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Swiss Re backed livestock insurance scheme to payout $2 million

21st February 2017

Swiss Re has announced the Kenyan Livestock Insurance Programme (KLIP) will be making a payout of about $2 million to 12,000 Kenyan farmers at the end of February, with index-based payments pegged to satellite measurements of data set to roll out with the average payout at $170 per household. The innovative insurance programme collects ... Read the full article

AXIS names Brown to lead growth at London professional lines MGA

21st February 2017

Insurer and reinsurer AXIS Capital Holdings Limited has announced the appointment of Julian Brown Vice President and Underwriter in its insurance unit, tasked with driving growth and product development at the firm’s London market Managing General Agency (MGA) unit. Brown has over 20 years’ experience in the re/insurance industry joins AXIS ... Read the full article

Interest rates cause sharp increase in longevity reinsurance: Bank of England

21st February 2017

David Rule, Executive Director of Insurance Supervision at the UK's Bank of England, said this morning that interest rate sensitivity has helped to drive an uptick in longevity reinsurance usage. Speaking at an Association of British Insurers event today, Rule discussed Solvency II as a regime, with a particular focus on ... Read the full article

China launches first mutual insurer

21st February 2017

China’s first mutual insurer, Zhonghui Property Mutual Insurance, has opened recently in Beijing, with a  working capital of $146 million to begin its operations. The mutual will offer credit insurance to small and medium-sized businesses and short-term health and personal accident insurance. It's the first to be launched out of three mutual ... Read the full article

RMS Colombia Earthquake Model approved by regulator

21st February 2017

International catastrophe risk management and modelling firm, RMS, has received approval from the Colombian insurance regulator to provide catastrophe modelling services for earthquake risks in the region. Colombian insurance regulator, Superintendencia Financiera de Colombia (SFC), has given approval for the RMS Colombia Earthquake Model to be utilised by national and global ... Read the full article

Premium volumes stagnant as global trade levels shrink: Munich Re

21st February 2017

Reinsurance giant Munich Re has pointed to how a two-year drop in global trade levels has hit insurance premium income, over fears this downturn could be exacerbated by an era of nationalism that pushes the globe towards economic decline. After several decades of global trade moving towards steady growth, 2015 and 2016 ... Read the full article

Transatlantic reinsurance deal to create a “level playing field”

21st February 2017

Following the proposed transatlantic reinsurance agreement between the EU and the U.S. announced earlier this year, members of the U.S. Financial Services Housing and Insurance Subcommittee recently met to discuss the deal, stating that the agreement would establish a level playing field. Announced in January 2017 the agreement aims to ... Read the full article

Reinsurance News – Tuesday 21st February 2017

21st February 2017

Here’s your daily Reinsurance News for Tuesday 21st February 2017: Ogden rate revision to result in huge re/insurer reserve charge: Willis Brokerage Willis Towers Watson has warned that the proposed revision to the Ogden discount rate would see reinsurers that operate in the UK motor industry face a £4.9 billion one-off ... Read the full article

Reinsurers cautioned over climate change risks to finance system: APRA

20th February 2017

The Australian Prudential Regulation Authority (APRA) admonished companies for a lack of action on risks from global warming, warning at the Insurance Council of Australia’s Annual Forum that climate change could “threaten the stability of the entire financial system.” "While climate risks have been broadly recognised, they have often been seen ... Read the full article

Willis Towers Watson to acquire French aviation broker OAAGC

20th February 2017

Willis Towers Watson is set to acquire French aviation broker, OAAGC - a move that will see Willis' aviation business expand to top aviation insurance and reinsurance broker in France. The acquisition would transfer the entire OAAGC team and book of business over to Willis, and offer OAAGC clients access to Willis’s ... Read the full article

Bruce Carnegie-Brown to replace Nelson as Chairman of Lloyd’s

20th February 2017

The specialist Lloyd's of London insurance and reinsurance marketplace has announced that Bruce Carnegie-Brown is to replace John Nelson as its new Chairman, effective June 2017. Following a meeting of the Council of Lloyd's Carnegie-Brown's appointment was approved unanimously, and subject to approval and consent from the Prudential Regulation Authority (PRA) and the Financial ... Read the full article

Russian National Reinsurance to seek global diversification, ratings

20th February 2017

The Russian National Reinsurance Company will seek to enter international reinsurance markets in order to diversify its book as it gains scale, according to the reinsurers President. Nikolay Galushin, President of the Russian National Reinsurance Company, said in an interview with Interfax that in future it will be desirable for the ... Read the full article

Insured losses reach AU$42 million after Sydney freak summer storm

20th February 2017

The Insurance Council of Australia (ICA) has reported insured losses of AU $42 million (US$32 million) and rising after a freak summer storm ravaged Sydney and parts of New South Wales. And insured loss estimates for the NSW bushfires have risen to AU$28.5 million (US $21 million) - a figure that ... Read the full article

Ogden rate revision to result in huge re/insurer reserve charge: Willis

20th February 2017

Insurance and reinsurance broker Willis Towers Watson (WTW) has warned that should the proposed Ogden discount rate revision to negative 0.5% occur, reinsurers that operate in the UK motor industry would most likely face a £4.9 billion reserve charge, while the annual cost of providing motor insurance would also increase. Analysis ... Read the full article

Ed brokers re/insurance for Iranian gas field projects

20th February 2017

Ed Broking, the London and global insurance and reinsurance brokerage, has completed the first arrangements in Iran that will see London market re/insurance capacity backing energy industry projects in the country since sanctions were in place. Since sanctions were eased in January it has now become possible for London market re/insurers ... Read the full article

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