Here’s your daily Reinsurance News for Monday 1st August 2016:
Aon reports Q2 organic growth in tough market
Insurance and reinsurance broker Aon has reported its Q2 results, revealing that net revenue declined by 1% to $2.8 billion, while organic revenue increased by 3% on the same period last year. The firm reported that its reinsurance segment recorded 1% organic growth in the quarter.
Reinsurance to take share of EUR500m+ Netherlands June storm loss
Severe weather in the Netherlands during June is expected to result in an insurance industry loss of more than €500 million, with reinsurance capital expected to take a share of the loss.
Generali’s operating result down by more than 10% in H1 2016
Generali has reported its H1 2016 financials, posting an operating profit of €2.5 billion, down 10.5% on the same period last year. The firm’s GWP decreased by 2.1% in the period, while its combined ratio improved to 92.3%.
UK remains important despite Brexit vote: Swiss Re CFO, Cole
David Cole, the CFO of reinsurance giant Swiss Re has said the firm has no plans to move staff back to Switzerland from the UK following the recent Brexit vote, and that the UK remains important for the reinsurer.
Excess reinsurance capital not the issue, it’s lack of demand: Des Potter, GC
GC Securities’ Des Potter, recently stated that the issue with the reinsurance market today is not the abundance of capacity from both traditional and alternative sources, but a lack of demand for protection.
Chinese insurance industry profits fall by more than 50% in H1 2016
Profits for the Chinese insurance industry in the first-half of 2016 declined by roughly 54% to 105.6 billion yuan, according to the country’s insurance regulator.
Swiss Re hit by losses, still expansive, but pulls back on U.S. hurricane risks
Reinsurance giant Swiss Re remained expansive in its strategy of deploying more capacity in Q2, but increased cat losses saw the firm’s combined ratio rise to highest since 2013.
First earthquake insurance policy in China sold
The first ever earthquake insurance policy was recently sold in the Tangshan province of China, a positive step to insuring more people against the peril in the country.
High number of claims expected from South African storms
Severe storms in parts of South Africa last week has resulted in a large number of claims relating to damaged buildings and vehicles. Local reports claim that it will cost the insurance industry up to R2 billion in claims.
China re/insurers issue profit warning as investment returns fall
A group of insurers and reinsurers in China have issued a profit warning in light of poor investment returns, with some claiming that H1 profits could be down by as much as 40%.
Indian insurance industry growth continues in June
The Indian insurance sector recorded positive growth in June, growing its premiums by 20.3% to $1.27 billion. Reports claim that private insurers continue to post better returns than public entities.
Future Fund adds Kiskadee to alternative risk premia manager roster
Australian sovereign wealth investment fund, the Future Fund, has allocated capital to another ILS and alternative capital manager, in Kiskadee Investment Management.
Flood control programmes in China reduce flood losses
Reports from China cite that statistical flood data shows that flood control programmes in the country have resulted in a notable decline in flood losses.
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