Here’s your daily Reinsurance News for Thursday 24th November 2016:
PERILS almost doubles Italy quake loss estimate to EUR66m
PERILS has announced that it has nearly doubled its insured industry loss estimate for the magnitude 6.2 earthquake that struck Italy in August, to €66 million.
IRDAI establishes committee to decide order of preference in reinsurance cessions
With a number of foreign reinsurers edging closer to becoming operational in India, the Insurance Regulatory and Development Authority of India (IRDAI) has established a committee to decide on the order of preference in reinsurance cessions.
UK re/insurance market welcomes government’s draft ILS regulations
The UK Government has now published its draft regulation for the facilitation of ILS in the region, with the goal of establishing London as an ILS domicile. The latest publication has been well received by the London insurance and reinsurance market.
Emerging markets to drive non-life re/insurance growth over next two years
Reinsurance giant Swiss Re explained recently that emerging markets will drive non-life re/insurance market growth in 2017 and 2018.
Asian insurance sector must learn from what prompted Brexit
While the UK vote to leave the EU will have little impact on the Southeast Asia insurance industry, experts have said that the negative tone that led to Brexit should be a warning for other countries.
Mitsui Sumitomo launches insurance solution for bitcoin exchanges
Japanese insurer Mitsui Sumitomo Insurance is to launch an insurance solution that is designed to cover losses and damages at bitcoin exchanges, and has been developed with bitcoin operator bitFlyer.
XL Catlin launches emergency security & disaster solution for Asian businesses
XL Catlin has announced the launch of a new product designed to meet the needs of businesses at times of emergency and when disaster strikes, called the emergency security and disaster evacuation (ESDE) solution, which is tailored for businesses in Asia.
ILS NYC 2017 conference – Feb 3rd, New York
A thoughtfully curated annual insurance-linked securities event in New York City from Artemis. Featuring ILS & reinsurance industry leaders speaking on forward-thinking, engaging topics.
NZ Government addresses need to improve resilience of commercial buildings from quakes
Following recent earthquakes in the country, the Ministry of Business, Innovation and Employment (MBIE) of New Zealand has advised on improving the safety and resilience of commercial buildings in the face of earthquakes.
Matthew helps reinsurance edge closer to bottom: Gregory, Lancashire
Paul Gregory of Lancashire Holdings Limited recently explained that while hurricane Matthew is unlikely to drive any turn in the softening market, it does push the sector closer to the bottom.
R&Q completes novation from Maryland to Accredited Surety and Casualty
Randall & Quilter Investment Holdings Ltd. has announced the novation of liabilities from Maryland Motor Truck Association Workers’ Compensation Self Insurance Group, to Accredited Surety and Casualty.
Alternative reinsurance capital: “Permanent fixture” continues to evolve
Industry experts recently discussed the continued rise of alternative reinsurance capital, highlighting that it’s now a permanent and influential part of the global reinsurance marketplace.
Generali to cut costs and exit weaker markets in search of profit
According to industry reports Generali is set to cut costs and exit weaker markets in an effort to raise at least $1.06 billion to boost profits and capital.
Aegis London hires new CFO & Director of Risk & Compliance
Aegis London has announced the appointment of Hermien Smeets-Flier as CFO and Graeme Tennyson as Director of Risk and Compliance.
MAS eyes integrated Southeast Asia insurance industry
Lee Keng Yi, Head of Monetary Authority of Singapore’s (MAS) Insurance Department, recently discussed efforts the MAS is taking to create an integrated insurance market in Southeast Asia.
UK Gov to provide £500,000 a year to fintech development
The UK Government has announced that it will commit £500,000 a year to fintech specialists in an effort to cement the UK’s position in the global fintech market.
CIRC suspends & investigates Zheshang Property & Casualty Insurance
Chinese insurance industry regulator, the CIRC, has suspended Zheshang Property & Casualty Insurance’s stock investment authorisation, and is looking into claims that a former employee participated in “rat trading.”
Takaful growth hurt by capacity and accessibility but demand high: Report
According to a recent industry survey, takaful insurance solutions are in high demand, but the accessibility and capacity are pressures that continue to impact the growth of the sector.
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