The global reinsurance sector will fail to earn its cost of capital in 2020 due to the coronavirus crisis, Fitch Ratings says, following a sector ratings review.
Africa Re regional director of North East Africa Omar Gouda has announced his retirement after 17 years serving the group. Mr Gouda was also the managing director of Africa Retakaful.
The Philippines will invite reinsurers to make a bid again for the planned PHP2bn ($40m) national indemnity insurance programme to insure and protect public assets in disaster-prone areas, this time with less stringent documentary requirements.
With mortgage delinquency rates expected to dramatically increase due to COVID-19 pandemic-related loan forbearance and job loss, AM Best has explored the spillover effect into the mortgage-related activities of the reinsurance industry.
Saudi Re has appointed two seasoned reinsurance professionals - Dr Peter Hugger and Mr Marc Maupoux - to its board of directors for a three-year term starting 2020.
Pandemic-related losses combined with volatile capital markets and lower investment returns mean that 2020 is expected to be a difficult year for global reinsurers.
The operating performance of Vietnam National Reinsurance Corporation (VINARE) as strong, as evidenced by a five-year average combined ratio and return-on-equity (ROE) ratio of 93.2% and 8.9% (2015-2019), says AM Best says in a report.
Lloyd's yesterday revealed that it expects to pay out in the range of $3bn to $4.3bn to its global customers as a result of the far-reaching impact of COVID-19, although losses could rise further if the lockdown measures continue into another quarter.
General (re)insurance broker Pana Harrison (Asia) has announced that the Monetary Authority of Singapore has approved Mitsui & Co's investment in the firm. Mitsui is effectively an equity shareholder of Pana Harrison on completion of the transaction.
The Insurance Business Regulatory Board (IBRB) is permitting the business of reinsurance and three new classes of general insurance in the country, under two new directives issued on 12 May.