Reinsurance News
ICA estimates current industry Townsville losses at $606mn
15th February 2019
The Insurance Council of Australia (ICA) has recorded 15,571 insurance claims from the flooding in Townsville, Queensland so far, with current industry losses estimated to be around AUD $606 million (US $429 million). Rob Whelan, Chief Executive Officer (CEO) of the ICA, today briefed the Queensland Deputy Premier on the re/insurance ... Read the full article
Allianz posts highest net income for 10 years, P&C performance improves
15th February 2019
Allianz has reported its highest net income of the past decade for 2018, of €7.5 billion (USD 8.5bn), helped by increased operating profit within its property and casualty (P&C) business, despite strong market volatility. A higher overall operating profit of €11.5 billion and reduced income taxes more than offset Allianz's non-operating ... Read the full article
Markel adds trade credit underwriter from Coface
15th February 2019
Specialist re/insurer Markel International has announced the appointment of Ramzi El Kadi as an underwriter within its trade credit, political risk and surety operation in Dubai. El Kadi brings five years’ experience in the trade credit insurance industry and was most recently the credit risk underwriter at Coface, Dubai. “2018 was a ... Read the full article
Increase of alt investment managers in insurance industry mutually beneficial: Fitch
15th February 2019
An increased involvement in the insurance industry by alternative investment managers (Alt-IMs) throughout 2019 could provide benefits to both sides, with Alt-IMs gaining a steadier source of investment capital from premiums and insurers seeing higher investment returns in a lower-rate environment, according to analysts at Fitch Ratings. 2019 is expected to ... Read the full article
NZ public insurer EQC shakes up coverage
15th February 2019
Significant changes to the law designed to enhance the level of protection provided by New Zealand’s Earthquake Commission (EQC) will see the cap for residential building cover raised from NZ$100,000 (US$68,300) to NZ$150,000 (US$102,409). Lawmakers also removed the NZ$20,000 (US$13,654) EQC cover for contents, a move that Megan Woods (the minister ... Read the full article
Cyber risks spare no market, sector, or company: Munich Re’s Martin Kreuzer
14th February 2019
The growing cyber threat is proving to be a challenge for all industries, markets and companies, no matter the shape or size, according to reinsurance giant Munich Re. Commenting on the Ryuk ransomware (an updated version of the HERMES ransomware family by North Korea APT Lazarus Group), Martin Kreuzer, a cyber ... Read the full article
Gen Re develops facial analytics app for insurance buyers
14th February 2019
Global reinsurer Gen Re has developed a new mobile application that uses facial analytics technology to help customers purchase Life, Hospital Cash and Accidental Death insurance policies. The NOW app uses technology by Lapetus Solutions to quickly estimate factors such as a user’s age, gender and BMI based on an uploaded ... Read the full article
P&C broker Amanda Lee joins Miller in Singapore
14th February 2019
Global insurance and reinsurance broker, Miller, has announced the appointment of Amanda Lee to its Singapore division, a move that further strengthens the broker's specialty lines offering in Asia. Working closely with the broking teams in both Singapore and London in order to support growth plans with both existing and new ... Read the full article
TT Club appoints Andrew Peers as Senior Underwriter
14th February 2019
TT Club, a provider of insurance and risk management services for the international transport and logistics industry, has appointed Andrew Peers as Senior Underwriting for its UK, Benelux and Nordic underwriting team. Peers joins the Club from RSA, where he has spent the last 17 years, most recently leading a team ... Read the full article
Aon highlights greatest cyber security challenges for businesses
14th February 2019
Global insurance and reinsurance broker Aon has published a new report that details the greatest cyber security threats and challenges to organisations in 2019, highlighting both the significant opportunities and risks that new technologies bring. The 2019 Cyber Security Risk Report identified eight key areas where business are likely to face ... Read the full article
Townsville flooding triggers Suncorp’s aggregate reinsurance program
14th February 2019
Australian primary insurer Suncorp Group has revealed that catastrophe losses resulting from the recent flooding in the city of Townsville, Queensland have triggered its Natural Hazards Aggregate Protection (NHAP) reinsurance program. The company explained that, while it is still too early to estimate the gross costs of the flooding, its losses ... Read the full article
RGA strikes deal with Manulife to reinsure longevity risk of 45,000 annuitants
14th February 2019
RGA Life Reinsurance Company of Canada (RGA Canada), a subsidiary of global life and health reinsurer RGA, has announced the completion of a transaction with The Manufacturers Life Insurance Company (Manulife) that will see it reinsure longevity risk from an in-force block of Canadian group payout annuities. In aggregate, RGA Canada ... Read the full article
Hannover Re’s Glencar Insurance receives A+ rating from A.M. Best
14th February 2019
Glencar Insurance Company (GIC), a newly established subsidiary of German reinsurer Hannover Re, has received a financial strength rating of A+ (Superior) from A.M. Best. The rating agency also assigned GIC a long-term issuer credit rating of “aa”, in addition to a stable outlook. A.M. Best explained that the ratings reflected GIC’s ... Read the full article
Lancashire pleased with resilient reinsurance programme
14th February 2019
High levels of catastrophe losses hit Lancashire's operating performance in the fourth-quarter of 2018, but despite this, the firm's resilient portfolio and reinsurance programme contributed to a positive performance for the full-year. Lancashire has reported a net operating loss of $13.9 million for the fourth-quarter of 2018, compared with a loss ... Read the full article
Volatile market, nat cats see AIG report $559m Q4 loss
14th February 2019
Catastrophe losses and poor investment returns in a volatile market have seen American International Group (AIG) report an adjusted after-tax loss of $559 million. In addition, the company added $365 million to its reserves in the quarter to cover policies issued in 2016 and earlier. For the full year, this figure totalled ... Read the full article
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