Sanctions against Ingosstrakh are notable because it is major...
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Multibillion-euro court battle over stranded Russian jets begins in Dublin
Lessors are suing dozens of insurers around the world over losses...
Singapore Airlines offers compensation for flight hit by turbulence
“Passengers medically assessed as having sustained serious...
Aon partners with insurtech firm on tracking marine risk accumulations
In an era of mega-ports and ultra-large container ships, re/insurers are highly exposed to risk accumulation during a catastrophe, said Aon in a statement. As a result, the need to monitor vessel movement and estimate cargo accumulation has become a critical part of exposure management and risk selection.
Aon eyes Willis Towers Watson acquisition, may be made via an all-share business combination
Aon has officially announced its intentions as per Irish regulatory requirements, stating that any deal was “in the early stages” and would be made via an all-share business combination.
China set to be the largest global insurance market by mid-2030s:Swiss Re
The seven largest emerging markets are forecast to contribute around 40% of global economic growth over the next decade
• China alone will count for more than 25% of global output
• From quantity to quality: maturing emerging economies will see more moderate, but also more stable growth • Emerging market insurance premiums are forecast to more than double over the next 10 years, growing four times faster than in advanced markets
• Premiums in emerging Asia are projected to grow three times faster than the world average over the next two years • China to become the world’s largest insurance market by the mid-2030s
Munich Re leads Pool Re’s £2.3bn terrorism retrocession placement
The retrocession is structured as an aggregate excess of loss treaty which will attach if Pool Re’s losses, individually or in aggregate, exceed £500 million in any year, after member insurers’ combined retention of £250 million per event or £410 million in aggregate. The £2.3 billion total reflects a further annual increase, up from £2.1 billion in 2018, as Pool Re continues to return UK terrorism risk to commercial markets. All of the capacity is written on a 3-year contractual basis.
Title Insurance fails to pick up due to high cost
M.S Chockalingam, settlement commissioner, Government of Maharashtra,said,though such a product is already made mandatory in the Act, the state government has to notify the mandatory feature of the product separately.
Pool Re issues £75 million terrorism reinsurance bond
The bond, the first of its kind globally and oversubscribed by capital markets, covers physical damage from chemical, biological, radiological and nuclear and cyber attacks, Pool Re said.
Swiss Re net profit at $421 mn in 2018, gross premium rises 4.7 % to $36.4 bn
Swiss Re Group Chief Executive Officer, Christian Mumenthaler, said: “There was no respite from large nat cat events and man-made disasters in 2018. Our financial strength enabled us to support our clients in these tough times. It was the second challenging year in a row for the industry and us. Our P&C businesses were heavily impacted by the events. Corporate Solutions’ results were disappointing. But even in challenging conditions, I am optimistic about Swiss Re’s future. In the January renewals of our P&C Re business, we were able to grow while keeping our running costs flat. We expect further price improvements in the renewals later this year, especially in the loss-affected markets.”
Jean-Paul Conoscente to succeed Victor Peignet as CEO of SCOR Global P&C
SCOR’s group has posted a net income is EUR 322 million for 2018, despite the cost of the nat cat events that occurred in Q3 and Q4.
EU insurance watchdog seeks to avoid Brexit no-deal disruption
This residual business is worth 7.4 billion euros ($8.4 billion) and centered on a handful of UK insurers, EIOPA said in November.
Jan.1 global reinsurance pricing remains disappointing:AM Best
AM Best believes that investors will continue to invest in third-party capital and that the alignment between third-party and traditional capital will endure, guaranteeing an abundance of capacity for the reinsurance segment.