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Reinsurance News – Monday 28th November 2016

28th November 2016 - Author: Luke Gallin

Here’s your daily Reinsurance News for Monday 28th November 2016:

January reinsurance renewal pricing outlook uncertain: Hannover Re

As the softening reinsurance market enters into its fifth year, pricing and rates in the industry may struggle to remain flat at the key 1/1 2017 renewals period, according to reinsurer Hannover Re.

Lloyd’s keen on cyber risk and emerging markets: Inga Beale

In a recent interview Inga Beale, CEO of the specialist Lloyd’s of London insurance and reinsurance marketplace, highlighted Lloyd’s ambitions with cyber risk, and its focus on emerging markets.

1-in-100 year event estimated at $253 billion in insured losses: AIR

New data and analysis from catastrophe risk modeller AIR Worldwide claims that a 1-in-100 year loss event is equivalent to an estimated $253 billion in global insured losses.

Reinsurers ready to launch Indian operations as soon as R3 approval is received

Five foreign reinsurers and one domestic firm are ready to begin reinsurance operations in India as soon as the regulator awards them their R3 approval, with companies reportedly ready to begin business as soon as possible.

Suncorp subsidiary Vero says reinsurance to cover NZ quake claims

Suncorp Group subsidiary, Vero, has said that its “strong reinsurance arrangements” will cover “all expected claims” from the earthquake that struck the Kaikoura area of New Zealand.

Africa Re calls for local and global assistance to increase insurance take-up in Nigeria

Africa Reinsurance Corporation (Africa Re) has called on the government of Nigeria, the National Insurance Commission (NAICOM) and Nigerian insurers to help increase insurance penetration rates in the region.

Ireland’s Central Bank increases staff for Brexit insurers

The Central Bank of Ireland has increased its number of staff as it expects an inflow of applications from London domiciled insurers looking to move their business following Brexit.

Fortune Financial Services invests in India’s ITI Reinsurance Limited

According to industry reports, Fortune Financial Services in India as invested 1.64 billion rupees in new domestic reinsurance company ITI Reinsurance Limited.

Munich Re’s Andrew Rear discusses influence of Insurtech

Andrew Rear, head of reinsurer Munich Re’s Digital Partners division recently discussed the rise of Insurtech, and the fundamental change it will bring to the re/insurance sector.

ILS NYC 2017 conference – Feb 3rd, New York

A thoughtfully curated annual insurance-linked securities event in New York City from Artemis. Featuring ILS & reinsurance industry leaders speaking on forward-thinking, engaging topics.

Establishment of national reinsurer in Egypt remains uncertain

The establishment of a national reinsurance company in Egypt is in limbo, according to reports from the region, as it remains uncertain if insurers in the country are serious about creating a reinsurance entity.

Africa Re grows shareholder equity to $800 million

Reinsurance company Africa Re has reported that its shareholder equity has grown to $800 million, compared to the $500 million reported at the company’s inception, in 1976.

RSA makes two appointments to its London market hull business

RSA has announced some key appointments to its London market hull business, including Stuart Forsyth as hull business leader, London. Danny Bell has also joined the team as an underwriter.

Risk-based capital demands create a challenge with infrastructure investments in ASEAN

According to the Secretary-General of the ASEAN Insurance Council, Evelina Pietruschka, the partial implementation of risk-based capital requirements in certain regions has hindered the insurance industry’s participation in infrastructure financing.

China Life appoints Zhao Lijun CFO

China Life Insurance Company Limited has announced the appointment of Zhao Lijun as CFO, following approval from the CIRC.

Global brokers must do more to offer takaful solutions: IIAL

The Islamic Insurance Association of London (IIAL) has called for brokers around the globe to do more to meet the needs of their Islamic clients, and offer Shariah-compliant solutions.

GCC-wide VAT system to have significant impact on insurance-related business

It’s expected that the introduction of GCC-wide system of value added tax (VAT) will have substantial impact on insurance-related business in the region.

20% hike in insurance premium costs expected in Taiwan in 2017

According to reports from the country, the cost of insurance policies in Taiwan is expected to rise by up to 20% in 2017, with the Financial Supervisory Commission expected to tighten reserve requirements.

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