Reinsurance News
Reinsurance News
Reinsurance industry news, analysis, insight and interviews.
Reinsurance market news coverage provided everyday, on the top reinsurers and insurers, covering news topics of relevance to the reinsurance sector, as well as commercial and specialty insurance.
Re/insurers could face up to $2.5 billion loss from next global cyber attack
14th July 2017
Graeme Newman, Chief Innovation Officer at CFC Underwriting, warned in a recent interview that the next global WannaCry cyber attack could cost the industry up to $2.5 billion, Bloomberg reported. "It’s exceptionally likely that we will see an event over the next months that will seriously affect insurers," said Graeme ... Read the full article
P&C sector underwriting to deteriorate until at least 2020: KBW
13th July 2017
Keefe, Bruyette & Woods (KBW) has warned that rising loss ratios, lower reserve releases, and normalised catastrophe losses will maintain underwriting pressure across the North American Property & Casualty (P&C) sector to at least 2020, in a recent equity research note. KBW analysts have revealed that it's updated its North American P&C ... Read the full article
Philippine re/insurers association to lobby for non-life insurance tax cuts
12th July 2017
The Philippine Insurers and Reinsurers Association (Pira) has announced plans to continue to lobby for lower tax rates for non-life insurers to ensure the insurance market environment is competitive and sustainable over the long-term, the Business Mirror reported. The non-life insurance sector is currently taxed at 27.5%, over five times the ... Read the full article
Soft reinsurance market yet to fully play itself out, warns KBW
11th July 2017
Citing reinsurance broker Willis Re's mid-year reinsurance renewal report, analysts at Keefe, Bruyette & Woods (KBW) have warned that the soft market environment is to continue, with hopes of a market floor at the June and July renewals being premature. Reinsurance rates continued to decline at the mid-year renewals across most ... Read the full article
Assurant secures $1.36 billion catastrophe reinsurance program
11th July 2017
Assurant, Inc. has announced the completion of its 2017, $1.36 billion per-occurrence property catastrophe reinsurance program, enabling the firm to protect 2.8 million homeowners and renters policyholders against catastrophe risks. Assurant, an international provider of risk management solutions, explains that its 2017 global, property catastrophe reinsurance program includes base reinsurance premiums ... Read the full article
Reinsurers’ betting on benign loss year, market bottom elusive: Peel Hunt
10th July 2017
Further, and steeper-than-expected rate declines across the U.S. property catastrophe space at the mid-year renewals suggests the reinsurance market is struggling to find a bottom, as players bank on yet another benign underwriting year, according to analysts at Peel Hunt. Citing reinsurance broker Willis Re's recent analysis, Peel Hunt, in a ... Read the full article
Theresa May announces Africa development insurance package at G20
10th July 2017
At the G20 meeting last week, Prime Minister Theresa May announced an ambitious package for development and investment in Africa including a new London Centre for Global Disaster Protection, creating a link between UK expertise and developing nations to promote risk management and investment. The plan includes an offer of up ... Read the full article
Russian reinsurers see loss of foreign premiums
10th July 2017
Russian reinsurers have seen premiums shrink by 15 %, or a loss of RUB 9,747.14 million this year so far, about half of the losses were from Russian premiums and 39% from premiums ceded from abroad, Xprimm reported. The tough market conditions caused several small-middle sized Russian reinsurers to close - a ... Read the full article
IRB Brasil Re initial public offering underway
10th July 2017
The awaited initial public offering of Brazilian reinsurance firm IRB Brasil Resseguros S.A. (IRB Brasil Re) has now commenced, with the offering launched on Friday. IRB Brasil Re filed its official IPO prospectus with the Sao Paolo stock exchange on Friday, detailing a plan that will see some of its existing ... Read the full article
Ghana’s Insurance Commission to implement new reinsurance guidelines
7th July 2017
In an effort to consolidate the insurance and reinsurance industry in Ghana, the country's National Insurance Commission (NIC) is to implement new reinsurance guidelines, reports Prime News Ghana. The news comes after a meeting in Accra, Ghana, between Chief Executive Officers (CEOs) of member firms' of the Ghana Insurers Association (GIA) ... Read the full article
Neon hires Chris Conway to Bermuda Property Reinsurance team
7th July 2017
Insurance and reinsurance specialist Neon has announced the hiring of Chris Conway to its Bermuda Property Reinsurance underwriting team, as it looks to expand its activities in the United States market. Conway will report to Neon's Head of Property Reinsurance, Nick Pritchard, and joins the firm immediately. He will be tasked with ... Read the full article
U.S. border-adjustment tax on life cover reinsurance could hurt the economy
6th July 2017
Think tank R Street has warned a U.S. border-adjustment tax (BAT) on internationally sourced reinsurance for life insurance and annuities could have a far-reaching negative impact on the U.S. economy - by staving off capital influx and thus economic investment, while making insurance unaffordable to citizens most in need of ... Read the full article
Continental Re urges African re/insurers to be more inward looking
6th July 2017
Continental Re Managing Director, Dr. Femi Oyetunji, said African insurers needed to unite and collaborate to grow to a capacity that would allow local carriers to retain more of the risks and offset an over-dependence on international players, the Guardian Nigeria reported. While speaking of the impact the carrier has had ... Read the full article
Swiss Re signs MoU on disaster resilience with City of Dalian, China
6th July 2017
At last week's World Economic Forum Summit in China, Swiss Re signed a Memorandum of Understanding (MoU) with the Chinese Dalian city administration to improve its comprehensive insurance programme for disaster resilience. The programme includes catastrophic insurance solutions to protect against natural and man-made disasters such as fire and explosion. Vice Mayor ... Read the full article
Drones “hugely powerful” for re/insurance; Chubb CEO Evan Greenberg
5th July 2017
Evan Greenberg, Chairman and CEO of Chubb called the use of drones "hugely powerful" for the re/insurance industry. Speaking at the MMC Young Professionals Forum 2017 on Thursday, Greenberg called attention to the potential of drones, the digitalisation revolution, and the importance for the future of the re/insurance industry of preserving the ... Read the full article
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