Here’s your daily Reinsurance News for Thursday 21st July 2016:
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.
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 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.
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.
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.
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.
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.
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.
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 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.
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 has announced that Donald Sherman has been promoted to Executive Officer of the firm’s main board, effective August 1st 2016.
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.
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, former Florida Office of Insurance Regulation (FOIR) Financial Analyst, has joined law firm Colodny Fass as part of its Insurance Regulatory Team.
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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