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Lloyd’s eyes 20% premium growth in MENA region in 2018
23rd November 2017
The specialist Lloyd's of London insurance and reinsurance marketplace is anticipating 20% year-on-year premium growth in 2018 for business written out of its Middle East and North Africa (MENA) base, according to Vincent Vandendael, Lloyd's Chief Commercial Officer, in an interview with The National. Lloyd's opened its MENA base in the ... Read the full article
Emerging markets to drive re/insurance premium growth over next two years: Swiss Re
22nd November 2017
Global reinsurer Swiss Re is expecting non-life premiums to grow by at least 3% annually over the next two years and life premiums to grow by 4%, with the majority being driven by emerging markets. The reinsurance giant has said that an improved economic outlook is expected to fuel demand for ... Read the full article
Building block approach highlights EMEA insurers’ robust balance-sheets: A.M. Best
14th November 2017
Analysis of the European Middle East and Africa (EMEA) insurance market using A.M. Best's new building block rating methodology approach, has shown firms' as overall having very robust balance-sheets, adequate and strong operating performance, neutral business profiles, and ... Read the full article
Chubb appoints Barry Beard as Head of Global Services & Complex Multinational UK & Ireland
13th November 2017
Chubb has named Barry Beard as Head of its newly created role of Global Services and Complex Multinational UK and Ireland, in which he'll lead the firm's multinational network and UK and Ireland services. The role aims to help clients deal with complex multinational captive programmes, using Chubb's broad product portfolio, advanced technology ... Read the full article
Restrictions for global players on the rise in EMEA markets: A.M. Best
3rd November 2017
The fallout of low oil prices, the Russian crisis of 2014 to 2017, the UK’s exit from the EU, and the Trump administration’s swing towards protectionism have all contributed to mounting economic & geopolitical pressures, impacting re/insurers by driving an anti-globalisation shift. A.M. Best highlighted the trend towards protectionist measures on ... Read the full article
Steve Murphy joins Continental Re Board as C-Re Holding rep
30th October 2017
Pan-African reinsurer, Continental Reinsurance plc, has added Steve Murphy as a non-executive Director of the firm, representing Nigeria-based C-Re Holding Limited, a majority shareholder at Continental Re. Murphy's appointment is effective October 24th, 2017, and he will replace Raymond Farhat. Murphy has extensive experience in the insurance and reinsurance industry, and started his ... Read the full article
Protectionism creates dangerous risk concentrations
26th October 2017
The European insurance federation, Insurance Europe, highlighted the dangers protectionist policies - widespread across a range of African, South American and Asian countries - pose to the jurisdictions they aim to protect in a recent briefing on protectionism. Regions with protectionist measures in insurance and reinsurance can concentrate risk in the ... Read the full article
Agricultural insurance needed in underdeveloped Nigerian market: Reports
26th October 2017
Africa Re, the World Bank, and the federal government are collaborating to improve insurance penetration levels among farmers through affordable insurance packages, Ken Aghoghovbia, Chief Operating Officer/Deputy Managing Director, of Africa Re said in an interview with Nigeria Today. Increased agricultural insurance penetration is expected to play a crucial role in ... Read the full article
Qatar Insurance Company says recent catastrophes “limited to earnings”
23rd October 2017
Qatar Insurance Company (QIC), a leading insurer across Qatar, the Middle East and North African region and parent company to reinsurer Qatar Re and Lloyd's specialist Antares, said that third-quarter catastrophe impacts are limited to its earnings. Mr. Khalifa Abdulla Turki Al Subaey, Group President & CEO of QIC Group, explained; ... Read the full article
LatAm’s agricultural markets in need of greater re/insurance penetration: Swiss Re
18th October 2017
The protection gap (disparity between economic and insured losses post-event) for losses from natural disasters in Latin America reached $15 billion in 2016, with widespread impacts to various regions' vital agricultural sectors from numerous perils, but innovative insurance and reinsurance solutions can help to bridge the gap, according to reinsurance ... Read the full article
Willis appoints Neil Irwin to leader of CEEMEA
17th October 2017
Willis Towers Watson has appointed industry veteran Neil Irwin to a Dubai-based role as leader of the Central and Eastern Europe, Middle East, and Africa (CEEMEA) region. In his new role, he will assume leadership of a diverse and high-growth region with around 2,300 colleagues in more than 40 countries, as ... Read the full article
GIC Re IPO raises $1.5 billion
13th October 2017
In the country's biggest listing in seven years, the Indian government raised about 98 billion rupees, US$1.5 billion, in GIC Re's Initial Public Offering (IPO) which closed today, Reuters reported. State-run reinsurer General Insurance Corp of India (GIC Re) had aimed to raise up to $1.7 billion in its IPO that ... Read the full article
MENA offers reinsurers attractive diversification opportunities
10th October 2017
The Middle East and North Africa (MENA) region remains attractive as a source of re/insurance expansion due to continued liberalisation opening up further market opportunities, as well as the benefits of diversification options, with less natural catastrophe exposures than more established markets, according to A.M. Best. Natural catastrophe events exposure is ... Read the full article
MENA reinsurers hit with deteriorating profitability: A.M. Best
9th October 2017
Reinsurers in the Middle East and North Africa (MENA) region have seen a trend of profitability deterioration which has caused loss ratios to far exceed those reported by the global reinsurance market, said A.M. Best. Technical performance for MENA reinsurers has come under strain by abundance of capital and soft market ... Read the full article
Germany’s BMZ provides World Bank’s Global Index Insurance Facility (GIIF) with €10mn
4th October 2017
Germany's Federal Ministry for Economic Cooperation and Development (BMZ) has provided the World Bank's Global Index Insurance Facility (GIIF) with €10 million to improve the utilisation of insurance solutions by vulnerable, poorer smallholder farmers. The signed agreement is part of the InsuResilience initiative on climate risk insurance, which aims to provide ... Read the full article