Reinsurance News
M&A more expensive as Asian reinsurers seek diversification: Fitch
17th March 2017
M&A activity became more competitive last year, with valuation multiples shooting up as Chinese and Japanese reinsurers follow international earning diversification strategies, according to Fitch's newly released study on reinsurance market trends. Fitch said valuation multiples for M&A activity had risen last year to nearly 2.0x due to the influx of Asian ... Read the full article
SpaceX insurance requirements for rockets see fivefold increase
17th March 2017
The U.S. Federal Aviation Administration (FAA) has mandated Elon Musk's SpaceX to obtain insurance up to five times higher than in previous years, before being given a license to launch his new Falcon 9 rocket, the Wall Street Journal reported. Under the FAA’s new liability coverage mandate SpaceX is now required to ... Read the full article
European reinsurers disciplined in a tough market: Fitch
17th March 2017
Large European reinsurers continued to show discipline in a very challenging marketplace and broader economic environment in 2016, as reserve releases declined and companies reported a reduction in renewed business, according to the latest European reinsurance market report from Fitch Ratings. The profitability of European reinsurers remained pressured throughout 2016, with Fitch ... Read the full article
Reinsurance operating at margins of profitability: Lancashire CEO
17th March 2017
Specialty insurer Lancashire said the carrier was bracing for a market cycle reversal with the reinsurance industry operating on the margins of profitability and slowing price declines indicating an upturn on the horizon. Lancashire Group Chief Executive Officer (CEO), Alex Maloney, said; “I firmly believe that the insurance business is cyclical. ... Read the full article
NAIC urges more work on ‘covered agreement’
17th March 2017
The National Association of Insurance Commissioners (NAIC) has commented on the proposed covered insurance and reinsurance agreement between the U.S. and the European Union (EU), highlighting areas of ambiguity and calling for more work to be done to ensure a fair, and positive outcome. In January 2017 it was announced ... Read the full article
Harnessing big-data essential for re/insurers
17th March 2017
Learning to harness big-data to their benefit is essential for insurers and reinsurers looking to maintain and increase their market shares and profitability, according to Fitch Ratings. The rating agency explains in a new report that those failing to keep pace with technological change and innovation, such as how to leverage ... Read the full article
Pool Re cyber risk coverage to incentivise cyber-resilience
17th March 2017
Pool Re, the UK government and industry backed terrorism reinsurance scheme, is ploughing ahead with its plans to add property coverage for terror-related cyber events to its offering. According to its Chief Executive Officer (CEO), Julian Enoizi who spoke with Reuters last week, the coverage arrangements will include incentives to ... Read the full article
Reinsurance News – Friday 17th March 2017
17th March 2017
Here’s your daily Reinsurance News for Friday 17th March 2017: Major reinsurers combined ratios over 100% on normalised basis: Fitch Analysis from rating agency Fitch claims that on a normalised basis the combined ratios of some of the largest European reinsurers exceeded 100% in 2016. Trump’s budget proposes scrapping ... Read the full article
Guernsey and Beijing sign MoU for captive business expansion
16th March 2017
Guernsey's Finance Chairman Lyndon Trott has finalised a Memorandum of Understanding (MoU) with Beijing Airport Economic Core Zone, BAECZ, to expand its captive business in China. Under the MoU, both parties have agreed to cooperate in captive insurance market development, financial innovation, and information exchange. The move is intended to aid Chinese captive market development both ... Read the full article
Indian government agriculture insurance could add 3 million farmers
16th March 2017
Weather Risk Management Services (WRMS), a pioneer for the Indian weather insurance market, has announced plans to connect 3 million farmers across 150 districts to the Pradhan Mantri Fasal Beema Yojana (PMFBY)- the Prime Minister’s Crop Insurance Scheme, BusinessLine reported. The climate risk management firm works with farmers across the country, ... Read the full article
Trump’s budget proposes scrapping funding for NFIP flood maps
16th March 2017
President Donald Trump's first proposed budget includes a measure that would scrap all funding for the National Flood Insurance Program's Flood Hazard Mapping Program. The Flood Hazard Mapping Program sees the Federal Emergency Management Agency (FEMA) working to identify flood hazards, assess flood risks and work alongside states and communities to ... Read the full article
“Insurance 2.0” an opportunity to build revenue and resilience: Swiss Re
16th March 2017
The fusion and development of emerging and existing technology is expected to transform the international risk landscape and drive an evolution of the global insurance and reinsurance industry, highlighting a need for industry participants to adapt to "Insurance 2.0" or risk missing out, says Swiss Re. "Today, there's enormous potential for change ... Read the full article
Lockton adopts RiskFirst pension risk analytics platform
16th March 2017
Insurance broker Lockton has adopted financial technology provider, RiskFirst's, new web-based risk analytics platform, PFaroe, to expand its offer of pension plan risk assessment for company clients. The firm said the platform can be fed changing economic and market conditions to create the most up to date pension risk management scheme - optimising ... Read the full article
China Re reports $845m of written premium for first two months of 2017
16th March 2017
China is a target market for insurance and reinsurance players, but lately it hasn't been particularly easy-going, with reports of major reinsurers pulling-back as domestic players begin to dominate the market. Today, China Re, the largest domestic player in both insurance and reinsurance, has reported its premium income for the ... Read the full article
Indian insurer takes on country’s largest ever transaction
16th March 2017
India’s state owned insurer, New India Assurance, has secured the largest single insurance transaction in the country’s history from conglomerate Reliance Industries (RIL), according to PTI news. In the historic deal, New India will offer RIL combined cover for the coming fiscal year with a premium fixed at Rs 500 crore (US$76 ... Read the full article
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