Here’s your daily Reinsurance News for Tuesday 28th March 2017:
The Insurance Council of Australia (ICA) has declared Cyclone Debbie a catastrophe, which made landfall as a Category 4 storm in northern Queensland, with the potential to drive billions in losses. Insurers and reinsurers had been preparing for the storm, and anticipating losses.
J.P. Morgan has questioned if it’s time for reinsurance pricing to stop falling in light of Munich Re’s reduced profit guidance, the slowed entry of alternative capital and lower reserve releases.
Lloyd’s of London’s Acappella Syndicate 2014 recently announced the promotion of Jim Quinn and Matthew Bellamy, as Head of the Reinsurance Division and Head of Property Reinsurance, respectively.
Analysis from rating agency A.M. Best claims that French cedents are purchasing reinsurance cover at a faster rate than gross premiums written (GPW).
Australian insurer Suncorp said yesterday that it had sufficient reinsurance protection in place to deal with the financial impact of Cyclone Debbie.
In a highly competitive reinsurance market relationships remain a key component in navigating the softening marketplace, according to investment firm Conning.
Aon Hewitt has highlighted the challenging year for the market in longevity swaps in 2016, with pensions funds and reinsurers reacting to changes in mortality expectations.
A phase of the London market’s PPL electronic trading platform has been brought forward, although another has reportedly been delayed.
CNA Hardy, THB and Waterfall Security Solutions have teamed up to develop a global industrial cyber proposition, in an effort to improve available solutions.
Speakers at the 14th Carthage Rendezvous in Tunis recently highlighted how vulnerable MENA region economies are to natural catastrophe events, calling on support from the re/insurance industry.
Artemis has announced the date and release of early bird tickets for its 2017 ILS Asia conference, held in Singapore. ILS Asia 2017 will underline the importance of Asia to the ILS and catastrophe bond market.
Lloyd’s of London has urged cities to take a more comprehensive approach to building risk resilience, underlining how insurers could work to improve infrastructure management.
Risk Strategies Company has announced the acquisition of Terrell Insurance Services Inc., added to its Dallas operation’s capabilities.
ILS industry experts recently discussed the impact of Brexit on Gibraltar and London’s ILS ambitions, suggesting that Brexit could strengthen relationships between the two.
K2 Insurance Services has announced the acquisition of Star & Shield Insurance, an affinity specialist.
Godson Ugochukwu, the Chairman of Guinea Insurance Plc, has revealed a desire to insure 80% of Nigerians by the year 2021.
Rating agency A.M. Best has highlighted the challenges faced by Italian insurers, with political uncertainty and banking troubles adding pressure to profitability.
The UAE Insurance Authority has called for the establishment of a technical committee by insurers, in order to look at the effects of VAT on their business.
According to research from the Boston Consulting Group, the Southeast Asia life market is expected to record an annual compound growth rate of around 8% – 13% through 2020.
Global rating agency A.M. Best has affirmed the Financial Strength Rating of A and the Long-Term Issuer Credit Rating of “a+” of Blue Whale Re Ltd., the firm recently announced.
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