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Reinsurance News – Thursday 5th January 2017

5th January 2017 - Author: Luke Gallin

Here’s your daily Reinsurance News for Thursday 5th January 2017:

Nat cat losses in 2016 at four year high: Munich Re

According to reinsurance giant Munich Re, insured natural catastrophe losses during 2016 totalled $50 billion, the highest of the last four years.

Indian brokers call for rethink on IRDAI’s reinsurance preference rules

Insurance brokers in India are calling for the reinsurance preference rules outlined by the IRDAI to be re-thought, and will meet with CEOs and CMDs of general insurers this week.

Swiss Re Corporate Solutions appoints new head of MENA

Swiss Re Corporate Solutions has announced the appointment of Falk Schmaler as its new Head of Middle East and North Africa (MENA).

Florida insurers’ combined ratios up in 2016

Florida domestic insurers saw their combined ratios increase by roughly 13% on average in the third-quarter, following the impacts of rate declines and attritional non-catastrophe weather losses, which suggests a need for greater reinsurance protection.

Navigators hires leadership team for Asia region from Chubb

Global specialty insurer and reinsurer, The Navigators Group, has appointed a new leadership team for Asia, announcing three senior hires from Chubb.

AXA loses $85.6 million from Bluefin sale

According to reports insurance company AXA lost roughly $85.6 million from the sale of its UK insurance broker Bluefin Insurance Group.

Lloyd’s Market Association publishes cat model guide

The Lloyd’s Market Association (LMA) recently published a new guide on catastrophe risk models, in an effort to bring more clarity to the issue.

MEDGULF to be all-line re/insurer within three years

The General Manager of the Mediterranean & Gulf Insurance & Reinsurance Company (MEDGULF), Shadi Al Mahameed, has said that within the next three years the firm will be an all-line re/insurer.

Mitsui Sumitomo Marine Management has licensed RMS Exposure Manager

Mitsui Sumitomo Marine Management has now licensed the RMS Exposure Manager in an effort to improve its risk accumulation management.

Foreign reinsurers to shake-up India’s reinsurance market

As the number of foreign reinsurers entering, or seeking to enter the Indian market continues to rise, the region has the potential to emerge as a global reinsurance hub.

Choi Moon Kee joins Great American Insurance from ACE

The Singapore division of Great American Insurance Company has appointed Choi Moon Kee as Director, Marine & Client Relationship Management. He joins the firm from insurer ACE.

Gator Re cat bond could face $35mn loss

An extension notice for the Gator Re catastrophe bond has been filed, suggesting a partial repayment event and retention of $35 million.

Typhoon Nina caused $105mn of damage to infrastructure and agriculture

A recent report from the National Disaster Risk Reduction and Management Council of Philippines claims that typhoon Nina caused roughly $105 million of damages to infrastructure and agriculture.

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.

CIRC to push for tighter governance in the insurance sector

The Chinese insurance regulator, the CIRC, is looking to implement a set of new, tighter regulations to improve governance in the country’s insurance industry.

Use of PCS data in catastrophe bond triggers up in 2016

According to the latest catastrophe bond report from PCS, the use of PCS data issuance in 2016 increased, reaching $3 billion from eleven transactions.

India’s mobile wallet firms lack cyber insurance protection

Reports from the region claim that mobile wallet companies lack adequate cyber insurance protection as they look to scale and increase penetration of their services across India.

Fairfax reveals annual dividend

Fairfax Financial Holdings Limited has announced that it has declared a dividend of $10 per share on its outstanding multiple voting and subordinate voting shares.

 

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Navigators hires leadership team for Asia region from Chubb

LONDON, Jan. 04, 2017 (GLOBE NEWSWIRE) -- The Navigators Group, Inc. (NASDAQ:NAVG), a global specialty insurer and reinsurer, announced today...

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