Here’s your daily Reinsurance News for Monday 27th March 2017:
Study suggests £4 billion Brexit impact to London reinsurance market
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.
Are heads still in the sand on reinsurance pricing?
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.
Lloyd’s to announce location of EU subsidiary by end of month: Reports
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.
Cost of entry rising for new reinsurers: S&P
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 can help tackle U.S. infrastructure protection gap: Swiss Re
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.
Suncorp’s reinsurance program sufficient to handle Cyclone Debbie impact
Insurer Suncorp has said that its remaining reinsurance protection is sufficient to protect the firm against the financial impact from Cyclone Debbie.
Endurance appoints cyber insurance product leader
Bermuda domiciled insurer and reinsurer, Endurance Specialty Holdings, has announced the appointment of Brad Gow as its cyber insurance product leader.
India’s GIC Re to be first PSU insurer to launch IPO
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 set for expansion into Western European markets
VIG Re, one of the leading CEE region reinsurance companies, has revealed plans to expand its German business into new, Western European markets.
India considers allowing 100% foreign investment in insurance broking
According to reports from the region the Indian government is looking at increasing foreign investment in insurance broking to 100%, from the current 49%.
Guy Carpenter partners with agricultural data provider
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.
Hannover Insurance launches online portal for professional liability sector
The Hanover Insurance Group, Inc. has launched an online portal that features risk management tools for the professional liability sector.
China to launch first tech insurer
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.
Foreign insurers must have minimum $1 billion capital funding in Myanmar
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 to launch in Bahrain in next financial year
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.
219 foreign delegates meet with Iran to discuss insurance cooperation
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.
Fiji’s insurance sector performance adequate despite catastrophe events in 2016
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.
Mauritania eager to improve insurance sector supervision
According to reports from the region authorities in Mauritania are looking to increase supervision over the insurance market.
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