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.
EEU Insurers – dependant on Western European reinsurance: S&P
24th April 2017
Insurers in the European Economic Union have been ceding most of their premiums to Western Europe, and although Chinese and Indian reinsurers have become increasingly active in the region, the region's reinsurance framework of reliance on major European firms is expected to remain intact in the near future, according to ... Read the full article
Paris attack highlights need for broader terrorism coverage
21st April 2017
Yesterday evening's shootings in Paris, France, in which a police officer was killed and others wounded, highlights the need for insurance and reinsurance markets to offer broader terror cover, including business interruption. The attack occurred on the busy Champs Elysees, an area that was naturally full of tourists in the evening ... Read the full article
PRA gives UK re/insurers mid-July deadline for Brexit back-up plans
21st April 2017
The Prudential Regulatory Authority, (PRA) - the UK’s financial market regulator - has asked re/insurers to immediately address the Brexit question by setting a mid July deadline for firms to produce a worst-case-scenario back-up plan for post-Brexit trading. The regulator is demanding firms convey their plans to deal with all potential ... Read the full article
FCA investigating UK aviation brokers over sharing & misuse of information
21st April 2017
According to industry reports a number of aviation insurance and reinsurance brokers are being investigated by the UK's financial conduct authority (FCA) over the sharing and misuse of sensitive information. Brokers Aon, JLT, Willis Towers Watson, and Marsh are being investigated by the FCA as part of its probe into the ... Read the full article
Border adjustment tax reform deemed unlikely: Credit Suisse analysts
21st April 2017
Since Trump's election win last year, creating a border adjustment tax has been top on the Republican's agenda, and reinsurance industry experts have since speculated on how this would impact offshore reinsurance purchases, with some predicting chaos ahead with insurance prices soaring as carriers pass extra costs down to consumers. Changes ... Read the full article
Zambia looks to control reinsurance premium outflows
20th April 2017
The African nation of Zambia is reported to be looking to control the outflow of reinsurance premiums to foreign firms, preferring to attempt to control this and to help local companies to retain more of the premium income within the country. The government of Zambia is said to be considering amendments ... Read the full article
Bahamas First in talks with reinsurers to upscale micro insurance offers
20th April 2017
Bahamas First is in talks with reinsurers over the provision of reinsurance-backed “micro insurance” products, as it seeks to streamline the firm's product offers with more affordable solutions to improve the Island's insurance penetration. The insurer also pledged to work together with the incoming government to tackle the protection gap issue, ... Read the full article
Munich Re sees brighter growth prospects for insurers
20th April 2017
Reinsurance firm Munich Re believes that global insurance markets are set to face brighter growth prospects over the next few years, with "slightly increased growth" expected by 2018. Overall, Munich Re believes that the primary insurance sector will grow by 4.5% per annum on average (3.0% adjusted for inflation) in 2017 ... Read the full article
Reinsurers’ profit margin pressure increasing, as capacity rises: Willis
20th April 2017
Willis Re's latest market report reveals the intense pressure profit margins have been under in current reinsurance market conditions. Analysis of the group of reinsurers the broker tracks shows aggregate net income reduced to $26.6 billion from $30.3 billion, causing a drop of return on equity (ROE) at 8.0% down from ... Read the full article
Market conditions drive Bermudian re/insurers to innovate: A.M. Best
19th April 2017
Tough market conditions have driven Bermudian re/insurers to explore new lines of business, with the most recent trend being a move towards mortgage re/insurance, said A.M. Best Senior Financial Analyst Scott Mangan, in the firm's latest market trends report. The rating agency previously reported a Bermudian market pivot towards primary and ... Read the full article
Cayman Islands sees continued re/insurance sector growth
19th April 2017
The Cayman islands insurance and reinsurance industry has seen a “buoyant” start to 2017, with 8 new insurer licenses issued in the first quarter. Linda Haddleton, Chair of IMAC, a non-profit association run by Cayman Islands insurance managers, said the island has seen continued success with hosting captives and ILS structures ... Read the full article
Reinsurance purchase driven by capital management: Deloitte
19th April 2017
Reinsurance purchase by life and P&C companies appears to be on the upswing - a reversal of the previous four-year trend of decline - as insurers' capital management optimization strategies evolve, Deloitte said in a recent report. Key strategic reasons for Life companies’ purchase of reinsurance in the next years are ... Read the full article
Morgan Stanley warns of $2.5 billion P&C industry reserve deficiency
19th April 2017
Insurers and reinsurers operating in the property & casualty (P&C) arena have, during the softening cycle, utilised higher reserve releases to bolster dwindling underwriting returns. However, with the re/insurance landscape remaining under significant pressure, analysts at Morgan Stanley have warned of a ~$2.5 billion P&C sector reserve deficiency. Morgan Stanley notes ... Read the full article
Georgian reinsurer launches, backed by Guernsey-based GBGI
19th April 2017
GBGI Limited, also known as Global Benefits Group, a group focused on provision of international benefits insurance and based in Guernsey, has announced its backing of and entry into a strategic partnership with a new insurance and reinsurance firm in Georgia. JSC Risk Management and Insurance Company (known as Global Benefits Georgia) ... Read the full article
Reinsurance News – Wednesday 19th April 2017
19th April 2017
Here’s your daily Reinsurance News for Wednesday 19th April 2017: U.S. thunderstorm insured loss hits Q1 record at $5.7bn: Aon Benfield Data from Aon Benfield's Impact Forecasting shows that U.S. severe thunderstorms and convective weather in Q1 2017 is expected to have caused re/insurance industry losses of at least $5.7 billion. ... Read the full article
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