Reinsurance News
Reinsurance News – Wednesday 15th March 2017
15th March 2017
Here’s your daily Reinsurance News for Wednesday 15th March 2017: Conservative guidance given as Munich Re sets itself up for ongoing softness Reinsurance giant Munich Re has announced a conservative profit guidance for 2017, targeting a range of between €2 billion to €2.4 billion, in response to the softening marketplace. ... Read the full article
Flattening U.S. commercial rates could pressure reinsurance
14th March 2017
Re/insurance broker Willis released its 2016 Q4 survey results for U.S. commercial insurance recently, showing a tough market space for reinsurers as prices continue to flatten, although auto insurance provided the exception with continued pricing growth despite a saturated market. The Commercial Lines Insurance Pricing Survey (CLIPS), compared commercial lines prices from ... Read the full article
Lloyd’s backs liability catastrophe risk modelling methodology
14th March 2017
Insurers and reinsurers will be able to model liability exposures across entire portfolios thanks to the development of an innovative methodology that offers a new way of analysing casualty events, ultimately improving the robustness of the marketplace. The innovative data-driven methodology has been developed by risk modeller Arium in collaboration with ... Read the full article
Blockchain: Why re/insurers need to take control of their future
14th March 2017
In this contributed article, Tom Johansmeyer, assistant vice president, PCS Strategy and Development, at ISO Claims Analytics, a division of Verisk Insurance Solutions, discusses the need for insurance and reinsurance market participants to engage with the global blockchain community. Blockchain: Why re/insurers need to take control of their future Waiting for a ... Read the full article
2016 insurance premium growth areas highlight need for reinsurance
14th March 2017
Global insurance premiums increased by 4.4% during 2016 when compared with the previous year, driven largely by the continued expansion of the Chinese marketplace, but also growth in other peril regions, suggesting a need for greater reinsurance demand across the globe. The latest, global analysis on insurance premiums by Allianz Research, ... Read the full article
China ramps up regulation for offshore reinsurers
14th March 2017
China has set up an offshore reinsurance credit risk deposit scheme, requiring offshore reinsurers to hold credit with a domestic company to protect against what it sees as high offshore credit risk. The Chinese insurance and reinsurance industry regulator, the CIRC, introduced the scheme in a statement released yesterday after labelling ... Read the full article
NAICOM urged to level playing field for Nigerian reinsurers
14th March 2017
Pan-African reinsurance company Africa Re has an unfair, dominant share of the Nigerian reinsurance market, which is causing local reinsurance companies to perform below expectations, according to reports from the region. This is according to online Nigerian insurance and pension news reporting website Inspenonline, which, citing an unnamed industry expert, says that Africa ... Read the full article
Philippines to chair APEC Disaster Risk & Insurance strategy
14th March 2017
Philippines Finance Secretary Carlos G. Dominguez III has accepted Peru’s offer to act as chairman of the Asia-Pacific Economic Cooperation’s (APEC) Disaster Risk Finance and Insurance strategy (DRFI), Business World reported this morning. The DRFI is responsible for developing financial protection strategies to improve government’s resilience and quick-response measures to disasters ... Read the full article
Tax reforms not expected to result in onshore reinsurance moves (yet)
14th March 2017
The expectation that tax reforms may be coming that affect the offshore reinsurance industry does not necessarily mean that a wave of reinsurers will be moving to set up in the U.S., according to Credit Suisse analysts. Discussing insights learned at a recent conference and citing RenaissanceRe President and CEO Kevin ... Read the full article
Reinsurance News – Tuesday 14th March 2017
14th March 2017
Here’s your daily Reinsurance News for Tuesday 14th March 2017: Warren Buffett’s Berkshire Hathaway should buy AIG Meyer Shields of Keefe, Bruyette & Woods recently said that Warren Buffett's Berkshire Hathaway should buy insurance giant AIG. Flood risk privatisation back on the U.S. political agenda The U.S. Housing and Insurance Subcommittee ... Read the full article
Indonesia issues operating license for new reinsurance brokers
13th March 2017
Indonesian government agency, the Financial Services Authority of Indonesia (OJK), has granted operational licenses to two new reinsurance brokerage companies, PT JLT Reinsurance Brokers and PT Inare Proteksi International, earlier this month, according to industry reports. The operational license allows the two brokers to commence operations beginning last week. OJK director for non-bank financial ... Read the full article
Fairfax to pay more cash for Allied World
13th March 2017
Fairfax Financial Holdings Limited has exercised its option to increase the cash consideration element of its offer to acquire Allied World by $18 per ordinary share, which, combined with a $5 special dividend takes the cash consideration component of the offer to $28 per share. Fairfax and Allied World recently announced that ... Read the full article
Aggregation of U.S. storm losses could threaten reinsurance programmes: RMS
13th March 2017
Reinsurance programmes in the U.S. could by threatened by sky-high losses as damages from early year heavy storms continue to aggregate, catastrophe risk modeller RMS has warned. Striking results from early year weather report reviews show that tornado, hail and straight-line wind have more than doubled their averages for the last ... Read the full article
Flood risk privatisation back on the U.S. political agenda
13th March 2017
The Housing and Insurance Subcommittee met recently to discuss the state of the U.S. National Flood Insurance Program (NFIP) and potential reforms, including the opportunity for the private sector to develop an effective private flood risk insurance market. The development of a private flood risk insurance and reinsurance market in the U.S. ... Read the full article
Hong Kong government urged to support reinsurance industry growth
13th March 2017
As Hong Kong reinsurance placements see losses to China and other competitors, the government has been advised by the Financial Services Development Council (FSDC) to take measures such as tax incentives, talent development or preferential rental prices, to support the local reinsurance industry. A member of the FSDC, Winnie Wong, told a press ... Read the full article
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