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.
Cyber breach costs to skyrocket with new European data regulation: Study
25th April 2017
Severe cyber breaches cost PLCs 1.8% of company value or £120 million, according to a new CGI study, and these figures are set to skyrocket in the future as General Data Protection Regulation in Europe requiring firms to reveal cyber breaches is rolled out - a move which could see European ... Read the full article
W. R. Berkley’s reinsurance unit falls to underwriting loss in the first-quarter
25th April 2017
W. R. Berkley Corporation's first-quarter 2017 financial results reveal a pre-tax net income decline in its reinsurance segment to roughly $4.6 million, with the firm reporting a reinsurance underwriting loss with a combined ratio of 112.9%, compared with 97.6% a year earlier. Gross premiums written in the firm's reinsurance unit declined by ... Read the full article
Rate of European reinsurance purchase to gradually decline: A.M. Best
25th April 2017
Commenting on A.M. Best's latest market briefings, senior director, Carlos Wong-Fupuy, said the trend of large European insurers increasingly ceding business to reinsurers to offset soft market conditions and Solvency II requirements is expected to slow in the coming year. European insurers had been relying on reinsurance to enlarge their capacity for product ... Read the full article
Philippine reinsurer appoints former KPMG audit manager to Head of Finance
24th April 2017
The National Reinsurance Corporation of the Philippines (NRCP), has approved the appointment of Santino Santillano - former KPMG audit manager - to Head of Finance, at the Board of Directors meeting. Santillano is set to replace Claudia Karen Fidelino who was appointed to Officer-in-Charge of the Finance Department last month - where she'll reassume her duties ... Read the full article
Barbican launches online automated quote and bind system
24th April 2017
Barbican Insurance Group, which underwrites re/insurance predominantly through its Lloyd's syndicates, has launched a new technology platform that will automate quoting and binding of new business through certain distribution channels. With the launch of 'The Hub', as the platform is named, Barbican hopes the online, automated quote and bind system will ... Read the full article
Bermuda re/insurers profitability slips, organic growth a challenge: S&P
24th April 2017
For insurance and reinsurance companies in Bermuda, 2016 was a year of challenges and resulted in a sharp decline in return-on-equity (RoE), while organic growth remains difficult to find. Rating agency Standard & Poor's explains in its latest report that Bermudian re/insurance remains under pressure from a range of forces, with ... Read the full article
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
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