Reinsurance News
GDPR will drive surge in new cyber claims, reports AIG
30th May 2018
The European Union’s (EU’s) General Data Protection Regulations (GDPR) are expected to result in a further surge in data breach and other security failure insurance claims, according to a new study by AIG Europe. The cyber re/insurance industry already experienced a record-breaking year in 2017, receiving as many cyber claim notifications ... Read the full article
Willis Towers Watson names head of Consulting and Technology for Asia Pacific
30th May 2018
Willis Towers Watson has named Ken Brown as Leader of its Insurance Consulting and Technology (ICT) business in Asia Pacific, and has appointed Oi San Choo to replace Brown as Divisional Leader for ICT South Asia and Emerging Markets. Both will be based in Singapore. Brown has over 30 years’ industry ... Read the full article
Global reinsurer rankings volatile, Berkshire Hathaway breaks into top 3: S&P
30th May 2018
S&P Global has reported that the rankings of the largest global reinsurers could be subject to volatility, as Warren Buffett’s Berkshire Hathaway was propelled into the top 3 last year following the $10.2 billion premium it collected from its adverse development deal with AIG. Further disruption could be caused by ... Read the full article
$50m insured losses from Storm Alberto, estimates KCC
30th May 2018
High resolution modelling by Karen Clark & Co (KCC) has estimated total insured losses from the first named storm of 2018’s hurricane season Alberto at $50 million, a figure which includes residential, commercial/industrial property and auto losses. Alberto formed as a subtropical storm over the western Caribbean on May 25, tracking ... Read the full article
Indonesian reinsurance market set for strong premium growth in 2018
30th May 2018
The Indonesian reinsurance market is set to benefit from robust growth over 2018, with the Indonesian General Insurance Association (AAUI) estimating that premiums will increase by at least 10%, according to a report by Kontan. The Indonesian Financial Services Authority (OJK) calculated that the country’s reinsurance industry posted gross premiums of ... Read the full article
ChainThat & Send Technology partner on blockchain integration into re/insurance
30th May 2018
Specialist blockchain solutions company ChainThat is taking steps to improve blockchain and DLT technologies' integration potential in the insurance and re/insurance industry by announcing today a strategic partnership with Send Technology, a specialist integration and ACORD certified gateway provider. An improved potential for transition to blockchain-based solutions, as well as effective ... Read the full article
Near-normal hurricane season predicted for Atlantic and Pacific regions: NOAA
30th May 2018
With the official start of the 2018 hurricane season due on June 1st, a forecast based on new satellite data and model upgrades indicates a 75% chance of a normal/above-normal 2018 Atlantic hurricane season, NOAA’s Climate Prediction Centre says. An analysis of data by forecasters for the upcoming season- which extends ... Read the full article
Talbot bolsters Singapore construction team with appointment of new underwriter
30th May 2018
Kevin Lee, Former Head of engineering at Allianz Global Corporate & Speciality, has joined Talbot Underwriting (Talbot) as Construction Underwriter, part of their Singapore-based global Construction team. Lee has held a variety of senior positions in the region - including Hong Kong, Singapore, and South Korea - and will be responsible ... Read the full article
AIG expects further pension risk transfer market growth in 2018
30th May 2018
American International Group (AIG) expects continued growth in the pension risk transfer market throughout 2018 and beyond, as the insurance giant announces agreements on the two largest plan termination transactions in 2017. The deals, which represented over $1.5 billion in pension plan obligations covering more than 24,000 retirees, beneficiaries, deferred and ... Read the full article
Cyber market faces pricing challenges despite steady growth, reports A.M. Best
30th May 2018
A.M. Best has reported that the cyber re/insurance market currently faces a challenging pricing environment, although the sector continues to exhibit steady growth and capacity generally remains plentiful. In most cases, A.M. Best found that re/insurers seem willing and able to offer capacity but reluctant to have cyber constitute a significant ... Read the full article
Allianz Group to purchase 8% stake in Africa Re
30th May 2018
Allianz Group has entered into an agreement to acquire an 8% stake in African Reinsurance Corporation (Africa Re) for a total cash consideration of USD 81 million. The transaction will make Allianz one of the largest shareholders in Africa Re, and will enable both companies to jointly promote insurance penetration in ... Read the full article
Aon establishes new Carrier Solutions groups, appoints Hennessy as CEO
30th May 2018
Re/insurance broker Aon plc has established a new Carrier Solutions group as part of its brand restructure, and has appointed Karl Hennessy as Chief Executive Officer (CEO). The newly formed group is designed to support Aon’s network of Managing General Agents (MGAs) and Managing General Underwriters (MGUs) by delivering innovative products, ... Read the full article
Nigeria signs MoU with African Risk Capacity for extreme weather support
30th May 2018
The Government of Nigeria has signed a Memorandum of Understanding (MoU) with the African Risk Capacity (ARC) as part of a collaborative effort to address the impact of extreme weather events in Nigeria. The MoU was signed during the 2018 Annual Meetings of the African Development Bank (AfDB) in Busan, South ... Read the full article
Re/insurance industry set to grow faster than global economy: Munich Re
29th May 2018
The rate of growth of the global re/insurance industry is set to overtake the global economy in 2018 and 2019, with average annual premium growth forecast at 5.3%, compared with global GDP growth of 4.9%, according to Munich Re’s latest Insurance Market Outlook. Munich Re reported that life insurance is set ... Read the full article
UNIQA CEO Andreas Brandstetter elected president of Insurance Europe
29th May 2018
The Chief Executive Officer (CEO) and Chairman of Austria’s UNIQA Insurance Group, Andreas Brandtsetter, has been elected president of Insurance Europe, the European insurance and re/insurance federation, for a term of three years. Having headed UNIQA since 2011, Austrian citizen Brandstetter joined the globally active composite insurer in 1997. Commenting on his ... Read the full article
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