Here’s your daily Reinsurance News for Monday 27th March 2017:
According to Simeon Djankov, London School of Economics (LSE), Financial Markets Group Director, Brexit could result in an estimated £4 billion annual reinsurance revenue loss.
Artemis has discussed the current state of the reinsurance market pricing cycle, questioning if it’s sensible to assume that pricing will bounce back as soon as losses normalise.
Industry reports state that the Lloyd’s of London marketplace will announce the location of its new post-Brexit EU subsidiary as Prime Minister Theresa May triggers Article 50.
The cost of entry for new reinsurers seeking to participate in the marketplace is increasing in response to consolidation and a higher barrier to entry, according to S&P.
Reinsurance giant Swiss Re has underlined the challenges of poor infrastructure on economic growth, which highlights the potential for re/insurance to help close the U.S. infrastructure protection gap.
Insurer Suncorp has said that its remaining reinsurance protection is sufficient to protect the firm against the financial impact from Cyclone Debbie.
Bermuda domiciled insurer and reinsurer, Endurance Specialty Holdings, has announced the appointment of Brad Gow as its cyber insurance product leader.
India’s General Insurance Corporation (GIC Re) is expected to be the first PSU insurer to launch an IPO for the next fiscal year, according to reports from the region.
VIG Re, one of the leading CEE region reinsurance companies, has revealed plans to expand its German business into new, Western European markets.
According to reports from the region the Indian government is looking at increasing foreign investment in insurance broking to 100%, from the current 49%.
Reinsurance brokerage Guy Carpenter is set to purchase Electronic Field Records (EFRs) from farmers using Farmobile’s Data Store to develop new predictive risk models for agriculture reinsurance.
The Hanover Insurance Group, Inc. has launched an online portal that features risk management tools for the professional liability sector.
According to industry sources China is set to launch its first tech insurance firm in the coming months, with the proposal to establish such an entity being well received by the country’s regulator.
Myanmar’s Insurance Business Supervisory Board (IBSB) has said that foreign insurers looking to set up in the region’s special economic zones must show a minimum of $1 billion in capital funding.
SBI Life, a joint venture between State Bank of India and BNP Paribas’ Cardiff, is to enter Bahrain in the next financial year, subject to regulatory approval.
Following to lifting of sanctions in Iran, a reported 219 foreign delegates have met with officials in the country to negotiate cooperation in a number of industries, including insurance.
The performance of the Fiji insurance industry for the first six months of 2016 has been described as adequate, despite a high number of catastrophe events impacting general insurers.
According to reports from the region authorities in Mauritania are looking to increase supervision over the insurance market.
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