Here’s your daily Reinsurance News for Thursday 13th October 2016:
Hurricane Nicole intensifies to Cat 4, still targets Bermuda
Hurricane Nicole has now intensified into a Category 4 storm, as expected, with sustained winds of 130mph and higher gusts, and continues to track towards to Bermuda.
Understanding regulation in Asia key to growth for re/insurers: Aon Benfield
Reinsurance broker Aon Benfield has released a report that notes the need for insurers and reinsurers to understand regulation across Asia to achieve growth.
AIR puts Matthew loss estimate at up to $8.8bn, KCC says around $7bn
Catastrophe risk modeller AIR Worldwide has provided its initial insurance and reinsurance industry loss estimate from hurricane Matthew, at up to $8.8 billion. While KCC has provided a loss estimate of around $7 billion.
Non-life growth in emerging markets to outperform advanced markets: JLT Re
Emerging markets are likely to see growth in non-life insurance premiums in the coming months and years, outperforming more advanced markets, according to JLT Re.
FedNat to call on reinsurance for hurricane Matthew, HCI to retain
Insurers are beginning to report losses from hurricane Matthew, with Federated National Insurance stating that it will call on its reinsurance panel, and Homeowners Choice Group (HCI) has said the loss won’t trigger reinsurance recoveries outside of HCI.
XL Catlin opens second Mexico office, names Carlos Matthey Client Distribution Leader
XL Catlin has announced the opening of its second office in Mexico, and also the appointment of Carlos Matthey as Client Distribution Leader.
$38bn China flood impact just $596m or 1.5% insured: Aon Benfield
Aon Benfield has highlighted that flooding from extreme rainfall that impacted the Yangtze River in China during the summer resulted in economic losses of more than $38 billion, of which just 1.5% was insured.
Munich Re Digital Partners announces partnership with German tech firm, Simplesurance
Munich Re subsidiary Munich Re Digital Partners has announced a partnership with Simplesurance, a German tech company that facilitates the cross-selling of insurance policies for other products for businesses.
Important for reinsurers to use ILS to lower cost of cover: Gale, XL Catlin
Jonathan Gale, the CEO of XL Catlin, London, has underlined the importance and requirement of insurers and reinsurers to offer ILS and alternative capital solutions to reduce the overall cost of reinsurance cover.
Indonesia Re still has a number of consolidation steps to complete
Despite being launched last week, national reinsurance company Indonesia Re still has a number of consolidation hurdles to clear that involves a number of state companies.
XL Catlin adds cyber coverage for design professionals
XL Catlin has announced the addition of cyber insurance as an optional cover to its professional liability product for architects, engineers and other design businesses.
Q3 2016 Cat Bond Report – Weather risk returns, private deals, market growth
Artemis has released its third-quarter 2016 catastrophe bond and ILS market report, that reveals over $1 billion of issuance from eight transactions during the quarter.
Beazley appoints Aidan Flynn tech, media & business underwriter
Beazley has announced the appointment of Aidan Flynn as a technology, media and business services senior underwriter with a focus on data breach and cyber.
World Bank looks to cat bonds for other kinds of risk
The World Bank is set to look at alternative reinsurance capital structures, such as catastrophe bonds, as a way to help mitigate a broader range of risks.
Insurers across Asia must create products that serve needs of clients: A.M. Best
Ratings agency A.M. Best, speaking from the East Asian Insurance Conference (EAIC) in Macau, highlighted how insurers must innovate and create products that serve the evolving needs of their clients.
Economic conditions suggest slow premium growth for Korean firms in 2017
Low interest rates, an ageing population and a slow economy suggests that Korean insurers will experience sluggish premium growth in 2017, according to reports from the region.
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