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Britain says insurer capital rule changes to start by end of 2023
The risk margin refers to the potential cost for a failing insurer...
Transformative industry trends present $200 billion opportunity for re/insurers: Aon Report
Sherif Zakhary, CEO of Aon’s Strategy and Technology Group, said:...
Swiss Re’s net profit declines to USD 331 million in 2017, USD 4.7 billion of natural catastrophe losses
Group Chief Executive Officer, Christian Mumenthaler, said: “2017 was clearly a challenging year for the industry – and Swiss Re. However, we believe the outlook for our industry is now more positive than it has been during the last four years.”
SCOR’s net income falls to EUR 286 mn in 2017, Gross premiums touch EUR 14,789 million, up 8.6 pc in 2017
Denis Kessler, Chairman & Chief Executive Officer of SCOR, commented: “2017 was marked by an exceptional series of major natural catastrophes. The Group is fully mobilized to reach the strategic targets set out in “Vision in Action”.
Prem Watsa earns a net profit of $930 mn from stake sales in ICICI Lombard General
“The results improvement was driven by net after-tax gains in excess of $1.9 billion related to the reduction of Faifax shareholding in ICICI Lombard and the sale of its 97.7 percent equity interest in First Capital. The reduction of our shareholding in ICICI Lombard to about 10 percent resulted in a net after-tax gain of $930 million,” said Prem Watsa, CEO, Fairfax
Global sea level surging at faster rate, study
If the oceans continue to change at this pace, sea level will rise 65cm by 2100—enough to cause significant problems for coastal cities, according to the assessment published in the journal PNAS. Rising concentrations of greenhouse gases in Earth’s atmosphere increase the temperature of air and water, which causes sea level to rise in two ways.
71 killed as Russian passenger plane crashes near Moscow
Russia has experienced record snowfall in recent weeks and investigators said they would not rule out poor weather as a possible cause of the disaster. A regional official said the aircraft’s black box had been retrieved.
Swiss Re in talks with SoftBank, may divest minority stake
A media report, citing sources familiar with the matter, said the deal under discussion was for the purchase of up to a third of Swiss Re’s shares at a premium. Such a deal would make SoftBank the largest investor in the reinsurance group.
SCOR’s P&C reinsurance renewal premiums grow by 3.7pc to Eur 3.1bn
Victor Peignet, CEO of SCOR Global P&C, commented: “SCOR has a strong position in the 2018 renewals, resulting from the Group’s multiple recent rating upgrades, a client-by-client approach, and the expansion of our capabilities as described in our ‘Vision in Action’ plan. We negotiated to reduce, cancel or decline business that did not meet our hurdles without damaging our franchise. As a result, our portfolio renewed in January is both larger and more profitable while still being well-diversified.”
World Bank raises a record USD1.36 bn cat bond
The bond, which mitigates balance sheet risk for the World Bank in Chile, Colombia, Mexico and Peru by offering protection against earthquake risk on a parametric basis, is the second largest catastrophe bond on record, and represents the largest sovereign risk transfer in the history of the insurance-linked securities sector
January windstorms expected to cost European insurers more than $2bn:Aon
The German Insurance Association (GDV) reported that Friederike was the costliest windstorm in the country since Windstorm Kyrill in 2007, with preliminary payouts listed at approximately EUR1 billion (USD1.24 billion).
Competitive climate broadly remains unchanged across Asia-Pacific markets:Hannover Re
Premium growth was particularly marked in Asia and the United Kingdom. Attractive opportunities to expand the portfolio also opened up in North America, the Caribbean and Eastern Europe as well as in the areas of financial solutions and cyber risks. Despite the pleasing development in property and casualty reinsurance, the profitability of the treaties still takes precedence over pure premium growth.