China Reinsurance (Group) Corporation (China Re), has reported a net profit of CNY5.92bn ($835m) for the first half of 2024, almost three times (286%) the CNY2.07bn posted in the corresponding period in 2023.
Renewals in 2024 have seen reinsurance pricing gradually decrease, partly due to an increase in alternative capital to $110bn, and with rate reductions granted by reinsurers for the best-performing risks, says Aon, a leading global professional services firm.
Howden Re, the reinsurance and risk advisory arm of Howden, the global insurance intermediary, yesterday released a report titled "Beyond the horizon: shaping the future of risk", which underscores the imperative for industry collaboration in developing innovative solutions in response to rapidly changing natural catastrophe, political violence and casualty (re)insurance landscapes.
Agile, a fast growing underwriting agency, InsurTech and Lloyd's Syndicate company, has established a presence in New Zealand, the first of its kind for a Lloyd's syndicate.
Higher prices and tighter policy terms, supported by favourable risk/return dynamics and healthy investment income supports Moody's Ratings' positive outlook for the global reinsurance sector, says the credit rating agency.
The Finance Ministry is planning to raise INR47bn ($797m) by divesting a 6.78% stake in listed General Insurance Corporation of India (GIC) through an Offer for Sale (OFS).
Reinsurers must maintain discipline to hold on to favourable fundamentals and keep ahead of plentiful risks, said S&P Global Ratings (S&P) credit analyst Taoufik Gharib.
Estimates are that, in 2023, a third of the total number of insurance companies in Indonesia (excluding Shariah business units or windows [UUS]) that have a capital of less than IDR250bn ($16m), meaning that they are unlikely to meet new minimum capital requirements by the deadline of 2026, and so will likely be involved in M&As, according to Algo Research which offers research on the Indonesian financial sector.
Aon has appointed Ms Choo Yen Chu as capital advisory leader for APAC. In her new role, she will assist clients to optimise capital structures from a regulatory, ratings and economic perspective. This will involve improving capital efficiency through strategies such as structured reinsurance, relief covers and legacy transactions.
Miller has appointed Mr Siva Krishnan as head of sports and entertainment. In his new role, he will bring Miller's specialist capabilities into new geographies, in line with the business' broader growth strategy. In APAC, the focus will be on live events, sporting events and tours, sport associations as well as film and TV.