Reinsurance News
Generali reveals 3-year growth plan, hits 2018 targets
26th November 2018
Italian insurance giant Generali has unveiled its new 3-year strategic plan after posting strong results for 2017 and claiming that it was on track to hit its financial and industrial targets for 2018. The company achieved a property and casualty (P&C) combined ratio of 92.8% and a life new business margin ... Read the full article
Downstream energy sector to see turnaround after years of losses: WTW
23rd November 2018
Price increases in the downstream energy re/insurance sector are now inevitable after years of unprofitable returns and major losses, according to re/insurance broker Willis Towers Watson (WTW). The November 2018 edition of the firm’s Energy Market Review noted that 2017 was the second worst underwriting year on record for the sector ... Read the full article
Growth up, but insurance penetration across UK SMEs declining: GlobalData
23rd November 2018
GlobalData has reported that the UK small and medium-sized enterprises (SMEs) insurance market recorded 3.6% growth in 2017, but that it remains flat in recent years despite UK businesses continuing to grow year-on-year. The report, UK SME insurance market Dynamics and Opportunities 2018, finds that declining penetration rates, especially among the ... Read the full article
U.S P&C industry performance improves over 2018: A.M. Best
23rd November 2018
The U.S property and casualty (P&C) re/insurance industry posted strong results over the first nine months of 2018, improving its net underwriting income significantly due to growth in net written premiums and relatively flat losses, according to A.M. Best. The rating agency’s First Look report found that net premiums written grew ... Read the full article
B3i to co-chair new ACORD blockchain standards group
23rd November 2018
The Blockchain Insurance Industry Initiative (B3i) has announced that it will jointly chair a new ACORD project group designed to propose common standards for the adoption of blockchain technology in the re/insurance industry. Led by B3i and RiskBlock Alliance, the initiative will support the adoption of data and protocol standards to ... Read the full article
ICMIF members outpace global insurance market growth
23rd November 2018
Members of the International Cooperative and Mutual Insurance Federation (ICMIF) achieved an aggregated growth rate of 39.3% over the last ten years, according to a report by the organisation, outpacing global re/insurance market growth by 22.5 percentage points. The ICMIF’s Key Statistics report 2018 found that the 197 member organisations that ... Read the full article
ABI Director General Huw Evans reacts to latest Brexit draft agreement
23rd November 2018
The Director General of the Association of British Insurers (ABI), Huw Evans, has said that, while the ABI are pleased to see yesterday’s commitment to assessing equivalence as soon as possible, regulatory cooperation is very important and must follow from any political agreement. Evans’ statement follows the news that a draft ... Read the full article
Allianz SE CEO Oliver Bäte’s contract extended to 2024
23rd November 2018
The Supervisory Board of Allianz SE confirmed the extension of Oliver Bäte’s contract as Chairman of the Board of Management until September 2024. Having served in the role since 2015, his original contract was due to expire at the end of September 2019. “Under Mr. Bäte’s leadership, Allianz has developed extremely well ... Read the full article
Wildfire losses to surpass $10bn as property toll reaches 20,000 mark: Aon
23rd November 2018
As the number of properties destroyed by the recent Camp and Woolsey Wildfires in California reaches 20,152, re/insurance broker Aon has claimed that the total economic impact is likely to “minimally exceed US $10 billion; likely higher,” with a majority of these losses covered by re/insurers. While Aon stipulated that it ... Read the full article
Commercial insurance pricing continues to rise at Q3: Marsh
23rd November 2018
Average commercial insurance prices rose by just over 1% over the third quarter of 2018, marking the fourth consecutive quarter of pricing increases for the sector, according to the latest Global Insurance Market Index by re/insurance broker Marsh. The pricing trend has largely been driven by increases in property and financial ... Read the full article
Chinese InsurTech firm WeSure partners with 20 re/insurers
23rd November 2018
WeSure, the insurance platform owned by Chinese investment conglomerate Tencent, has expanded its line of products and formed partnerships with 20 insurance and reinsurance companies. The firm's platform is hosted in the WeChat Mini Program ecosystem, part of Tencent's Chinese multi-purpose messaging application that has more than one billion monthly users. WeSure ... Read the full article
Re/insurers must overcome “growth bottlenecks” in ASEAN markets: Moody’s
22nd November 2018
Growth prospects for re/insurance in many of the major Association of Southeast Asian Nations (ASEAN) markets are supported by strong socio-economical fundamentals, but the industry must find new ways to overcome common “growth bottlenecks”, according to a report from Moody’s Investors Service. The report highlighted challenges such as the expansion of ... Read the full article
Hiscox Claims Director Jeremy Pinchin to retire, successor named
22nd November 2018
Specialist re/insurance firm Hiscox has announced that Jeremy Pinchin is set to retire at the end of February 2019, and will be succeeded in his claims responsibilities by Grace Hanson, who will join the company in January. Pinchin joined Hiscox in 2005 as the group’s first Claims Director and has since ... Read the full article
Sun Life a contender in multi-billion dollar FTLife sale
22nd November 2018
Sun Life Financial Inc., the Canadian financial services and life insurance company, is reportedly vying to acquire Hong Kong insurer FTLife Insurance Co. in a deal that could value more than $3 billion, according to sources at Bloomberg. Sun Life is said to be competing in a second round of bidding ... Read the full article
Typhoon Jebi insured losses hit record-breaking $5.2bn, still climbing
22nd November 2018
The amount of insured claims paid out for Typhoon Jebi, which made landfall in Japan on September 4, has reached close to $5.2 billion, making it the most costly Typhoon for re/insurers to ever hit the country. Data from the General Insurance Association of Japan shows that 825,091 insurance claims have ... Read the full article
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