The MGU plans to expand in the Middle East, Africa, Asia and Latin...
Category:
Reinsurance
Latest
French reinsurer CCR Re changing name to Arundo Re from next Jan 16
CCR remains a minority partner with a 25 per cent stake in the...
Charles Roxburgh KCB to succeed Carnegie-Brown as chairman of Lloyd’s from May,2025
Sir Charles Roxburgh KCB , chairman-designate, Lloyd's of London...
Blaze breaks out again on supertanker off Sri Lanka, cargo area intact
The New Diamond, a very large crude carrier (VLCC) chartered by Indian Oil Corp (IOC), was fully loaded with the equivalent of about 2 million barrels of oil, Refinitiv data showed.
Photographs taken by Sri Lanka’s air force showed extensive damage to the tanker’s funnel, and thick black smoke and flames coming from the bridge, that sits just behind the cargo area.
Global reinsurers maintain equilibrium through COVID-19 turbulence:AM Best
The global reinsurance composite has produced a five-year (2015-2019) average combined ratio of 99.6% and a return on equity of 5.7%. The report notes, however, that 3-4 percentage points of that combined ratio performance is attributable to favorable loss reserve development. This benefit continues to diminish, and without prompt, corrective action, will create a drag on earnings.
Companies’ individual abilities to take advantage of the hardening market conditions are likely to be influenced by a flight to quality. After three years of significant industry losses, those companies with a solid financial strength, robust reputation and market position, as well as stable, consistent and transparent results, should be best-positioned to optimize their underwriting risk portfolio and continue to attract and deploy capital. In the medium term,
Swiss Re Ltd. retained the top spot as the world’s largest reinsurer, as measured by reinsurance gross premium written, in AM Best’s highly regarded annual ranking of the Top 50 Global Reinsurance Groups. Munich Reinsurance Company again was No. 2 in this latest ranking as the top 10 remained largely stable from last year.
Pradip Ghosh appointed as president of Lockton Capital Markets
KANSAS CITY: Lockton Companies has announced the appointment of Pradip Ghosh as President of Lockton Capital Markets(LCM), effective September 1, 2020. Ghosh has over 20 years of experience in the insurance, financial services, and asset management industries and will...
Afghanistan flash floods kill 160, search for bodies continues
Thirteen provinces, mostly in the country’s north, had been affected by floods, according to the Ministry for Disaster Management.
China approves a new state-back agricultural reinsurance firm: Xinhua
The firm will help expanding the insurance coverage of catastrophe losses, and further safeguard country’s agricultural production, according to the report.
Climate change to drive large future Cat losses
It’s a mess at least partially of our own making, said Susan Cutter, director of the Hazards and Vulnerability Institute at the University of South Carolina.
“We are seeing an increase of intensity of these phenomena because we as a society are fundamentally changing the Earth and at the same time we are moving to locations that are more hazardous,” Cutter said Wednesday.
2020 California wildfires may lead to further spikes in reinsurance rates
The COVID-19 pandemic has significantly contributed to a hardening market, and given the current wildfire situation, reinsurers and alternate capital may demand significant rate hikes, which would result in higher reinsurance costs for primary carriers and make the risk-reward tradeoff to underwrite California wildfire risk a much more challenging decision going forward.
Global reinsurers report weak half-year earnings as coronavirus claims intensify:Moody’s
Coronavirus-related claims increased significantly during the second quarter
Ongoing uncertainty regarding business interruption claims as policy forms and contract litigation vary
Pandemic related mortality losses in life reinsurance are rising
ILS retrocession capacity further squeezed in the Pandemic era
The Best’s Commentary, titled, “The ILS Retro Market, COVID-19 and Pre-Emptive Trapping,” notes that the retro market is estimated at $20 billion, with the ILS market supplying approximately 75-80% of the capacity for this segment.
Hurricane Laura slams Louisiana, kills six, but less damage than forecast
Laura was downgraded to a tropical depression by the NHC at 10 p.m., and the forecaster said it will move to the mid-Mississippi Valley later on Friday and then to the mid-Atlantic states on Saturday.
Laura caused less mayhem than forecasts predicted – but officials said it remained a dangerous storm and that it would take days to assess the damage. At least 867,000 homes and businesses in Louisiana, Texas and Arkansas remained without power on Thursday afternoon.
“This was the most powerful storm to ever make landfall in Louisiana,” Governor John Bel Edwards told a news conference. “It’s continuing to cause damage and life-threatening conditions.”