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Reinsurance News – Thursday 21st July 2016

21st July 2016 - Author: Luke Gallin

Here’s your daily Reinsurance News for Thursday 21st July 2016:

$30 billion of insured losses in H1 from nat cats, highest since 2011

Reinsurance broker Aon Benfield has revealed that global catastrophes in the first-half of 2016 caused an insurance industry loss of $30 billion, and a global economic loss of $98 billion.

Zurich’s Dublin entity reports €348 million loss

A Dublin-based subsidiary of Zurich Insurance that underwrites non-life risks for the primary insurer has a reported a loss of €348 million, owing to weather-related underwriting losses.

Lloyd’s safe from immediate Brexit hit, long-term uncertain: J.P. Morgan

Lloyd’s market participants don’t appear overly worried about any immediate impacts from the UK’s vote to leave the EU, although the long-term implications remain unclear, according to analysts at J.P. Morgan.

Indian reinsurer ITI Reinsurance to begin operations in October 2016

India’s ITI Reinsurance, a division of Fortune Financial Services, is reportedly set to begin operations in the region in October of 2016, with approval from the IRDAI expected in September.

Philippines renews push for mandatory catastrophe insurance

In an effort to improve disaster resilience in the region, the Philippines Insurance Commission has again called for legislation that would make catastrophe insurance mandatory in the country.

Gen Re Critical Illness package to enable L&H carriers to enter market

Reinsurer Gen Re has announced the creation of a comprehensive Critical Illness Insurance start-up product for life and health (L&H) insurance carriers that are keen to enter the market in an affordable and efficient way.

Collateralised re helps alt capital move beyond the U.S. – Vickers, Willis Re

The recent rise and expansion of collateralised reinsurance business is supporting the persistent growth of alternative capital and ILS structures, helping it expand beyond the U.S., according to Willis Re Chairman, James Vickers.

Product diversification & emerging regions are expanding life re/insurance

A new report that looks at the state of the global life insurance and reinsurance industry, has highlighted how product diversification and expansion into emerging regions is driving sector growth.

Chinese insurers need up to five years to establish C-ROSS risk management system

A report from PwC states that insurers in China may require up to five years to establish an effective risk management system under the country’s new regulatory framework, China Risk Orientated Solvency System (C-ROSS).

Suncorp names Patrick Farrell Head of Investments

Suncorp has announced the appointment of Patrick Farrell as the firm’s new Head of Investments, effective July 18th 2016 and reporting to Suncorp Deputy CFO, Jeremy Robson.

45% of countries across the world lack a mutual insurance law 

Research from the International Cooperative and Mutual Insurance Federation (ICMIF) claims that roughly 45% of countries around the world lack any mutual insurance law, with many of these being poorer regions that are vulnerable to catastrophes.

Tokio Marine Holdings names Donald Sherman Executive Officer of board

Tokio Marine Holdings has announced that Donald Sherman has been promoted to Executive Officer of the firm’s main board, effective August 1st 2016.

South Africa’s Discovery to enter Japanese insurance sector with Sumitomo Life deal

South Africa’s third largest insurer by market value, Discovery Ltd., has partnered with Japan’s Sumitomo Life Insurance Co. and SoftBank Group Corp. to roll out its Vitality program across the Japanese market.

H1 cyber attacks targeted smaller financial institutions: Beazley

Beazley has highlighted that the wealth of cyber attacks on financial institutions in the first-half of the year were mainly aimed at smaller firms, underlining the continued need for improved cyber risk protection.

Jeff Rainey joins Colodny Fass’ Insurance Regulatory Team

Jeff Rainey, former Florida Office of Insurance Regulation (FOIR) Financial Analyst, has joined law firm Colodny Fass as part of its Insurance Regulatory Team.

Cyber attacks on Russian banks highlights need for adequate solutions

Further underlining the need for adequate cyber attack solutions throughout the world, reports claim that between May 2015 and June this year Russian banks have lost roughly $22 million to cyber crime.

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