Here’s your daily Reinsurance News for Wednesday 12th April 2017:
During the final quarter of 2016 the volume of traditional reinsurance capital declined by $3 billion, while the level of alternative capital increased by $3 billion, meaning overall reinsurance capacity remained at $595 billion.
Former Berkshire Hathaway employee, David Govrin, has joined Third Point Reinsurance (USA) Ltd. as its executive vice president in charge of underwriting.
John Nelson, the Chairman of Lloyd’s of London, recently said that Lloyd’s will move away from an India focus surrounding reinsurance and expand into direct and specialist lines.
Reinsurance broker Aon Benfield has said that reinsurance demand in Latin America is expected to increase, providing ample opportunity for both local and international players.
P&C reinsurers are getting “significant benefits from their ability to leverage alternative capital,” according to reinsurance brokerage Aon Benfield.
Reinsurance giant Swiss Re has warned that Latin America could be at risk of further economic and social turmoil as climate change adds pressure to a region already vulnerable to natural disasters.
The insurance and reinsurance industry loss from European windstorm Egon has increased by 10% to €234 million, according to PERILS AG.
Sompo International has announced the appointment of Victor Sordillo as Senior Vice President, Loss Control Leader. Sordillo joins the firm from QBE.
FM Global has created an innovative flood map to give businesses a more comprehensive view of flood exposure after the peril remains a top risk globally.
Argo Group International Holdings subsidiary, Argo Surety, has named James Bluzard as central region vice president for Contract Surety, effective immediately.
Re/insurance broker Aon’s latest Risk Maps report reveals that emerging markets are expected to feel the greatest impact from rising terrorism & populism.
Via the Prudential Regulation Authority (PRA), the Bank of England has released a stress test for general insurers in the UK.
The Indian insurance regulator has released cyber security guidelines for the first time, which calls for the appointment of a Chief Information Security Office by the end of April, 2017.
Re/insurance broker Willis Towers Watson has partnered with PARIMA to launch a new initiative designed to improve and promote professional development for risk and insurance execs in the Asia Pacific.
Chubb recently announced the appointment of Titus Samuel as Head of Power and Utilities for Asia.
The CIRC, the Chinese insurance regulator has warned that it will tighten regulation for the sector, and called for insurance companies to focus on their business.
The Brazilian insurance sector continues to gain confidence after the market’s confidence indicator (ICSS) increased for the third month running.
The Insurance Commission (IC) of the Philippines has set out new rules for insurers that wish to cease operations.
The Lagos state government in Nigeria is reportedly going to introduce compulsory property insurance, which could lead to greater demand for reinsurance protection.
According to analysis from Allianz Global Corporate & Specialty S.E. between 75% and 96% of marine accidents are due to human error.
The National Insurance Commission (NIC) has called for insurers in the region to merge in order to meet minimum capital requirements, or risk delisting in the future.
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