Here’s your daily Reinsurance News for Monday 29th August 2016:
Up to EUR200m earthquake loss for Italian insurers, estimates Fitch
Global ratings agency Fitch has estimated that Italian insurers will face a loss of between €100 million and €200 million from the recent earthquake, and that reinsurance will pay for the majority of claims.
Michael Klaschka joins EPIC Insurance Brokers from Integro
Michael Klaschka has joined the Financial Risk Solutions Practice of EPIC Insurance Brokers and Consultants, from rival brokerage Integro Insurance Brokers.
All eyes in Florida & Gulf Coast on Invest 99L (tropical storm Hermine)
Florida and Gulf Coast states will be keeping a close eye on Invest 99L, a strong tropical low that is tracking west-north-west between Cuba and the Bahamas towards Florida, and that could transition into named tropical storm Hermine.
Africa Re plans to boost insurance awareness in Nigeria
In an effort to boost insurance awareness and education across Nigeria, Africa Reinsurance Corporation is planning to embark on a Corporate Social Responsibility (CSR) initiative.
Reinsurers seek returns where ILS isn’t playing, but it can soon follow
A.M. Best has noted that reinsurers are looking for returns outside of the most competitive business lines and where third-party capital is yet to have an impact, although it should be noted that ILS capital can, and will likely follow suit at some point.
AIG’s restructuring plans to be clearer in Q3
Restructuring plans announced by AIG earlier this year are expected to take further shape in the third-quarter of 2016, according to recent industry reports.
London Market specialty re/insurance line profits shrinking: PwC
Rate adequacy concerns are increasing in offshore energy property, marine cargo and even casualty lines as the London market remains under significant pressure, according to PwC.
North American P/C insurers operating profit declines in H1: Fitch
The operating profitability of North American property and casualty insurers declined in the first-half of 2016, as underwriting continued to deteriorate and investment returns remained low, according to Fitch Ratings.
CIRC debating clamp down on short-term, risky products
The CIRC, China’s insurance and reinsurance regulator, is deciding whether to implement tougher actions on risky short-term, high-yielding products.
Abu Dhabi insurers see profit hike in H1 2016
Insurance companies listed on the Abu Dhabi Securities Exchange saw profits increase to $91.6 million for the first-half of 2016, an increase of 37% compared with the same period last year.
Nearly all non-life Indian insurers reported underwriting loss during latest financial year
According to reports from the region, just one out of the 22 non-life insurance companies operating in India reported an underwriting gain for the financial year ending March 31st 2016, highlighting a need for underwriting discipline.
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