Reinsurance News

Reinsurance News – Monday 3rd April 2017

3rd April 2017 - Author: Luke Gallin

Here’s your daily Reinsurance News for Monday 3rd April 2017:

Reinsurers to pick up Cyclone Debbie bill

Reinsurance capacity is likely to cover the majority of the cyclone Debbie claims, which are thought to be at around the same level as 2011’s Yasi.

Discipline sees Munich Re’s dividend payouts outpace peers: RBC

Reinsurance giant Munich Re has been able to maintain dividend payouts to investors even in the event of a large insurance industry loss. reports RBC Capital Markets.

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Recent U.S. severe storms could be another $1 billion insured loss: Aon

Re/insurance industry losses from severe thunderstorms and convective weather in the U.S. continue to rise, with recent storm activity likely to contribute another $1 billion to economic and insured losses, says Aon.

Peak Re records solid growth in 2016

Reinsurer Peak Re increased its premium income in 2016 by 20% to $698 million, while its underwriting profit reached $38 million, growth of 33%.

Reinsurers best placed to benefit from increasing global insurance penetration: S&P

Rating agency Standard & Poor’s (S&P) has said that global reinsurers are better placed than primary insurers to take advantage of increasing insurance penetration around the world.

Moody’s predicts manageable operational risk for insurers from Brexit

Moody’s expects the large majority of UK insurers operational risks from Brexit to be manageable, with the credit impact expected to be moderate.

Demand surged in German non-life reinsurance: A.M. Best

Demand for non-life reinsurance in Germany has spiked at a rate that nearly doubles cedants’ gross written premiums (GWP) growth, according to a new report from A.M. Best.

Peak Re seeking investors and IPO: Bloomberg

According to reports in Bloomberg Chinese conglomerate Fosun International is planning an initial public offering for its reinsurance entity, Peak Reinsurance Company.

World Bank to build on Pacific parametric insurance facility

The World Bank is reportedly planning to build on the experience of the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI) with the launch of a new project in Fiji.

Larger losses, digitalisation & tech are reshaping liability risk landscape: Allianz

The liability risk landscape is undergoing constant change driven by the advance of technology, larger losses, and digitalisation, according to a recent report by Allianz.

Trust Re reports $18.8 million of profit at end of Q4 2016

Reinsurer Trust Re has reported that its profits reached $18.8 million at the end of the fourth-quarter, compared with $30.8 million in 2015.

European windstorm exposures static at €54 trillion: PERILS

European windstorm exposures have remained relatively static in 2016, totalling €54 trillion in the latest release of the industry sums insured data set, according to PERILS AG.

BIMA plans to insure 1 billion people across the world

Insurer BIMA, which provides mobile-delivered insurance solutions in emerging markets, has plans to insure a billion people worldwide.

Aviva Asia names new regional CEO for China, Indonesia & Vietnam

Aviva’s Asia division has announced the appointment of Randy Lianggara as regional Chief Executive Officer (CEO) for China, Indonesia and Vietnam.

Insurance sector developments in Malaysia positive: Fitch

Fitch Ratings has said that several developments in the Malaysia insurance industry are positive for the sector, including the entry of the Lloyd’s market.

Kenya Re’s profit dips in response to increased provisioning for doubtful debts

Reinsurer Kenya Re’s profit fell by 7.5% in 2016 driven by increased provisioning for doubtful debts from clients around the world, according to industry reports.

NAS Insurance launches cyber solution for individuals

NAS Insurance has launched a new cyber insurance product for individuals, NAS’ Personal CyberPlus, aimed to offer protection for individuals and families against the growing threat of cyber attacks.

New Zealand to review insurance legislation

The Reserve Bank of New Zealand (RBNZ) is to review insurance legislation in an effort to develop a more cost-effective supervisory regime for the insurance sector.

Microinsurance penetration in Tanzania to increase

The penetration of microinsurance solutions across Tanzania is expected to increase, according to reports from the region.

UAE to introduce insurance training courses

In an effort to improve and expand the insurance sector, the Emirates Institute for Banking and Financial Studies (EIBFS) is looking to introduce insurance training courses.

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