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.
Collaboration needed to address growing terror threat
21st August 2017
Australian Reinsurance Pool Corporation CEO Dr Chris Wallace highlighted the need for global collaboration and cooperation between the public-private sector to address the growing terrorism threat at the inaugural International Forum of Terrorism Risk Re Insurance Pools (IFTRIP*) Paris conference. “Terrorism is a global issue and the nature of threats is constantly ... Read the full article
Gen Re chairman speaks of Indian business challenges
18th August 2017
Winfried Heinen, chairman of Gen Re's executive board of directors, spoke out against the regulatory hurdles of operating in India, saying the requirement to hold capital within the Indian branch would mean higher costs are passed on to consumers, in a recent interview with The Hindu. “I think I am not ... Read the full article
QBE rationalises reinsurance, saves $350m+, makes greater use of Equator Re
17th August 2017
Australian headquartered insurance and reinsurance group QBE has rationalised its reinsurance spend in 2017, saving over $350 million so far as it restructured its program and made greater use of its Equator Re captive reinsurer. QBE has recognised annualised reinsurance cost savings of over $350 million, thanks to premium rate reductions, ... Read the full article
European reinsurers resist temptation to compete on price: Fitch
16th August 2017
The big four European reinsurance firms are successfully resisting the temptation to compete on price alone, according to rating agency Fitch, which is providing them with a competitive advantage in the marketplace. Pricing discipline displayed by the four largest reinsurance firms in Europe, Munich Re, Swiss Re, Hannover Re and SCOR, ... Read the full article
Political uncertainty can influence casualty catastrophe reinsurance treaties
15th August 2017
Reinsurers should revisit U.S. casualty catastrophe reinsurance products in response to government administration changes that are expected to influence the legal, social, and economic conditions impacting treaties policies, Willis Towers Watson reinsurance risk management specialist Pete Thomas advised. "History tells us that every time there is change from a democrat to ... Read the full article
Reinsurers’ earnings increasingly volatile due to catastrophe risk
15th August 2017
Exposure to natural catastrophe risk has raised reinsurers' earnings volatility as firms are now twice as likely to report a natural catastrophe related underwriting loss than in 2012 and profit margins are challenged by soft market prices, said S&P. While reinsurers' balance sheet exposure to extreme natural events remains largely unchanged, ... Read the full article
Asia hit with lion’s share of global economic losses but regional re/insurance market grows
14th August 2017
Asia has often bourne the brunt of global economic losses from catastrophes, at $US74 billion the region was hit with 47% of global economic losses last year, only 16% of which was insured - but governments are increasingly counteracting these losses by introducing schemes and regulations to up the impetus ... Read the full article
Asia needs innovative parametric and index-based solutions to close protection gap
10th August 2017
The managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, called for a renewed focus on building innovative index-based and parametric solutions for effective transfer of disaster risk throughout Asia to step up efforts to close the region's protection gap, in a speech at the Institute of Catastrophe Risk ... Read the full article
UK pension risk transfer to re/insurers to reach £700 billion by 2032
10th August 2017
Demand for bulk annuity buy-ins is expected to quadruple over the next 15 years as £700 billion worth of defined benefit pension scheme liabilities are expected to be passed to insurers by 2032, according to a Hymans Robertson report. Around one-third of current defined benefit (DB) pension risk schemes are expected ... Read the full article
LatAm reinsurers challenged by shrinking profits but ratings remain stable: Fitch
10th August 2017
Latin American reinsurers appear set to see their profitability challenged over the next 1-2 years, the global soft market, contracting local economies, high interest rates, risk-based capital solvency regulations and sovereign-constrained ratings, are among many factors making conditions increasingly difficult for regional carriers. Despite these challenges, Fitch’s rating for LatAm reinsurers ... Read the full article
AMP expands reinsurance agreements in a move to release capital
10th August 2017
AMP has announced a series of new reinsurance agreements to release about AUS$500 million as part of a strategy to reduce capital held by the Australian wealth protection business, and to reduce future earnings volatility. The new reinsurance arrangements include Gen Re and Munich Re increasing their reinsurance cover share, and ... Read the full article
Hannover Re results ahead of consensus, on lower losses, higher investments
10th August 2017
German reinsurance firm Hannover Re has beaten consensus as its second-quarter 2017 net income came in ahead of expectations, largely assisted by a quarter lacking in large losses and higher investment income. Half-year net income rose 9.6% to EUR 535 million, up from EUR 488 million in the prior year, putting ... Read the full article
2017 H1 catastrophe losses in U.S. reach six year peak: PCS
9th August 2017
At $15 billion U.S. catastrophe losses for the first half of the year were at their highest since 2011 - the trend of natural catastrophe events increasing in frequency continued with H1 seeing the highest number of severe weather events since 1980, according to PCS' H1 2017 Catastrophe Review. Four of ... Read the full article
CoreLogic adds property underwriting offering with addition of Myriad platform
9th August 2017
Analytics and data-enabled solutions provider CoreLogic has announced the addition of Myriad Development's automated underwriting platform which will be combined with CoreLogic property data to create an enhanced tool for speedy and cost-efficient underwriting. CoreLogic said Myriad platform users have experienced between four-to-seven times return-on-investment due to cost savings from fewer physical ... Read the full article
Third Point Re announces senior executive team changes
9th August 2017
Third Point Reinsurance, the hedge fund strategy reinsurer backed by Daniel Loeb's Third Point LLC, has announced a series of changes to its executive team, subject to Bermuda Department of Immigration and regulatory approval. Daniel Malloy was promoted from Chief Underwriting Officer to Chief Executive Officer (CEO) of Third Point Reinsurance Company ... Read the full article
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