Material damages caused by the earthquake that devastated the central region in Italy in August 2016 have reached EUR23.5 billion, according to a recent analysis. In the analysis carried out by the Civil Protection Department (CPD) to request from the European Commission the activation of the Solidarity Fund with the...
Willis Towers Watson has entered into exclusive negotiations with OAAGC, the top French aviation brokerage, to acquire its team and book of business. The move would make Willis Towers Watson the leading aviation broker in France. Paris-based OAAGC (Office d’Assurances Aériennes G. de Cugnac) was founded in 1898 and its...
The insurance industry could face asset-stranding and liabilities on a global scale as a result of climate change, according to a new report published by Lloyd’s. The study, carried out in partnership with the University of Oxford Smith School of Enterprise and the Environment, looked at the impact of climate...
EY conducted a survey of CFOs in the insurance sector in 2016 and recently published the results. According to the survey that involved around 60 insurance companies across the globe, four main drivers for the business of insurance have been identified. The survey idenfied that market expansion or achieving growth...
Swiss Re has delivered its 2016 performance with full-year net income of USD3.6 billion, supported by solid underwriting and a strong investment result, according to a statement. Net income in P&C Re was USD2.1 billion in 2016, despite higher large losses from natural catastrophes, including Canada wildfires, the earthquake in...
Qatar Re continued to deliver solid portfolio growth across its key geographical markets, lines of business and client segments in 2016. On net earned premiums of USD351 million – up 43 percent from USD245 million in 2015 – net income grew by 52 percent from USD25 million in 2015 to...
Regulatory risk is growing for reinsurance companies, which could represent a mix of favorable and unfavorable changes for offshore domiciles should US tax reforms be adopted, according to a new A.M. Best briefing. The Best’s Briefing, titled, Shifting Tides in Global Regulation Present Challenges and Opportunities, states that should tax and...
The International Monetary Fund plans to formally include Islamic finance into its surveillance framework, a nod to the fast-growing sector but noting risks posed by complex hybrid products that replicate conventional ones. The IMF’s executive board said recently that it had adopted a set of proposals on the role it...
In the twelfth edition of the World Economic Forum’s Global Risks Report, the top perceived risks that the world is facing, are among extreme weather, natural disasters, environmental and climate risks as key concerns, highlighting the need for risk transfer solutions. The report features an assessment by experts on the top global...
Reinsurance brokerage Aon Benfield, in a recent Reinsurance Market Outlook report, underlines the potential for increased demand for reinsurance coverage in 2017, in response to regulatory changes, and the amended A.M. Best stochastic-based BCAR model. “Under the amended stochastic-based BCAR model, catastrophe reinsurance is more accretive for 80 percent of...
