Here’s your daily Reinsurance News for Wednesday 1st February 2017:
Reinsurers seek new opportunities as value-chain blurs: S&P
Reinsurers are looking to take advantage of new opportunities to source risk as the value chain within the insurance and reinsurance industry continues to blur.
RenRe records operating income of $119.4mn in Q4
Reinsurer RenaissanceRe has reported its fourth-quarter 2016 results, posting an operating profit of $119.4 million. While this is below the figure reported in Q4 2015, it’s higher than its Q4 earnings forecast.
PERILS partners with CatIQ on Canadian loss data
PERILS AG has announced a new partnership with Canada’s Catastrophe Indices & Quantification Inc. (CatIQ), to provide industry loss data for natural catastrophe events in Canada.
European re/insurers advised to focus on M&A consolidation: A.M. Best
International rating agency A.M. Best has advised European insurers and reinsurers to focus on consolidation gains in 2017, with further industry M&A activity expected in the coming months.
Reinsurers can help to close terrorism loss gap: Karhan, Guy Carpenter
Terror risk specialist at reinsurance broker Guy Carpenter, Emma Karhan, has said that the insurance and reinsurance industry must work towards closing the terrorism protection gap.
$200bn loss may not floor London, but could herald huge ILS inflows
The results of a catastrophe risk stress test on London insurers and reinsurers reveals that while a $200 billion event wouldn’t cripple the market, it could result in large inflows of alternative reinsurance capital.
Chubb reports solid 2016 results, operating income up to $4.7bn
Chubb has reported its fourth-quarter 2016 financial results, reporting a combined ratio of 87.8%, so relatively flat compared with the previous year. Full-year 2016 operating income reached $4.7 billion, compared with $3.2 billion a year earlier.
Commercial insurers take advantage of reinsurance arbitrage: S&P
The soft reinsurance landscape has resulted in a buyers market where commercial insurers are taking advantage of reinsurance arbitrage, according to analysts at rating agency S&P.
Business claims from Kaikoura quake hits NZ$900mn
The Insurance Council of New Zealand has announced that private insurers have received business claims totalling NZ$900 million (USD$655mn) from the November 2016, Kaikoura earthquake.
PwC appoints London Market Insurance leader
PwC recently announced that Paul Delbridge, a Partner of the firm with 30 years experience in insurance and reinsurance, has been appointed London Market Insurance leader.
DFID disaster risk transfer plans hint at capital markets potential
The UK’s Department for International Development (DFID) has again highlighted its commitment to improving disaster resilience and economic stability in emerging countries, underlining the value of risk transfer.
Re/insurers urged to embrace technological advances
During a recent industry event in Florida, insurance and reinsurance industry experts highlighted the need for the sector to embrace the change that technology is driving.
Markel CATCo sees increased demand, fund deploys all capacity at 1/1
Reinsurance and retrocession linked investment manager, Markel CATCo, successfully deployed all of its flagship listed fund’s capital at the 1/1 2017 renewals, citing increased demand for its products.
W. R. Berkley’s operating profit dips in Q4 2016
W. R. Berkley has reported its Q4 2016 results, posting an operating profit of $103.9 million, a decline of 9.5% on the same period last year. The firm’s combined ratio was 94.9% in the period.
Chubb expands Signature Suite to personal insurance clients in Canada
Chubb’s Canadian insurance unit has announced the expansion of its Signature Suite to personal insurance customers in Canada.
Rise in ransomware attacks to continue
According to Beazley’s Breach Response Services (BBR) unit ransomware attacks quadrupled in 2016 and the trend is expected to continue into 2017, highlighting the need for adequate re/insurance solutions.
Interest rate rise won’t reduce allocation to ILS market: Morgan Stanley
Following a moderate rise in interest rates by the U.S. Federal Reserve in late 2016, analysts at Morgan Stanley have advised that this is unlikely to result in a reduction in the allocation of capital to the ILS marketplace.
Nat cat impact a top concern for Japanese businesses
The impact of natural catastrophe events to businesses in Japan is a top concern for companies, according to the 6th Allianz Risk Barometer.
Egyptian insurers urged to increase capital levels
After the devaluation of the Egyptian pound, Chairman of the Insurance Federation of Egypt, Abdel Raouf Kotb, has advised insurers in the region to boost their capital base to improve financial solvency.
India’s FGIL signs bancassurance deal with BOM
Future Generali India Insurance (FGIL) has announced a bancassurance deal with Bank of Maharashtra (BOM), enabling BOM clients to access products offered by FGIL at any of its branches.
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