Here’s your daily Reinsurance News for Monday 25th July 2016:
Recent China floods highlights need for greater disaster protection: Swiss Re
Reinsurance giant Swiss Re has highlighted the need for greater insurance penetration in China, as economic losses from recent flooding in the country sees just a fraction fall to insurers.
Blackstone: Harrington Re = permanent capital, distribution & IPO exit
Blackstone has said that the recently launched, start-up total return reinsurer Harrington Re provides the firm with a source of permanent leveraged capital, assisting the firm distribute its funds.
Hiscox considers establishment of new EU entity after Brexit
Insurer and reinsurer Hiscox recently said that should it need to mitigate any impacts of the UK leaving the EU, it would establish an EU-based insurance entity.
Sompo Canopius names Paul Kedney CCO
Sompo Canopius has announced the appointment of Paul Kedney as Chief Commercial Officer (CCO), where he will work closely with Group CEO Stuart Davies, and CUO Mike Duffy.
CFOs more open to longevity swaps than pension trustees: Hymans
With the longevity swap/reinsurance market continuing to expand a new survey has revealed that within UK companies that have DB pension schemes, CFOs and trustees have divergent views on the need to de-risk pension schemes via swaps and similar.
XL Catlin bolsters Western U.S. insurance teams
XL Catlin has added to its Western U.S. insurance division with the appointment of Mike Soper as Regional Leader, Broker and Client Management, Mark Restrepo, Underwriting Director for Global Risk Management, and Lizette Junoras, Underwriting Director of Multinational Casualty Programs.
IRDAI introduces cession limits based on product segment
The Insurance Regulatory and Development Authority of India (IRDAI) has announced that it’s introduced cession limits, which has been fixed at 5% of the sum insured on each policy that is to be reinsured with Indian reinsurers.
Hiscox reports solid Q2 results, profit up to $206 million
Hiscox has reported its second-quarter 2016 financial results, posting a profit of $206 million and a combined ratio of 80.7%. The firm noted that its reinsurance segment had a strong quarter, helped by new products and business written under Kiskadee.
Satellite data supports the development of risk transfer solutions
The use of satellite data continues to play an increasingly important role in the development and success of risk transfer triggers and index insurance schemes, a trend that should continue as technology advances further.
Nearly all Asia Pacific insurers unprepared for climate change risks
A recent study by the Asset Owners Disclosure Project (AODP) has revealed that across the Asia Pacific region just one insurer has taken adequate steps to prepare for climate change risks.
GIC Re expects global ranking to improve this year
India’s sole reinsurance company, GIC Re, has said that it expects to see its global ranking among reinsurance companies to improve this year, with the goal of being inside the top ten by 2020.
Two foreign insurers backtrack on plan to enter Bangladesh market
Reports from the region claim that UK insurer Prudential and Taiyo from Japan have withdrawn their decisions to enter the Bangladesh marketplace, according to the region’s insurance regulator.
Overseas business and Internet business models to drive insurance demand in China
Insurance and reinsurance industry experts have said that as Chinese companies continue to expand overseas and utilise complex Internet business models, this should result in greater demand for insurance protection.
Zimbabwe sets higher minimum capital requirements for re/insurers
Following a group of insurers and reinsurers being de-registered in Zimbabwe for failing to hold enough capital and subsequently failing to pay claims, higher minimum capital limits are set to be introduced in the region.
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