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Reinsurance News

Swiss Re

Swiss Re to open Ivory Coast underwriting office

13th August 2019

Global reinsurance giant Swiss Re is set to open an underwriting office in Abidjan, Ivory Coast following regulatory approval from the Inter-African Conference of Insurance Markets (CIMA). Expected to be fully operational by October 1, the office will be headed by Swiss Re’s current Head of West Africa, Awa Koné. Swiss Re ... Read the full article

Swiss Re expects global life premiums to grow by 3% in next two years

8th August 2019

Swiss Re is anticipating that global life insurance premiums will grow by around 3% annually over the next two years, with most of the improvement coming from emerging markets. China in particular is likely to drive premium growth due to a recovery for demand in savings products. Growth in advanced markets, on ... Read the full article

Swiss Re exploring use of AI-driven automation tool

7th August 2019

Global reinsurer Swiss Re is working with computer software firm Expert System as it looks to harness Artificial Intelligence in the automation of tasks such as assessing risk reports or claims evaluation. Expert System says its AI-driven tool ‘Cogito’ applies human-like comprehension to make information access easier as well as faster ... Read the full article

Swiss Re’s ReAssure buying £425m closed life book business from Quilter

5th August 2019

ReAssure, the closed life book consolidator specialist unit of global reinsurance firm Swiss Re, has agreed an acquisition of a UK £425 million UK closed life insurance business from Quilter plc. The acquisition will add 200,000 customer policies and UK £12 billion of assets to ReAssure's platform and demonstrates Swiss Re's ... Read the full article

Swiss Re names Urs Baertschi CEO Reinsurance EMEA, Regional President

1st August 2019

Swiss Re has named Urs Baertschi as Chief Executive Officer (CEO) Reinsurance EMEA, Regional President and member of the Group Executive Committee, succeeding Russell Higginbotham. Baertschi's appointment is effective September 1st, 2019 and remains subject to regulatory approval. He ... Read the full article

Swiss Re to persist in selling down ReAssure stake

31st July 2019

In light of the suspension of the planned initial public offering (IPO) of ReAssure, parent Swiss Re has said that it remains committed to reducing its ownership in order to de-consolidate the business. The reinsurance giant announced in early June that it was to go ahead with plans for an ... Read the full article

Swiss Re’s reinsurance & investments offset Corporate Solutions loss

31st July 2019

A solid investment result and strong reinsurance performance helped Swiss Re record net income of $953 million in H1 2019, while the firm's Corporate Solutions segment fell to a $403 million net loss in the period. At $953 million, net income declined from the $1 billion recorded in the first-half of ... Read the full article

Swiss Re & SAP announce expansion of accounting system

30th July 2019

Global reinsurer Swiss Re and Germany domiciled multinational software corporation, SAP SE, have expanded their joint accounting solution project to include simulation, forecasting and planning capabilities. Announced in February 2017, the joint co-innovation project sees the pair collaborate on the development of a solution that tackles complex issues related to ... Read the full article

Remittance insurance a $1bn opportunity in emerging markets: Swiss Re

26th July 2019

Insurance linked to remittances in emerging economies could represent a US $1 billion opportunity over the next 10 years, according to a new report from Swiss Re Institute. Last year, the World Bank estimated that remittance payments by migrants to people in their home countries totalled $530 billion, constituting more than ... Read the full article

Swiss Re partners with EF Marine on P&I cover for ships visiting India: Reports

23rd July 2019

A new partnership has been announced between reinsurance giant Swiss Re and Singapore-based insurer EF Marine Pte Ltd, to provide Protection & Indemnity (P&I) cover to foreign ships that call at Indian ports, reports the Hindu BusinessLine. According to a report online from the Hindu BusinessLine, India's maritime administration, the Directorate ... Read the full article

Swiss Re announces two appointments within Asia P&C business

19th July 2019

Global reinsurance giant Swiss Re has announced two leadership appointments in Asia to support the firm's continued growth across Southeast Asia, India, Korea, Hong Kong, and Taiwan. Both appointments are within the reinsurer's property and casualty (P&C) operations, and includes the addition of Hans-Joachim Zimmerman as Head of Client Markets, P&C ... Read the full article

AXA XL & Swiss Re collaborate on auto sector supply chain resilience

18th July 2019

Insurance and reinsurance giants, AXA XL and Swiss Re have collaborated to improve the understanding of supply chain risks and develop greater supply chain resilience within the automotive industry. A recent post by Rachel Alt-Simmons, Head of Strategic Design, Insurance Pricing and Anne Sheehy, Head of Property Pricing, Insurance Pricing at ... Read the full article

Insurers ceded 5% of global premiums to reinsurers in 2018: Swiss Re

16th July 2019

Swiss Re Institute has estimated that primary insurers ceded about $260 billion, or 5%, of direct premiums written to the global reinsurance markets in 2018. More than three quarters of this total ($200 billion) were non-life premiums, which had a higher cession rate of around 8.4%. In contrast, only around 2% of ... Read the full article

Fitch says ReAssure ratings not affected by IPO suspension

15th July 2019

Fitch Ratings has said that its ratings for ReAssure have not been affected by Swiss Re’s decision to suspend the initial public offering (IPO) of its shares. Swiss Re chose to shelve the IPO of its UK closed life book consolidator business last week in response to adverse market conditions, ... Read the full article

BI a potential source of premium growth for commercial insurers in Japan: Swiss Re Institute

12th July 2019

Commercial insurance premiums in Japan are expected to increase by 4.4% in 2019, and over the long-term, business interruption (BI) cover is anticipated to be a source of expansion for the commercial insurance space in the region, according to Swiss Re Institute. Expected premium growth in the commercial insurance sector in ... Read the full article

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