Here’s your daily Reinsurance News for Wednesday 14th September 2016:
It’s day four of the 2016 Monte Carlo Reinsurance Rendez-vous, the 60th anniversary of the reinsurance, insurance and more recently insurance-linked securities (ILS) meeting in the south of France.
Here’s all the latest coverage from our sister publication Artemis around the 2016 Monte Carlo Reinsurance Rendez-vous.
The innovatively generated, and expanding source of alternative reinsurance capital is a game changer that has uberized the insurance and reinsurance industry, according to industry leaders speaking at the 2016 Monte Carlo Reinsurance Rendezvous.
The securitisation of risks via third-party backed reinsurance capital “makes perfect sense” for natural catastrophe risks owing to the underinsurance of peak risks, and is an important risk transfer tool that is most likely here to stay, according to Christian Mumenthaler, the Chief Executive Officer (CEO) of Swiss Re.
Global reinsurance giant Hannover Re expects the demand for insurance-linked securities (ILS) structures to grow in the coming years, and that reinsurance prices will show greater stability at January 1st 2017.
The reinsurance industry needs to get better at promoting the value of its catastrophe products to buyers, thinks Dominic Christian, Executive Chairman, Aon Benfield International. Property catastrophe reinsurance plays a vital societal role as well as generating significant premiums for the industry, he told Artemis ahead of the Rendez-Vous de Septembre in Monte Carlo.
When the global reinsurance market begins to turn from its softening cycle, issuers of catastrophe bonds will benefit from an increased demand for cover, according to JLT Re’s David Flandro.
Below is the rest of your daily reinsurance news.
After four years of declining prices and in response to increasing automation and standardization, large European reinsurers are being persuaded to get personal.
According to industry reports large acquisitions are on the mind of some insurers and reinsurers, including Swiss Re and AXA.
Opinions among industry leaders and executives at the meeting of the reinsurance industry in Monte Carlo regarding the bottom of the market cycle, continue to vary.
Reinsurance giant Swiss Re expects prices in the market to stabilise and is looking to adopt new technology in order to drive opportunities in the sector.
TigerRisk Capital Markets & Advisory has established itself in London, and named Leo Beckham from Willis as Managing Director of the unit.
According to reports Towers is at risk of losing $50 million of the emergency reinsurance it’s relying on to settle its outstanding Canterbury earthquake claims.
Google is reportedly looking to partner with insurance companies in France, although it is not focusing on the insurance market directly, according to Google’s MD in France, Nick Leeder.
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