Reinsurance News
Technology – shifting global awareness and perception of re/insurance: Swiss Re
13th April 2017
Swiss Re’s Chief Executive Officer (CEO) of Reinsurance, Moses Ojeisekhoba, has pointed to “encouraging” signs that technology is shifting global perception and awareness of insurance, as it simultaneously transforms the industry’s products into shorter-term, bite-size, and more cost-efficient solutions. Ojeisekhoba suggested people’s perceptions of insurance and its use is the “most important thing ... Read the full article
Marine underwriters face growing challenges: IUMI
13th April 2017
The International Union of Marine Insurance (IUMI) said marine insurers last year faced growing challenges as energy claims rose against a reducing premium base and cargo accumulation risk and the frequency of major vessel casualties continued to increase. Donald Harrell, Chairman of IUMI’s Facts & Figures committee, commented that marine risks continue ... Read the full article
Brit hires Lim from ArgoGlobal as CEO, Global Specialty Singapore
13th April 2017
Insurance and reinsurance group Brit Ltd. has hired David Lim from ArgoGlobal and appointed him as its new CEO for its Global Specialty business based in Singapore. In the new role Lim will be will be jointly responsible for identifying growth opportunities and establishing new lines of business for Brit Singapore, ... Read the full article
$30 million Ogden rate blow to RenaissanceRe reserves
13th April 2017
Renaissance Re has announced an estimated $30 million pre-tax impact of the Ogden rate on its carried reserves, to be accounted for in the firm's first quarter results. The firm said most of the reserve increase is related to a its U.K. medical malpractice contracts within the reinsurer's Casualty and Specialty segment. One ... Read the full article
Reinsurers report premium growth in 2016, but profits fall further: Aon Benfield
13th April 2017
The latest Aon Benfield Aggregate (ABA) report, which examines 23 major reinsurance companies based in developed markets, shows that firms continue to report premium growth in spite of the testing market landscape, although profitability has declined and is expected to come under further pressure in the months ahead. During 2016 ABA companies' ... Read the full article
Swiss Re pegs its cyclone Debbie loss at $350m
13th April 2017
Global reinsurer Swiss Re has estimated its own loss due to tropical Cyclone Debbie in Australia at US$350 million net of retrocessional protection and before tax, with the firm taking a larger share of commercial insurance losses than in similar events in the past. Swiss Re also estimates the insurance industry ... Read the full article
Reinsurance News – Thursday 13th April 2017
13th April 2017
Here’s your daily Reinsurance News for Thursday 13th April 2017: Swiss Re sees its cyclone Debbie loss at US$350m, industry at $1.3bn Reinsurance giant Swiss Re has revealed that it expects an estimated loss from Cyclone Debbie of roughly $350 million, and has put the insured market loss at around $1.3 ... Read the full article
Strong growth for UK group life market: Swiss Re
12th April 2017
The latest Group Watch report from reinsurance giant Swiss Re shows solid growth in the UK group life market, with 520,000 newly covered members in 2016, taking the number of people covered by Group life schemes to beyond 12 million. "This year's results paint a very positive picture at a difficult ... Read the full article
Australia’s Terrorism Insurance Scheme revised for extended cover
12th April 2017
Amendments expected to extend Australia’s Terrorism Insurance Scheme coverage, recommended by the 2015 Triennial Review by Treasury, have been approved with effect from 1st July. The changes broaden the definition of eligible property by including buildings where at least 20% of floor space is used for commercial purposes or that are ... Read the full article
Quota shares most efficient reinsurance option under Solvency II: Scor
12th April 2017
Scor has underlined quota shares as the most efficient form of reinsurance for insurer’s capital optimisation under Solvency II - as the industry continues to adapt to the regime's regulatory requirements since its implementation last year. In a recent report on capital optimisation, Scor analysts contrasted the three capital drivers of ... Read the full article
Michael Leahey joins AXIS Re from XL Catlin
12th April 2017
AXIS Re, the reinsurance arm of Bermuda domiciled AXIS Capital Holdings Limited, has announced that Michael Leahey has joined the firm from XL Catlin, as Vice President and Deputy Head of Catastrophe Underwriting for Europe, Israel, and Middle East and North Africa (MENA). In his new role Leahey will be tasked with underwriting property ... Read the full article
R3 and ACORD launch centre of excellence for distributed ledger tech
12th April 2017
R3, the financial technology, distributed ledger and blockchain consortium, have joined forces with ACORD (Association for Cooperative Operations Research and Development) to launch a Centre of Excellence for distributed ledger technology (DLT) for the global insurance industry. R3 has major insurers including MetLife, AIA and Suncorp Group, as well as other ... Read the full article
Consolidation to remain a key trend in EU re/insurance: A.M. Best
12th April 2017
Despite the number of merger and acquisition M&A deals seen between European life and non-life insurers having fallen in 2016, A.M. Best believes that a trend of consolidation is set to continue for the sector. The rating agencies view of consolidation is that; "M&A is not, in itself, good or bad. ... Read the full article
Energy market continuing to soften: Willis
12th April 2017
The energy insurance and reinsurance market is continuing to soften, as the effects of high competition levels and excess re/insurance capacity are felt acutely in the sector, according to Willis Towers Watson (WTW). WTW's latest report on the energy market suggests that the challenges the sector is beset by ... Read the full article
Positive signs as loss-hit U.S. renewals experience rate increases
12th April 2017
There are some positive signs that help to reinforce the view that the reinsurance market is largely nearing the bottom of the pricing cycle, as some catastrophe loss hit U.S. nationwide property accounts experienced rate increases in April. Risk loss hit U.S. property reinsurance renewals in April 2017 experienced rate increases ... Read the full article
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