Reinsurance News
Misalignment of expectations entering Asia-Pacific renewals: Aon Benfield’s Attard
25th May 2018
Chief Executive Officer (CEO) of Aon Benfield Asia, George Attard, has said entering Asia-Pacific renewals at 1/1 sparked a divergence of expectations between reinsurers and insurers, in relation to what pricing the former were looking for and what buyers were looking to pay. Speaking with A.M. BestTV at the 29th EAIC ... Read the full article
Huge potential for mutual microinsurance growth in the Philippines: Report
25th May 2018
A report undertaken by the International Cooperative and Mutual Insurance Federation (ICMIF) and Microinsurance MBA Association of the Philippines, Inc (RIMANSI) has illustrated massive potential for mutual microinsurance in the Philippines. The study shows the existence of two types of mutual microinsurance organisations in the country: The Cooperative insurance Societies (CIS), which ... Read the full article
IFRS 17 set to radically change re/insurers’ business models, reports SAS
25th May 2018
The new International Financial Reporting Standard (IFRS 17) is set to bring a variety of benefits and challenges to the re/insurance industry, with 93% of senior UK re/insurance professionals agreeing that it will radically change business models, according to a survey by analytics firm SAS. SAS found that 97% of the ... Read the full article
MarketScout bolsters InsurTech technology team
25th May 2018
MarketScout Corporation has announced the hiring of Sebastian Manunta within the technology team of its MarketScout InsurTech (MIT) ventures division. Founded in 2017, MIT ventures invests on behalf of MarketScout, an insurance distribution and underwriting firm based in Dallas, Texas, U.S. The appointment of Manunta expands the company's technology team, and he ... Read the full article
Re/insurers confident of compliance as GDPR approaches: A.M. Best
25th May 2018
European re/insurers are confident about their ability to comply with the new rules of the European Union’s (EU’s) General Data Protection Regulation (GDPR), which come into effect on May 25th, 2018, according to a report by A.M. Best. The rating agency polled re/insurers on their level of preparedness at April 2018, ... Read the full article
China Re launches new earthquake catastrophe model
25th May 2018
State-backed reinsurer China Re Group has launched a new earthquake catastrophe model with independent intellectual property rights to improve the accuracy of earthquake loss assessment in China’s re/insurance industry. The new model was developed in collaboration with state-level scientific research institutions and factors in China’s unique geological structure, seismic activity characteristics, ... Read the full article
JLT Re North America appoints Alain Bizet as SVP, Miami
25th May 2018
Reinsurance broker JLT Re (North America) has announced the appointment of Alain Bizet as Senior Vice President (SVP) in Miami. Alain will join JLT Re’s property team in Miami, focusing on the company’s broking efforts for the Caribbean, Central America, and the broader Latin American region. Most recently, Alain served as Assistant ... Read the full article
European re/insurers increasingly relying on equity investments: A.M. Best
25th May 2018
European re/insurers are increasingly relying on equity investments to maximise their returns in the current low interest rate climate, despite the inevitable rise in exposure to market risk, according to A.M. Best. The rating agency analysed the 500 largest European re/insurers over a six-year period, finding that there was a 2-3% ... Read the full article
AXA & Uber partner for driver coverage across Europe
25th May 2018
A joint announcement has been issued by leading insurance provider AXA and ridesharing giant Uber providing comprehensive coverage for its drivers and couriers within Europe. Coined Partner Protection and active from June 1, Uber will provide a range of protections including accident, injury, illness, and paternity benefits for drivers and couriers ... Read the full article
Mercer CEO Lisa Sun named new head of AIG China
25th May 2018
American International Group (AIG) has announced that Lisa Sun is to join AIG China as its new Chief Executive Officer (CEO). She will be based in Shanghai. Sun joins AIG from Mercer, where she was CEO of its Hong Kong & South and East Asia Zone. Having previously held executive roles at ... Read the full article
Industry must understand the challenge of over-capitalisation: Willis Re’s Vickers
24th May 2018
The reinsurance market performed "OK" during the first-quarter of 2018, but the industry needs to understand both the challenge and permanence of over-capitalisation, according to James Vickers, Chairman of Willis Re International, the reinsurance broking arm of Willis Towers Watson (WTW). "The major challenge for the reinsurance industry is capital," said ... Read the full article
AUD$38m fund bolsters Queensland’s resilience to natural disaster
24th May 2018
News of the Palaszczuk Government's AUD $38 million (USD $21 million) Disaster Resilience Fund has been hailed by the Insurance Council of Australia (ICA) as a significant step towards improving the resilience of Queensland’s communities to natural catastrophes. “Queensland is Australia’s most exposed state to extreme weather events. Each year the ... Read the full article
XL Catlin launches visitor attraction coverage, expands War, Terrorism & Political Violence team
24th May 2018
With the announcement of Leisure Protect, XL Catlin has recognised the vulnerability of mid-to-large scale visitor attractions to a diverse range of injury and security-related incidents and threats, all of which pose serious risks to the enjoyment and safety of the large crowds in attendance. With location limits of up to $25 ... Read the full article
MS Amlin appoints new COO and Chief People Officer
24th May 2018
Specialist global re/insurer MS Amlin has expanded its senior leadership team with the appointments of Simon Smith as Chief Operating Officer (COO) and Vivian Leinster as Chief People Officer. The appointments come as MS Amlin’s new Chief Executive Officer (CEO) Simon Beale, who succeeded outgoing CEO Charles Phillips in April ... Read the full article
Weather & Climate Risk Innovation Network launched by Aon
24th May 2018
Sector knowledge, experience and expertise from across Aon has been galvanised to create its new Weather & Climate Risk Innovation network, after the firm's Impact Forecasting unit estimated losses from weather events in 2017 topped out at approximately $344 billion. The initiative has been created to address weather and climate risks ... Read the full article
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