Munich Re has appointed Ms Michaela Hannemann as regional head of casualty treaty underwriting - Japan, Korea, India, Southeast Asia. Based in Singapore, she brings almost 20 years of experience in reinsurance underwriting.
Ghana Reinsurance Company (Ghana Re), the largest domestic reinsurer, intends to expand its market share in the general insurance sector to 55% from the current 45% in the next three years, according to the company's chairman, Mr George Otoo.
Turk Reasurans aims to expand the scope of compulsory disaster insurance, especially to cover floods, given the disasters that are frequently experienced in Turkey, according to the reinsurer's CEO, Ms Selva Eren.
The Insurance Working Group of the EU Chamber of Commerce in China says that it expects Beijing to continue with its incremental approach to reform and opening up to strengthen its financial sector, while emphasising strict compliance with regulatory requirements.
The Insurance Working Group of the EU Chamber of Commerce in China notes that while there have been key changes in opening up of the Chinese insurance market since 2019, the persistence of indirect barriers have rendered opening-up incomplete.
While reinsurers have increased their efforts to incorporate climate change in their decision-making process, many companies are facing difficulties in robustly implementing these considerations, says S&P Global Ratings.
The net earnings of Taiping Reinsurance (TPRe) turned negative in 2020, the first time in the past 10 years, mainly dragged by higher impairment losses and increasing pressure on underwriting profitability due to COVID-19 and a number of large losses reported in the year, notes AM Best.
The board of the Privatisation Commission has recommended the divestment of 20% of shares in Pakistan Reinsurance Company Limited (PakRe) at the minimum price of either PKR22.3 (13 US cents) or PKR26 per share.
Global reinsurers have weathered pandemic impacts well, but amid other growing challenges brought on by climate risk, social inflation and other types of perils, companies need to maintain an innovative mindset, according to a new AM Best report capturing the views of panelists from a recent reinsurance industry briefing.
MS Amlin has announced the appointment of Mr Robert Wiest as CEO. He will take up the role on 3 January 2022 and will be based in Zurich, Switzerland.