Over the medium to long term, substantial growth in the property and casualty reinsurance in the APAC region continues to be anticipated, says Hannover Re in its outlook on the sector.
BMS Re has appointed Ms Alicia Santocki as executive vice president; Mr Scott Fields and Ms Stephanie Fick as senior vice presidents; Mr Colin Curran and Mr Charles Ill as assistant vice presidents; Ms Cora Cruz as executive assistant and Ms Brenda Martinez-Cox as technical broker.
The Moroccan insurance sector improved its profitability in 2023, achieving a net profit of MAD4.5bn ($448.4m), an increase of 5.8% over 2022, according to the Insurance and Social Welfare Supervisory Authority (ACAPS).
The London-headquartered Institute and Faculty of Actuaries (IFoA) is holding its inaugural Middle East Conference this month with two events - in Riyadh and Dubai.
China's contribution to French global reinsurer SCOR's overall business is expected to increase to at least 10-15% in the next 10 to 20 years, with income from insurance premiums in China set to double or even triple, said Mr Thierry Leger, CEO of SCOR.
One of the world's leading reinsurers, Hannover Re, posted gross reinsurance revenue in the Australasia region in 2023 of EUR4.57bn ($4.92bn), 6.4% lower than in 2023, according to the reinsurer's 2023 Annual Report.
The Insurance Authority (IA) has announced the issuance and listing of a catastrophe bond, amounting to $150m in Hong Kong by the International Bank for Reconstruction and Development of the World Bank Group, offering protection against storm risks in Jamaica over the next four hurricane seasons.
The Financial Regulatory Authority is preparing the necessary technical and operational studies that could lead to the establishment of a national reinsurance company.
Peak Reinsurance Company (Peak Re), the Hong Kong-based global reinsurer, has announced that it has achieved its best-ever net profit of $200m, as the reinsurer released its annual results for the year ended 31 December 2023.
Oman Re, the Sultanate of Oman's sole reinsurer, has announced a significant surge in its net profit after tax for the first quarter of 2024, reaching an impressive OMR977K ($2.5m).