Here’s your daily Reinsurance News for Tuesday 6th September 2016:
Only the costliest catastrophe could turn reinsurance pricing: RBC
RBC Capital Markets has said that only the costliest catastrophe event could turn reinsurance pricing, despite losses in the first-half of 2016 being above the long-term average.
Lloyd’s would move some business to EU absent single market access: John Nelson
Chairman of the Lloyd’s of London marketplace, John Nelson, recently said that the market would move some business to the EU should the UK lose access to the single market following Brexit.
Flood & Protection Gap Executive Roundtable 2016
Flood is a rapidly evolving and increasingly costly peril, yet in comparison to perils such as earthquake and windstorm, flood remains significantly underinsured. Executives came together with Artemis to discuss issues surrounding flood insurance and the resulting protection gap.
Reinsurers fight to remain relevant as headwinds persists: A.M. Best
Global reinsurers continue to fight for relevance in a market that remains pressured from a number of headwinds, including convergence capital, relaxed T&Cs, falling rates, and unsustainable reserves, says A.M. Best.
Longevity growth could help reinsurer ROE’s, but change risk profiles: S&P
Growth in the longevity reinsurance and longevity risk transfer industry could help life reinsurance companies improve their ROEs above 10%, although growth in the sector could also change reinsurers’ risk profile, says S&P.
Sompo Canopius hires Spencer Pearce as Head of Heavy Industry
Sompo Canopius has announced the appointment of Spencer Pearce as Head of Heavy Industry, reporting to Mike Southgate, Head of Marine, Energy & Engineering.
Randall & Quilter reports H1 2016 pre-tax profit of £1.2 million
Randall & Quilter Investment Holdings Ltd. has reported its interim results for the first six months of 2016, posting a pre-tax profit of £1.2 million, compared with a loss of £4.5 million for the same period last year.
Probitas syndicate 1492 hires Lloyd’s Gabriel Anguiano to lead Latin American expansion
Probitas syndicate 1492 has announced the appointment of Gabriel Anguiano, currently Lloyd’s Mexico Country Manager, to spearhead its Latin American growth plans.
LOC secures first wind farm project in Asia, appointed by Swiss Re and Korean Re
UK domiciled global marine and engineering consultancy firm, London Offshore Consultants (LOC), has secured its first wind farm project in Asia. LOC in Korea has been appointed by Swiss Re and Korean Re as service provider for the Tamra Wind Farm project.
Opportunities for ILS in Asia outside of peak catastrophe risks: Experts
During the Artemis ILS Asia 2016 conference held in Singapore in July, experts discussed how there is scope for alternative reinsurance capital to play a role in Asia outside of peak catastrophe risks.
Korea Development Bank looks to sell life insurance arm
South Korea’s state-operated Korea Development Bank (KDB) is reportedly looking to sell its life insurance department after two failed attempts in 2014.
SRA launches Women in Reinsurance sub-committee
The Singapore Reinsurers’ Association (SRA) has established a new sub-committee called Women in Reinsurance (WiRE), to offer support to women in the sector and assist with the development of their careers.
Brokers to play an important but changing role in the industry: KPMG
KPMG’s Scott Guse recently noted that brokers will continue to play an important role in the re/insurance industry, but that overtime it is likely their role will change.
NIA and NAICOM in talks over recapitalisation of insurers
According to reports from the region, the Nigeria Insurers Association (NIA) and the National Insurance Commission (NAICOM) are discussing the proposed recapitalisation of insurers in the region.
Indian insurers preparing to meet Oct 1st e-policy deadline
Insurers in India are preparing to meet the October 1st deadline for issuing electronic policies for those that pay more than Rs 10,000 as premium annually.
Gator Re cat bond qualifying losses now 85% of way to trigger
According to reports, the Gator Re Ltd. catastrophe bond is again getting closer to attaching, with the latest report stating that the aggregate retention layer beneath the cat bond’s trigger has been almost 85% eroded.
Vietnam insurers must develop products for agricultural sector
The Finance Ministry of Vietnam has said that insurance companies in the region must develop products that would boost agricultural insurance take-up in the region.
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