Global reinsurance giant yesterday announced plans to streamline its organisational structure by splitting the current Reinsurance Business Unit into P&C Re and L&H Re, with each having full authority over the respective underwriting and claims management processes.
With APAC's exposure to extreme weather events leading to unsustainable natural hazard losses and high inflation worsening them, reinsurers in the region will face challenges in their growth in 2023.
Hannover Re generated a group net income of EUR1.41bn ($1.54bn) in the 2022 financial year (2021: EUR1.23bn), based on preliminary unaudited key figures, the global reinsurer says in a statement. The net results are expected to be higher in 2023.
S&P Global Ratings says that for global reinsurance, it expects the hard market in short-tail lines will continue throughout 2023.
Cedants were, by and large, able to secure their required Nat CAT reinsurance limits during the 1 January renewal season. However, the reinsurance renewals came at a price, says Gallagher Re.
Preliminary data totals across Asia Pacific showed an insured loss for 2022 from Nat CAT events at $11bn, according to Gallagher Re.
Losses from the severe rainfall and floods that hit Auckland last week will be capped at NZ$50m ($32.4m), net of reinsurance cover, for the Brisbane-headquartered financial services group, Suncorp. The Group has a comprehensive reinsurance programme that provides protection for New Zealand losses.
The ongoing gap between return-on-equity ratios and the overall cost of capital is one of the key drivers for higher reinsurance prices going forward, according to a new AM Best report capturing the views of panelists from a recent reinsurance industry briefing.
SCOR's has appointed Mr Thierry Léger SCOR CEO. He was formerly Swiss Re chief underwriting officer. He will take up his new post with effect from May. He has 25 years of experience in the reinsurance sector. His expertise covers life reinsurance, P&C reinsurance and alternative reinsurance.
Global specialty (re)insurance group Chaucer is celebrating the five-year anniversary of its Dubai office, which was established to help Chaucer deliver bespoke risk solutions and service expertise to clients in the Middle East and North Africa.