Here’s your daily Reinsurance News for Tuesday 30th August 2016:
“Steep decline” in reinsurance operating results in H1 2016: Fitch
Ratings agency Fitch has noted that reinsurers’ operating results saw a steep decline in the first-half of 2016, as return on average common equity (ROAE) fell by 36% on the same period last year.
PartnerRe acquisition helps EXOR report 96% profit hike in H1 2016
Italian holding company EXOR has revealed that its first-half 2016 profit increased by 96% on the same period last year, in part due to its acquisition of reinsurer PartnerRe which boosted profits.
Integro expands reinsurance presence in Latin America
Insurance and reinsurance broker Integro has announced an agreement with HR Latinoamerica Ltda. Corredores de Reaseguros (HRL) to serve as its London wholesale reinsurance trading partner, expanding Integro’s footprint in Latin America.
Qatar Re continues solid growth in first-half of 2016, profit up by 79%
Qatar Re has reported its first-half 2016 financial results, posting net profit of $23.9 million, up 79% on the same period last year. The company also grew its GWP to $654 million, and its combined ratio improved to 95.8%.
Promising growth prospects for life reinsurance sector in emerging markets: S&P
The global life reinsurance industry has promising growth potential, especially in emerging markets such as Asia which has low insurance penetration and an ageing population, according to S&P.
Munich Re among German financial institutions & savers storing more cash at home
Savers and organisations across Germany, including reinsurance giant Munich Re, are reportedly stashing more cash at home amidst low interest rates and the prospect of bank fees.
Global insurance rates lowest since 2012, nat cats a driver: Marsh
A report from Marsh states that global insurance rates in the second-quarter of 2016 were at their lowest since 2012, largely driven by an increase in natural disasters and ongoing economic uncertainty.
Charles Taylor’s H1 2016 revenue grows to £74 million
Charles Taylor has reported its first-half 2016 financial results, posting a revenue increase of 7.1% to £74 million. The firm’s adjusted profit before tax also increased in the period, by 4.2%, to £6 million.
Insurers have little excuse for poor performance: Willis Towers Watson
A recent study from Willis Towers Watson, which examines the last five years of financial returns from PRA registered insurers, states that low interest rates and soft pricing is no excuse for poor performance.
CIRC to limit ways Chinese insurers can finance M&A activity
According to reports from the region, the China Insurance Regulatory Commission (CIRC) is looking to limit the ways insurers can fund M&A activity, in an attempt to stop aggressive acquisitions in the region.
Iowa at the middle of debate surrounding the use of captive reinsurers
Iowa is at the middle of a debate concerning the increased use of captive reinsurance subsidiaries utilised by insurers to help manage their business and transfer liabilities, with experts in the region concerned about the use of such tools.
Florida insurers prepared for hurricane activity
With the Atlantic hurricane season underway insurers in Florida are reportedly prepared for activity following more than a decade without a landfalling event.
Asia’s ageing population highlights longevity risk transfer opportunity
A reported $20 trillion is predicted to be drained from Asia’s economy over the next 15 years simply to meet healthcare needs of its ageing population, underlining the potential and need for longevity risk transfer to support local insurers.
Indian life insurers continue to report solid growth
Reports from the region note that new premiums generated by the Indian life insurance sector continued to grow in the first few months of the fiscal year, helped by improved distribution channels.
Africa’s lack of insurance penetration highlighted by the AIO
The African Insurance Organisation (AIO) has reported that the African insurance sector accounted for just 1.5% of the global insurance market in 2015, and that the average insurance penetration rate is 2.8%, compared with a global average of above 6%.
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