, continues to be a cause of concern across the industry, according to Sanath Kumar, CMD, National Insurance Co.
Hurricane Matthew a test for re/insurers, ILS: Rating agencies, analysts
Ratings agencies and equity analysts have said that the impact of hurricane Matthew could be the first real test of the insurance, reinsurance and ILS industry for some time.
As of Friday morning, Heritage Insurance Holdings has said that projected losses from hurricane Matthew could be “substantially lower” than the estimated guidance of $500 million, underlining the strength of its catastrophe reinsurance programme.
Covering “grey areas” a strength of traditional reinsurance: John Charman
A strength of the traditional reinsurance market and traditional reinsurance companies is the ability to cover the “grey areas” of claims, according to CEO and Chairman of Endurance, John Charman.
Neon Underwriting promotes Wilson to Head of Marine
Neon Underwriting has announced the promotion of Angus Wilson to Head of Marine, in addition to his current role as Class Underwriter for Marine Hull & War.
Haiti in line for $20m after CCRIF parametric trigger hit by Matthew
According to industry reports Haiti is set to receive a payout just over $20 million from the CCRIF SPC, after hurricane Matthew triggered the parametric policy the country has in force.
Australian homeowners unlikely to see premiums rise despite a number of severe weather events
Despite a series of severe weather events across the region in recent times, Australian homeowners are very unlikely to experience sharp premium increases over the next year.
ILS investors to share “material portion” of Matthew loss: Dubinsky
Bill Dubinsky, Head of ILS at Willis Capital Markets & Advisory (WCMA), has said that ILS funds will likely share a “material portion” of losses from hurricane Matthew.
Swiss Re Cat Bond Price Return Index experiences steepest decline since 2012 from hurricane Matthew
According to reports the Swiss Re Cat Bond Price Return Index fell by 1.7% last week in the wake of hurricane Matthew, the steepest decline since Sandy in 2012.
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.
Taiwan insurers’ use of reinsurance enables them to pay potential catastrophe loss claims: A.M. Best
International ratings agency A.M. Best has said that insurers in Taiwan are well capitalised through reinsurance for paying potential claims from catastrophe losses.
Kuvare Holdings completes Guaranty Income Life takeover, launches Kuvare Life Re
Kuvare Holdings LP has announced the completion of its acquisition of Guaranty Income Life Insurance Company, and the establishment of Kuvare Life Re Ltd, a new reinsurance company.
Property damage insurance policies in Morocco must include catastrophe risks
An amendment of insurance regulation in Morocco means that all insurance policies that protect against property damage must now include coverage for catastrophe risks.
LB Group selects Sapiens’ IDIT Insurance Suite
LB Group has selected the Sapiens IDIT Insurance Suite as the firm’s new core insurance system for its general lines of business and operations.
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