Here’s your daily Reinsurance News for Wednesday 11th January 2017:
Intense market competition pushes reinsurers towards M&A: A.M. Best
International ratings agency A.M. Best has said that continued intense competition in the reinsurance industry is pushing companies closer to M&A activity.
Hurricane Matthew claims up 10% to $803m in Florida
Reported insurance and reinsurance industry losses suffered in Florida as a result of hurricane Matthew have increased by another 10%, to $803 million.
XL Group reveals $245mn preliminary loss estimate for Q4 2016
Insurer and reinsurer XL Group has reported that it expects a preliminary $245 million of natural catastrophe losses in the fourth-quarter of 2016.
India’s insurers vote against first preference rule for foreign reinsurers
General insurers in India recently voted against a new rule proposed by insurance regulator, the IRDAI, that gives foreign reinsurers the first right of refusal in obtaining Indian business.
Mainland China to experience modest insurance sector growth in 2017: Swiss Re
Global reinsurance giant Swiss Re expects mainland China’s insurance market to experience modest growth in 2017, with the non-life sector growing by 7.4%.
Convergence growth takes overall reinsurance capacity to $420bn: A.M. Best
Total, dedicated reinsurance capital is expected to reach a new high of $420 billion for the end of 2016, of which $75 billion is convergence capital, according to A.M. Best.
Pension longevity swap activity to increase in 2017: Beard, WTW
Shelly Beard of Willis Towers Watson has said that activity in the pension scheme longevity swap and hedging market should increase in 2017.
Austrian terrorism reinsurance pool signs up to IFTRIP
The Austrian terrorism reinsurance pool, Österreichischer Versicherungspool zur Deckung von Terrorrisiken (VV0), has signed up to support the International Forum of Terrorism Risk Reinsurance Pools (IFTRIP).
Peak Reinsurance gets technological makeover
Reinsurer Peak Re has announced that it has upgraded its underwriting and claims management system with Appion, a new “low-code” platform.
WEF launches 2017 Global Risks Report
The World Economic Forum (WEF) has released its 2017 Global Risks Report, which highlights inequality, climate change, societal polarization, among others, as key risks in the coming months.
Berkshire Hathaway Specialty to enter Canadian marine insurance market
Berkshire Hathaway Specialty Insurance (BHSI) is to launch an Inland and Ocean Marine Insurance in Canada unit, and has appointed Gord Rider as Senior Marine Underwriter.
U.S. commercial P&C rates end 2016 at -1%, says MarketScout
U.S. commercial P&C rates declined by an average of 1% during December 2016, continuing the trend set in November but an improvement from the -4% witnessed earlier in the year.
Companies increasingly fearful of the impact of non-physical damages: Allianz
Allianz unit, Allianz Global Corporate & Specialty (AGCS), has released its 2017 risk barometer, which claims that companies are increasingly fearful of the impact of non-physical damages.
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.
AzRe looks to increase equity capital
The sole reinsurance company in Azerbaijan, AzRe, will discuss increasing its equity capital at the company’s general shareholder meeting on February 13th, 2017.
Pioneer launches Misc, Technology & Cyber Liability unit
Pioneer Underwriters has announced the launch of its new Miscellaneous, Technology and Cyber Liability division, with the appointment of David Lucey as VP.
Collateralised growth to continue in 2017 says Niklaus Hilti, Credit Suisse
Head of ILS at Credit Suisse, Niklaus Hilti, recently explained to Artemis that collateralised reinsurance growth will continue in 2017, while cat bond issuance will likely remain stable.
Nowell Seaman named President of RIMS
The Risk & Insurance Management Society Inc. (RIMS) has announced that Nowell Seaman has been appointed as its new President, effective January 1st, 2017.
Nick Miles joins Bermuda’s Sedgwick Chudleigh as a partner
Experienced insurance and reinsurance lawyer, Nick Miles, as joined Bermudian law firm Sedgwick Chudleigh as a new partner.
Only 1% of Australian farmers have multi-peril crop insurance
Just 1% of Australian farmers currently utilise multi-peril crop insurance, highlighting a need for a new approach at managing crop risk in the country.
Takaful penetration increases across Africa
Islamic insurance, or Takaful, penetration has increased in several African countries, with Kenya looking to become a regional hub for takaful operations.
Majority of Iranian insurers pass solvency margin assessment
The Iranian insurance regulator, the Central Insurance of Iran (CII), has revealed that 17 of 26 insurers that recently had their solvency margin ratios assessed were deemed fully capable of meeting their commitments.
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