Here’s your daily Reinsurance News for Wednesday 22nd March 2017:
Swiss Re reinsurance chief cites tailored deals as opportunity
Reinsurance giant Swiss Re recently said that it sees success in higher returns from specialised reinsurance products, and has plans to offset competition by growing this smaller-scale but more lucrative line of business.
Have to be “determined” to let business go: Munich Re CEO
Outgoing Munich Re CEO, Nikolaus von Bomhard, recently said that in the soft reinsurance market you must be determined to let business go where margins are unacceptable.
As pressure proves unsustainable, reinsurance cycle set to change
Rating agency A.M. Best has warned of a change in the reinsurance market cycle as a result of evolving buying habits and market dynamics in the softening cycle.
Buffett would still be profiting from Munich Re stake despite market conditions
A recent article explores Warren Buffett’s sale of a portion of Berkshire Hathaway’s stake in Munich Re, noting that currently, he would still be profiting from the investment.
BIBA scheme aims to expand UK commercial flood insurance availability
A new scheme put forward by the British Insurance Brokers’ Association (BIBA) aims to expand the availability of flood insurance for small and medium-sized enterprises (SMEs) in flood risk areas.
U.S. wildfire acreage burned running ten times ahead of average in 2017
2.1 million of U.S. acreage has burned as a result of wildfires from January 1st to March 17th, 2017, which is reportedly ten times above the ten-year average.
Border tax could raise Florida reinsurance rates by up to 31%
The House GOP’s Tax Reform Tax Force has proposed a 20% border-adjusted tax, which could raise reinsurance rates in Florida by up to 31%, according to Taxwatch.
Weather Analytics announces $17 million investment from re/insurers
W.R. Berkley Corporation and Tokio Marine HCC have together funded a $17 million Series B financing round for Weather Analytics, taking the entities total funding to beyond $30 million.
Qatar General Insurance and Reinsurance plans to expand into real estate projects
Qatar General Insurance and Reinsurance Company has plans to expand its presence in the insurance sector with a focus on real estate projects.
R&Q acquires Bermudian captive insurer, Linco Limited
Randall & Quilter American Holdings Inc. recently announced the acquisition of Bermuda captive Linco Limited, although terms of the deal were not disclosed.
Financial sector to incorporate risk prevention in regulatory schemes: UN
Robert Glasser of the UN recently highlighted initiatives that are underway which aim to incorporate disaster risk management into the global regulatory environment, in an interview with reinsurer Munich Re.
Collateralized markets increase share of Heritage’s reinsurance
Collateralized reinsurance markets and insurance-linked securities (ILS) funds have increased their share of the insurer Heritage’s risk transfer program.
Asia to drive insurance sector M&A in 2017
Analysis from KPMG predicts that Asia will lead insurance industry merger and acquisition (M&A) activity in 2017, with companies eager to adjust their business models.
IRDAI warns of inevitable third-party motor premium hike next year
The Insurance Regulatory and Development Authority of India (IRDAI) has warned of an inevitable increase in third-party motor premiums next year, in order to take care of the service providers.
Demand pushes secondary cat bond prices higher in February 2017
Excess demand for investments in catastrophe bonds has started to influence the secondary market in 2017, starting to push prices up as primary issuance fails to keep pace with demand.
Egyptian insurance premiums up by 12.4% year-on-year
The Egyptian insurance sector saw its gross premiums increase by 12.4% to $1 billion for the fiscal year ended 30th June, 2016, when compared with the previous year.
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