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.
Reinsurers’ upwards loss provisions in 2018 to fill $20bn loss gap: Jefferies
7th December 2017
Remaining catastrophe losses still unaccounted for are estimated by Jefferies to be in the $20 billion ballpark - a disparity likely to fuel reinsurance price rises when some companies' provide upwards loss provisions in 2018. "At first glance, it appears that the industry midpoint estimate of $95bn may have overestimated the ... Read the full article
After losses, primary carriers may use more reinsurance: Fitch
6th December 2017
Following the major catastrophe losses of recent months in the United States, Caribbean and Mexico, primary insurance carriers may be inclined to use an increased amount of reinsurance to manage their exposures. Fitch ratings believes that an increased demand for catastrophe and property reinsurance protection could be one of the outcomes ... Read the full article
Loss gap could come from greater counterparty diversification
6th December 2017
With global re/insurance industry losses from Q3 2017 natural catastrophes estimated at $100 billion, and just $30 billion reported in re/insurers' losses so far, experts have been speculating on whose pockets could yet be emptied to fill the insured loss gap. CreditSights has said that reinsurers may have reported ... Read the full article
UAE insurance regulator revises framework for reinsurance use
6th December 2017
The United Arab Emirates' (UAE) Federal Insurance Authority (IA) has published draft regulations for a new reinsurance regime that revises requirements for local insurers' management of reinsurance. Tom Bicknell, a Dubai-based specialist in insurance regulation at Pinsent Masons, said the recognition of reinsurance as a distinct category of risk carriers is an ... Read the full article
SOBC Sandall acquires American Safety Risk Retention Group
6th December 2017
SOBC Sandell has announced the acquisition of 100% of American Safety Risk Retention Group of Vermont as of December 1st, following regulatory approval for Change of Control in Vermont Department of Financial Regulation (DFR). SOBC Sandell said it worked closely with the Vermont DFR on the transaction. Stephanie Mocatta, SOBC Sandell CEO, ... Read the full article
FEMA set for full $1.024 billion NFIP flood reinsurance recovery
6th December 2017
The U.S. Federal Emergency Management Agency (FEMA) is set to recover the full $1.024 billion under its 2017 flood reinsurance program for the National Flood Insurance Program (NFIP), as its estimates show the entire layer blown by losses from hurricane Harvey. The 2017 reinsurance program was placed in January 2017 and ... Read the full article
Senate vote makes tax reform more likely: KBW analysts
4th December 2017
Analysts at Keefe, Bruyette & Woods (KBW) said that following the United State Senate's vote on the tax reform bill in the early hours of Saturday in which the reform passed the legislation. The tax bill has implications for the U.S. and global insurance and reinsurance sector, with some concerns over ... Read the full article
Global Atlantic to reinsure $9bn piece of The Hartford’s sale of Talcott Resolution
4th December 2017
Global Atlantic Financial Group said today that it will provide reinsurance to back a $9 billion portfolio of fixed annuities and other spread-based reserves following The Hartford’s sale of Talcott Resolution to a group of investors, which was announced today. Life insurance and reinsurance firm Global Atlantic said the deal ... Read the full article
Insurance lobby group calls for transitional UK & EU re/insurance deal
4th December 2017
An insurance lobby group has called for transitional agreements between Britain and the European Union and a "mutual market access" deal to preserve London's global reinsurance hub post-Brexit and ensure stability in the short-term. Malcolm Newman, leader of the London Market Group’s Brexit task force, told Reuters that with the ... Read the full article
Reinvestment yield increases could boost reinsurers: Morgan Stanley
30th November 2017
According to Morgan Stanley analysts, a 100bps increase in reinvestment yield drives a Return On Equity (ROE) increase of 5% for reinsurers, meaning global players could see wins on ROE over the next two years with an overall 1-2% premium increase forecast due to broad-based reinsurance rate increases. "For every 100bps increase ... Read the full article
Munich Re CEO says profits to remain stable, but lower than previous years
30th November 2017
Munich Re CEO Joachim Wenning told journalists at an informal meeting yesterday that the reinsurance firm aims to keep profits stable at EUR 2 billion or more, but that it is unlikely to return to levels seen in prior years. For 2017 Munich Re is only forecasting a small profit, following ... Read the full article
Pricing boom ahead for U.S. P&C reinsurance: Morgan Stanley
29th November 2017
The pricing for P&C reinsurance is expected to see a 1-2% premium increase after 2017 global insured losses reached nearly $100 billion, according to Morgan Stanley. Analysts said; “we reflect~1-2% premium increase due to broad-based P&C reinsurance rate increases in our forecasts for the global reinsurers, of which half is earned ... Read the full article
Insurance premiums in Vietnam grow 20% annually
28th November 2017
At US$3.7 billion, Vietnam's total insurance premiums have grown 20% year-on-year, according to the Finance Ministry's Insurance Supervisory Administration. Life insurance premiums reached 51,180 billion Vietnamese dong, up 32% from 2016, while non-life insurance premiums stood at 33,006 billion Vietnamese dong, rising by nearly 9%. This year, total life insurance premiums are ... Read the full article
ClimateWise calls for proactive response as 2017 climate risk losses soar
28th November 2017
A global network of 28 insurance industry organisations, ClimateWise, has called for firms to step up proactive efforts to close the insurance protection gap as climate risk exposure continues to grow, with 2017 on track to become one of the most expensive years to date for climate-related natural disasters. ClimateWise ... Read the full article
Price improvements may not relieve pressure on London market: Fitch
27th November 2017
Fitch Ratings maintains an overall negative outlook for the London Market Insurance sector in 2018, although a pricing upswing in loss-affected lines is on the cards. Any increase in pricing isn’t expected to be significant enough to outweigh market pressures, with high expenses and lower reserve releases weighing on London Market ... Read the full article
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