Here’s your daily Reinsurance News for Thursday 9th March 2017:
Regulatory equivalence, new trade deal are key Brexit concerns: LMG
The London Market Group (LMG) has called for the UK government to ensure regulatory equivalence is maintained following Brexit, asking for a new trade deal to be secured with the EU.
Hurricane Matthew Florida loss hits $1.182 billion, further to rise
The Florida Office of Insurance Regulation has revealed that total insurance claims paid in the state of Florida from the impact of hurricane Matthew has risen further, hitting $1.182 billion.
Hannover Re focuses on profits not premium
Reinsurance giant Hannover Re reported a record net income of €1.17 billion in 2016, growth of 1.8%. The firm underlined its focus on profits over premiums.
Profits fall further for U.S. reinsurers in 2016: RAA
Analysis from the Reinsurance Association of America (RAA) shows that the profitability of U.S. reinsurers declined further in 2016, despite firms writing more business.
Warren Buffett’s Gen Re receives R2 approval for launch of Indian business
Warren Buffett’s Gen Re has received second level, or R2 approval from Indian insurance regulator, the IRDAI, to establish a branch in the region.
Bermuda reinsurance market profitability nears cost-of-capital: Fitch
International rating agency Fitch has said that the Bermuda reinsurance marketplace has seen its margins drop once again, as low investment yields and returns push profitability nearer cost-of-capital.
Technology and getting closer to the risk key for Munich Re: Doris Höpke
Reinsurancene.ws recently spoke with Munich Re’s Doris Höpke to discuss notable trends in the global reinsurance landscape, as well as strategies for navigating an evolving industry.
ARC and African Development Bank partner to expand risk transfer
The African Risk Capacity (ARC) and the African Development Bank (AfDB) have announced a new partnership that will enhance the Member states’ understanding of disaster insurance, ultimately helping expansion.
SCOR targets move into Iran with reinsurance negotiations
The CEO of SCOR Global P&C, Victor Peignet, recently met the President and Head of High Council of Insurance of Bimeh Markazi Iran Central Insurance, to discuss potential collaboration.
Re/insurance to pay $1bn+ severe weather losses in February: Aon
According to the latest monthly update from Aon Benfield’s Impact Forecasting, extreme weather across the globe in February is to cost insurers and reinsurers more than $1 billion.
Novae’s 2016 profit declines to £23.7 million
Novae Group has reported its 2016 results, revealing that its profit before tax post-Ogden totalled £59.1 million, dropping to £23.7 million including the Ogden impact.
Croatia Osiguranje receives approval to absorb reinsurer Croatia Lloyd
Croatian insurance firm, Croatia Osiguranje, recently received approval to takeover local reinsurance entity, Croatia Lloyd.
MENA re/insurers expect insurance premiums to outgrow GDP
The latest MENA Insurance Pulse survey reveals that insurance and reinsurance senior executives in the region remain optimistic about the marketplace, and expect premiums to outgrow the region’s GDP.
W.R. Berkley Board nominates Maria Luisa Ferré for election as a new director
W.R. Berkley Corporation has announced that its Board has nominated Maria Luisa Ferré to stand for election as a new director at the firm.
Floridian insurers resilient despite tough environment: Demotech
Demotech has explained that Floridian insurers have managed to boost their financial stability and reserves following warning from the firm, despite the ongoing tough operating landscape.
Aviva’s profit down after £380mn after-tax Ogden charge
Insurer Aviva has reported its result for 2016, revealing that it took a £380 million after-tax charge as a result of the Ogden rate cut. The firm’s IFRS profit after tax declined by 22% to £859 million as a result.
Bill to increase private sector role in U.S. flood insurance market tabled
A bill designed to boost the private sector’s participation in the flood insurance market in the U.S. was tabled recently, with some suggesting that the private market can offer coverage at a better rate.
China Oceanwide to acquire Genworth through Asia Pacific Global
Genworth Financial, Inc. has announced a merger agreement with China Oceanwide Holdings Group Co., Ltd., which will see Oceanwide acquire Genworth via Asia Pacific Global Capital Co. Ltd.
PAID Romania prepared to manage major earthquake
Romania’s national pool for disaster risk insurance, PAID, is prepared to effectively handle a major earthquake. The schemes cat reserve totalled €6.19 million at the end of 2016.
Charles Taylor revenue up by 18.1% in 2016
Charles Taylor has announced its results for 2016, revealing that its revenue increased by 18.1% to £169.3 million, while profit before tax grew by 4% to £14.8 million.
Nat cats cost Philippine’s over $4 billion a year
The National Economic and Development Authority of the Philippine’s has reported that natural disasters drive economic losses of more than $4 billion, annually, underlining the need for disaster risk insurance expansion in the region.
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