Takaful market continues expansion
15 September 2014
The global takaful market is expected to grow by 14% this year and could top $US20 billion ($21.77 billion) in gross contributions by 2017, according to Ernst & Young…
International
Shipwrecks and fires top business loss chart
15 September 2014
Ship groundings, fires and plane crashes are the three leading causes of business loss, according to Allianz Global Corporate & Specialty…
Private sector warms to terrorism coverage
08 September 2014
Private market appetite to cover US terrorism risks has returned, but this does not mean the Federal Government’s backstop is now surplus to requirements…
Climate change could catch out reinsurers: S&P
08 September 2014
Reinsurers may be underestimating catastrophe loss exposures by about 50% if the extreme events of the past decade are the “new normal”, according to Standard & Poor’s…
Low penetration limits Napa quake losses
08 September 2014
Economic losses from the San Francisco Bay area earthquake last month are likely to top $US2 billion ($2.1 billion), Impact Forecasting says…
Small reinsurers have most to lose in softening market: Fitch
08 September 2014
Intense competition, sluggish cedent demand and an “onslaught” of alternative capital have left the global reinsurance sector with a negative outlook, according to Fitch…
US P&C heads for rate decline
08 September 2014
The US property and casualty sector is braced for a soft market next year, according to analyst MarketScout…
Napa earthquake damage ‘within expectations’
08 September 2014
Insured losses from the north California earthquake are not expected to exceed $US250 million ($268 million), according to catastrophe risk management company RMS…
Still a role for terrorism pools, says Guy Carpenter
01 September 2014
Government terrorism pools set up following the September 11 2001 attacks on the US remain “integral risk management tools”, according to global reinsurance broker Guy Carpenter…
Napa Valley counts cost of quake
01 September 2014
A magnitude-6.0 earthquake in California’s Napa Valley last month caused extensive damage, with estimates ranging from “at least $US100 million ($106.91 million)” to…
Data gets bigger and better: McKinsey & Co
01 September 2014
The release of third-party public sector data from governments around the world will make Big Data an even greater source of competitive advantage for insurers, a report…
S&P urges public-private unity on disaster resilience
01 September 2014
Ratings agency Standard & Poor’s has called for greater collaboration between reinsurers and governments on disaster resilience…
First-half catastrophe losses drop
01 September 2014
Global natural and man-made catastrophe insurance losses totalled $US21 billion ($22.5 billion) in the first half, down from $US25 billion ($26.8 billion) in the corresponding period last year…
S&P give thumbs up to Asia-Pacific reinsurers
01 September 2014
Standard & Poor’s says reinsurers in the Asia-Pacific region are well placed to develop their market positions, with most groups rated in the “A” bracket…
Fitch remains gloomy on reinsurance outlook
01 September 2014
Fitch has reiterated its negative outlook for the global reinsurance sector amid falling premium prices, increased non-catastrophe property losses and a higher underlying run-rate loss ratio…
Singapore hub expansion ‘increases exposure’
25 August 2014
Offshore gross insurance premiums in Singapore have quadrupled in the past 13 years, according to Standard & Poor’s…
Allied World picks up RSA businesses in Asia
25 August 2014
Swiss-based insurer Allied World says it will gain meaningful scale in Asia with the acquisition of Royal & Sun Alliance’s Hong Kong and Singapore operations…
China to set up catastrophe pool
25 August 2014
The Chinese Government is to establish a catastrophe fund and reinsurance pool with a role for private insurers…
AM Best downgrades reinsurance outlook
25 August 2014
AM Best has cut its outlook for the global reinsurance sector to negative, with market headwinds presenting “significant” long-term challenges for the industry…
Ironshore sell major stake to Chinese investor
25 August 2014
Chinese investment group Fosun has bought a 20% stake in Bermuda-based insurer Ironshore for $US463.83 million ($498.84 million)…