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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

Major reinsurers combined ratios over 100% on normalised basis: Fitch

16th March 2017

On a normalised basis major European reinsurers combined ratios were over 100% last year, but industry players benefitted from unusually favourable circumstances with lower-than-expected major losses and large prior year reserve releases meaning carriers maintained resilience in a tough market, according to Fitch. This normalised combined ratio rate of over 100% means under ... Read the full article

Swiss Re Board of Directors proposes election of three new members

16th March 2017

The Board of Directors at global reinsurer Swiss Re has proposed to elect three new non-executive and independent board members, in Jay Ralph, Joerg Reinhardt and Jacques de Vaucleroy. The reinsurance giant announced in a recent statement that its Board of Directors proposes to elect the new members at the AGM on ... Read the full article

Greenlight Reinsurance Ireland appoints Patrick O’Brien as CEO

16th March 2017

Greenlight Capital Re’s subsidiary, Greenlight Reinsurance Ireland DAC, has announced Patrick O’Brien as new Chief Executive Officer. O’Brien has been promoted to CEO after joining Greenlight Re Ireland in June last year, acting as General Manager. Commenting on his promotion, O'Brien said Greenlight Re’s expertise in the US for innovative solutions and ... Read the full article

Reinsurance helps Microsoft make its cloud data centers greener

16th March 2017

Software and technology giant Microsoft is leveraging the reinsurance market to help it access sources of renewable energy while bearing less risk, making its data centers which provide cloud services greener. Reinsurers are attracted to renewable energy risks as they can often be considered a diversifying risk, versus the more typical ... Read the full article

Reinsurance News – Thursday 16th March 2017

16th March 2017

Here’s your daily Reinsurance News for Thursday 16th March 2017: NZ insurers see $694m reinsurance recovery for Kaikoura quake so far According to the Insurance Council of New Zealand insurers in the country are to reclaim NZ$694 million from the global reinsurance market following the 14th November magnitude 7.8 earthquake in Kaikoura. Read the full article

Willis Towers Watson appoints new Head of Benelux

15th March 2017

Global insurance and reinsurance brokerage Willis Towers Watson (WTW) has named Bibi de Vries as its new Head of Benelux (Belgium, Netherlands, and Luxembourg), effective immediately. Succeeding Bart den Hartog, who is leaving the firm to join elipsLife in Zürich, Switzerland, de Vries will be based in Amstelveen in the Netherlands, and ... Read the full article

XL obtains license to begin operations in Monaco

15th March 2017

XL Catlin has received approval to issue insurance in the Principality of Monaco through XL Insurance Company SE (XLICSE). As of March 10th, the re/insurer can officially begin operations in Monaco, where the firm's become one of the only global re/insurers with approval to offer products to both local brokers and clients under its new license. XL ... Read the full article

Munich Re board member Ludger Arnoldussen resigns

15th March 2017

Munich Re has announced the resignation of Board of Management member Ludger Arnoldussen, who will be leaving to seek new challenges after over ten years with the company. Arnoldussen's official resignation date is April 26, long-term company leader Hermann Pohlchristoph who's worked with Munich Re for the last 15 years, has been ... Read the full article

LMA to simplify nuclear insurance industry with new model wordings

15th March 2017

In response to recent growth in the construction of nuclear power stations and a desire to make the protection of such construction projects easier for insurers and reinsurers, the Lloyd's Market Association (LMA) Wording Forum is looking to make wordings more appropriate for the global nuclear industry. The LMA has announced that ... Read the full article

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