Here’s your daily Reinsurance News for Wednesday 16th November 2016:
Reinsurance to pay for some of NZ quakes, factors could complicate
According to reports reinsurance is expected to pay for some of the damage caused by the recent earthquakes in New Zealand, as local insurers have low deductibles and the EQC is also expected to call on its programme.
Reinsurance industry CEOs optimistic about market
With pricing in the global reinsurance market remaining under pressure, but showing signs of stabilisation, and with some opportunities for growth in the sector, industry CEOs have expressed some optimism with the space.
Swiss Re backs MiCRO catastrophe index business interruption cover
Barbados domiciled reinsurance company, the Microinsurance Catastrophe Risk Organisation (MiCRO), has launched a novel index-linked business interruption policy that is backed by reinsurer Swiss Re.
Lloyd’s names Paolo Vagnone Strategy & Change Director
Specialist Lloyd’s of London insurance and reinsurance marketplace has announced the appointment of Paolo Vagnone as Strategy and Change Director, a newly created role.
Catastrophes cost $520bn annually, can be reduced: World Bank
A new report from the World Bank and the Global Facility for Disaster Reduction and Recovery (GFDRR) claims that natural disasters place some 26 million people in poverty each year, and costs $520 billion in losses.
China to establish insurance system to tackle threat of climate and weather-related losses
According to reports from the region, the Chinese government is to establish an insurance system that addresses the rising threat of climate change and the increased severity and frequency of catastrophe events.
Microsoft benefits from Allianz & Nephila wind farm revenue swap
It’s been reported that Microsoft was a buyer in the first transaction to utilise the innovative wind farm weather hedging revenue solution from Allianz Risk Transfer (ART) with the help of Nephila Capital.
Regulator approves Swiss Re and Bradesco Seguros S.A. joint venture
The Brazilian regulator has approved a joint venture between reinsurer Swiss Re Corporate Solutions Brasil Seguros S.A., and Bradesco Seguros S.A.
Tokio Marine Kiln hires trade credit and political risk underwriter
Tokio Marine Kiln (TMK) has appointed Gary Burke as a trade credit and political risk underwriter, as part of its Special Risks unit in its London office.
Four re/insurers register with BMA in October
The Bermuda Monetary Authority (BMA) has revealed that four new re/insurers were registered during October 2016, in Zurich Management (Bermuda), Kuvare Life Re, Offshore Reinsurer (Bermuda), and Windhaven Insurance.
Average 2016-2017 Pacific cyclone season expected
According to the National Institute of Water and Atmospheric Research of New Zealand, the Pacific is likely to experience an average 2016-2017 cyclone season.
Monte Carlo Rendezvous Executive Roundtable 2016
Participants discussed areas where ILS could play a greater role and explored potential features of the space that could facilitate increased influence across the risk transfer world, including weather risk, cyber, and terror.
Xceedance names new SVP, Head of Data Sciences
Xceedance has announced the appointment of Rajesh Iyer as SVP, Head of Data Sciences, based in the firm’s Boston office.
CoreLogic analysis highlights potential damages from large Cali earthquake
Recent data analysis from CoreLogic claims that the number of homes potentially damaged from a large earthquake impacting the North and South of California at the same time, could be far greater than previously believed.
Allied World Global Markets names Hall-Shaw VP, Professional Lines
Allied World Global Markets has announced the appointment of Jacqueline Hall-Shaw as VP, Professional Lines Division, based in the firm’s London office.
ILS & Insurtech evolution brings role of broker into question: Speakers
The continued evolution of the convergence space and the rise of technology has brought the role of the broker community into question, according to re/insurance and ILS market leaders.
James River Group CFO to retire in 2017
James River Group Holdings, Ltd. has announced that CFO Gregg Davis is set to retire from the firm as of January 2nd, 2017.
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