Global reinsurers will feel the impact of Hurricane Milton, S&P Global Ratings (S&P) has said but it does not foresee Milton overstepping the sector's annual catastrophe budgets.
Hurricane Milton will push global industry insured losses thus far in 2024 to over $100bn, which is the fifth consecutive year losses have crossed this threshold, Fitch Ratings has forecast.
The operating performance of General Insurance Corporation of India (GIC Re) is viewed as adequate, supported by a five-year average return-on-equity (ROE) ratio of 6.5% (FY 2020-2024), says AM Best.
Aon has appointed Ms Emma Crookes as global head of the insurance vertical. In her new role, Ms Crookes will expedite the development of Aon's client leadership model to bring such capabilities to insurers in a coordinated way across the firm.
Gulf International Services (GIS), one of the leading companies in oil and gas services in the region, has announced that it intends to list Al Koot Insurance and Reinsurance Company (Al Koot) on the Qatar Stock Exchange.
The Securities and Exchange Commission of Pakistan (SECP) yesterday proposed to increase the minimum paid-up capital requirement for insurance companies as part of its "Insured Pakistan" initiative.
MSIG has appointed Mr Christian Kolmberger as senior vice president, underwriting, reinsurance and claims and Mr Rajnish Pal as senior vice president and head of transformation.
In the Middle East, there is a highly active MGA market in Dubai in the UAE, through the Dubai International Financial Centre (DIFC), where MGAs are playing a key role in the growth of the wider insurance market in the region, according to Global Insurance Law Connect (GILC), a network of specialist insurance law firms.
Singapore Reinsurers' Association (SRA) has announced that its membership base has grown by three.
The insurance industry stabilised in 2023 following muted natural catastrophe events and the positive effects of strategic initiatives implemented by insurers over the last few years to moderate risk exposures, such as premium rate increases and underwriting limitations, according to KPMG South Africa.