Here’s your daily Reinsurance News for Monday 20th February 2017:
Rise in large industrial claims driving reserve surprises, suggests J.P. Morgan
Analysts at J.P. Morgan have warned that a rise in large industrial claims, particularly in the U.S., could be the driver of reserve charge surprises, as seen with insurer AIG’s fourth-quarter results.
Hannover Re & Swiss Re take 90% of Sri Lankan agricultural re/insurance scheme
Reinsurance giants Hannover Re and Swiss Re have taken a 50% and 40% respective share of Sri Lanka’s state-owned National Insurance Trust Fund (NITF) agricultural insurance scheme.
Enstar to sell Pavonia Life to Global Bankers Insurance Group for $120m
Insurance and reinsurance run-off specialist Enstar Group as agreed to sell its Pavonia Holdings (US), Inc. subsidiary to an affiliate of Global Bankers Insurance for $120 million.
Brit ups quota share reinsurance, as rate declines continue
International insurer and reinsurer Brit has expanded the use if its quota share reinsurance, increasing its expenditure on cover by $62.6 million as the firm takes advantage of declining rates.
Uncertain how Trump admin views EU/U.S. reinsurance deal: Eversheds Sutherland
Global law firm Eversheds Sutherland recently warned that it’s uncertain how the Trump administration views the transatlantic reinsurance agreement.
Major insurers lower retentions, buy more reinsurance
Some of the world’s largest insurers are reducing their retentions of existing layers of reinsurance protection and growing their programmes, which has resulted in increased reinsurance demand.
Sovereign cat bonds can help governments borrow, improve welfare
A recent study has underlined the benefits a source of disaster risk financing and insurance provided by catastrophe bonds can offer sovereign governments.
Re/insurers cautioned over climate change litigation impact: Clyde & Co
Lawyers from international law firm Clyde & Co have advised insurers and reinsurers to consider whether their businesses are effectively complying with climate change regulation.
Trump, Brexit, & regulatory risk changes & concerns: A.M. Best
Rating agency A.M. Best has highlighted concerns regarding how changing international regulations have impacted the insurance and reinsurance industry, in response to global, political uncertainty.
Super computers, tech and the evolving re/insurance industry
A recent article on the rise of technology explores how the use of super computers and other advances is changing the insurance and reinsurance landscape at a rapid pace.
Regulations re-examined to boost UAE re/insurance industry
The Director General of the United Arab Emirates (UAE) Insurance Authority is eager to advance insurance and reinsurance growth by adapting regulations in areas such as bancassurance and dispute resolution.
APRA offers guidance on climate risks
APRA, the Australian financial regulator, has provided some foresight and guidance on climate risks, in an effort to make the challenge easier for financial entities.
Miller hires Sherwin from Guy Carpenter
Brokerage Miller has announced the appointment of Mark Sherwin from Guy Carpenter, to boost its facultative property insurance capabilities.
Compulsory insurance for robotics unrealistic, suggests Insurance Europe
The European Parliament’s legal affairs committee recently proposed a blanket, compulsory insurance scheme for robotics, which Insurance Europe has questioned as being viable.
Aon strengthens presence in sub-Saharan Africa with partnership expansion
International insurance and reinsurance broker, Aon plc, has announced two strategic developments within its sub-Saharan operations, in an effort to strengthen its presence in the region.
XL Group announces $1 billion share buyback
Insurer and reinsurer XL Group has announced that its Board has approved a $1 billion share buyback program.
QIC to increase capital base by 15%
Reports from the region state that Qatar Insurance Company (QIC) is increasing its capital base by 15% to QR2.77 billion (roughly US$760mn).
Africa Re COO discusses reinsurance landscape and high management expenses
In a recent interview the COO and Deputy Managing Director of Africa Re, Ken Aghoghovbia, highlighted the management expenses for insurers and also the impacts of the soft reinsurance landscape.
Panel of actuaries to decide on new insurance policies in India
The Insurance Regulatory and Development Authority of India (IRDAI) has said that insurers that wish to introduce new policies in the region must seek approval from a panel of actuaries.
Philippine insurance sector reports flat growth in 2016 as life market falters
The Philippine insurance industry reported relatively flat growth in 2016, expanding its premium income by just 0.29% to $4.6 billion, largely driven by a decline in the life sector.
Iranian Cabinet approves minimum capital requirement for insurers
The Iranian Cabinet recently approved a proposal for the minimum capital requirement of insurers, at $26 million for existing firms and a higher figure for new entities.
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