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Africa Specialty Risks launches ASR Syndicate 2454 at Lloyd’s
Currently, only 2% of Lloyd’s business comes from Africa, something...
Self-driving trucks could become reality despite doubts from safety advocates
Within three or four years, Aurora and its competitors expect to...
Atlantic Hurricane Season had early start, but fewer Storms Are Expected
Twelve named storms are likely to form in 2018, fewer than last year’s 17 and below the 1981-2010 average, according to a forecast Thursday from Colorado State University. That reduces the chance of Gulf of Mexico disruptions for energy and agriculture. But the outlook is a slight increase from July’s 11 and comes as the Atlantic Basin is about to enter its most active period.
GIC Re doubles its net profit at Rs 771.42 cr in Q1, gross prm at Rs 18,791.45 cr
GIC Re’s underwriting losses have fallen drastically to Rs 96.37 crore in Q1 FY2018-19 as against Rs.658.47 crore in Q1 FY 2017-18.The total assets of the company increased by 15 per cent to Rs 121,747.89 crore as on June 30,2018 from Rs 1,05,823.99 crore as on June 30, 2017 .
SCOR delivers a strong performance, net income at EUR 262 million in H1 2018
The reinsurer’s gross written premiums total EUR 7,537 million, up 8.2 per cent at constant FX compared to H1 2017 resulting from growth in both Life and P&C, which are up 10.5 per dent and 4.9 per cemt respectively at constant FX compared to H1 2017
Munich Re appoints a new CFO, reorganises Board
The Supervisory Board has also decided to reallocate responsibilities on the Board of Management of Munich Re. This will mean larger divisions, but no changes in the composition of the Board. Units will be reallocated as part of the reorganisation.
Lloyd’s perfect prediction on World Cup champion for second time
Lloyd’s had based its prediction on research conducted in collaboration with the Centre for Economic and Business Research (Cebr), which estimated the collective value of all teams in this year’s tournament at £13.1 billion.France’s insured team value was the highest among the most expensive teams in terms of insurable value at £1.4 billion, followed by England (£1.17 billion) and Brazil (£1.1 billion).
“Market conditions are very tough in the Indian general reinsurance business”
Gen Re, a member of the Berkshire Hathaway,run by its famous Warren Buffet, has kicked off its operations in India after receiving the final licence from Insurance Regulatory and Development Authority of India (IRDAI).
Three of its functionaries- Winfried Heinen, Chairman of the Executive Board of Directors of General Reinsurance AG, Rainer Schurmann, managing director, Property & Casualty, Treaty Asia,Venkatesh N Chakravarty, chief executive officer, India, outline the reinsurer’s strategies for Indian market
Lloyd’s CEO Inga Beale to leave in 2019
Inga joined Lloyd’s in January 2014. Since then, her commitment to transformation across the market, and within the Corporation, has led to significant cultural change and the adoption of new technology that has accelerated the market’s modernisation and digitalisation.
IRDA Board to meet on June 29 to clear new Reinsurace Regulations
The revamped regulations, while setting the order of preference for placing the reinsurance business in the country, continues the provision of “first right of refusal’ with the GIC Re and then cascading down to foreign reinsurers, other ‘Indian reinsurers’ and cross border reinsurers (CBRs), fulfilling certain laid-down criteria
Lloyd’s Syndicate Markel receives license for India operation
Markel India will provide treaty and facultative reinsurance to local Indian insurers, in a broad range of commercial classes. It will initially focus on marine, energy, contingency, trade credit, and professional and financial risks
Low single-digit reinsurance rate hike at June1 renewal, JLT Re
David Flandro, Global Head of Analytics, JLT Re, said, “Dedicated reinsurance sector capital has been very strong with growth of over USD 10 billion during the first half of 2018, following roughly USD 7 billion of new capital raised in the final four months of 2017. This affirms the now established trend of third-party capital rapidly entering the sector post-loss to fill the gap more or less immediately.