Here’s your daily Reinsurance News for Wednesday 12th April 2017:
Traditional reinsurance capital declined by $3 billion in Q4 2016: Aon
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.
David Govrin joins Third Point Re U.S.
Former Berkshire Hathaway employee, David Govrin, has joined Third Point Reinsurance (USA) Ltd. as its executive vice president in charge of underwriting.
Lloyd’s prepared to negotiate with Indian regulators: John Nelson
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 demand to increase in Latin America
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.
Reinsurers deriving “significant benefits” from alternative capital: Aon Benfield
P&C reinsurers are getting “significant benefits from their ability to leverage alternative capital,” according to reinsurance brokerage Aon Benfield.
Urbanised Latin America – highly vulnerable to climate risk: Swiss Re
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.
Windstorm Egon insurance industry loss raised to EUR234m
The insurance and reinsurance industry loss from European windstorm Egon has increased by 10% to €234 million, according to PERILS AG.
Sompo International hires Sordillo from QBE to lead loss control
Sompo International has announced the appointment of Victor Sordillo as Senior Vice President, Loss Control Leader. Sordillo joins the firm from QBE.
FM Global creates innovative map for flood risk analysis
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 Surety appoints James Bluzard to Contract Surety central region vice president
Argo Group International Holdings subsidiary, Argo Surety, has named James Bluzard as central region vice president for Contract Surety, effective immediately.
Emerging markets to be hit hardest by rising terrorism & populism: Aon
Re/insurance broker Aon’s latest Risk Maps report reveals that emerging markets are expected to feel the greatest impact from rising terrorism & populism.
Bank of England launches stress test for general insurers
Via the Prudential Regulation Authority (PRA), the Bank of England has released a stress test for general insurers in the UK.
Indian insurance regulator issues cybersecurity guidelines
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.
Willis & PARIMA launch educational risk lab
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 names new Head of Power and Utilities for Asia
Chubb recently announced the appointment of Titus Samuel as Head of Power and Utilities for Asia.
CIRC to tighten regulation for insurers
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.
Confidence in Brazil’s insurance market continues to grow
The Brazilian insurance sector continues to gain confidence after the market’s confidence indicator (ICSS) increased for the third month running.
Philippines insurance commission issues new guidelines for market exit
The Insurance Commission (IC) of the Philippines has set out new rules for insurers that wish to cease operations.
Lagos state to introduce compulsory property insurance
The Lagos state government in Nigeria is reportedly going to introduce compulsory property insurance, which could lead to greater demand for reinsurance protection.
Human error main cause of marine losses: Allianz
According to analysis from Allianz Global Corporate & Specialty S.E. between 75% and 96% of marine accidents are due to human error.
Insurers urged to merge to meet capital requirements: NIC
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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