Here’s your daily Reinsurance News for Wednesday 31st August 2016:
10% of Italy earthquake economic loss to be re/insured: A.M. Best
Global ratings agency A.M. Best has estimated that roughly 10% of the total economic loss from the recent earthquake that struck Italy will be covered by insurers and reinsurers, highlighting a lack of insurance penetration.
Munich Re names Tom Warnes Chief Clinical & Operating Officer of NA health division
Reinsurance giant Munich Re has announced the appointment of Tom Warnes as Chief Clinical and Operating Officer of its North American health division, Munich Health North America.
Asian reinsurance demand poised for growth: Fitch
Fitch ratings has said that regulatory developments across Asia will result in an increased demand for reinsurance in the region, stating that a lack of insurance penetration suggests plenty of room for growth.
Soft pricing, low interest rates is no excuse for insurer performance: Willis Towers Watson
Willis Towers Watson has said that in a world of low interest rates and soft pricing insurers have no excuse for poor performance, as companies report differing levels of returns despite operating in the same environment.
Longevity reinsurance demand could rise on lower Solvency II ratios
Following the UK’s vote to leave the EU and lower investment yields, UK life insurers have seen their Solvency II ratios decline, which could result in a rise in demand for longevity reinsurance and risk transfer.
Over three quarters of private buildings in Switzerland without quake cover: Swiss Re
Reinsurance giant Swiss Re has noted that more than three quarters of private buildings in Switzerland are without earthquake coverage, despite the region’s rich insurance culture.
Nepal quakes impact H1 profits at Kenya Re
Reinsurer Kenya Re has reported its first-half 2016 financial results, which reveals that profits were impacted by the Nepal earthquakes. The firm’s H1 profit still increased by 4.13% on the same period last year, but claims from the quakes exceeded expectations.
Michael Harden named President of Willis Re Asia-Pacific
Willis Re has announced that Michael Harden has been named President of its Asia-Pacific operations, after serving as CEO of the company’s Bermuda business.
Zurich enters into £600 million longevity swap transaction with Pirelli
Zurich has entered into two longevity swap transactions covering £600 million of liabilities for the Pirelli General Pension and Life Assurance Fund and the Pirelli Tyres Limited 1988 Pension and Life Assurance Fund with Zurich Assurance Ltd.
Technology key for reinsurers to navigate challenging environment
With the reinsurance industry continuing to face a series of headwinds and market challenges, technology is viewed as a very powerful tool to help navigate the environment, according to industry experts.
Longevity re/insurance a key growth area for RGA in Canada
A recent research report examining Reinsurance Group of America (RGA) highlights the company’s strong presence in the Canadian market, a region it’s keen to experience further growth with longevity re/insurance business.
Sompo Canopius launches U.S. Ocean Marine business
Sompo Canopius has announced the launch of a new U.S. Ocean Marine business, that will be led by John Ellis, who has been named Head of U.S. Ocean Marine.
China has 20% chance of hard landing from economic transition: Swiss Re
Reinsurer Swiss Re has said that China has a 20% chance of experiencing a hard landing from its economic transition, suggesting the country might come out of it unscathed.
Baldwin & Lyons names William Vens CFO, Birchfield Company President
Baldwin & Lyons has announced the appointment of William C. Vens as Chief Financial Officer (CFO), effective immediately. The firm also announced that CEO W. Randall Birchfield has been named Company President.
UK home insurance premiums remain stable despite flooding and tax increase
Despite intense flooding in parts of the country and an insurance premium tax rise last year, home insurance premiums in the UK remain stable, according to reports from the region.
Premiums, protection, losses up at Blue Capital Global Reinsurance Fund
The Blue Capital Global Reinsurance Fund has reported that during the first-half of 2016 it grew its premiums written and acquired more retrocessional protection, but also experienced a $7.6 million catastrophe loss.
RIMS keen to expand Asia-Pacific footprint: President
President of the Risk Management Society (RIMS), Julie Pemberton, recently said that the organisation is keen to expand its presence in the Asia-Pacific.
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