CAT bonds are fundamentally largely insulated from geopolitical events such as current developments in the Middle East, according to Icosa Investments, a Swiss company engaged in alternative fixed income strategies, including catastrophe bonds.
The facultative reinsurance market is likely to be significantly affected by the ongoing Middle East armed conflict, according to Mr Gamal Sakr, Regional Director, Cairo Regional Office for Northeast Africa & Middle East - African Reinsurance Corporation (Africa Re).
The International Finance Corporation (IFC) has proposed granting a guarantee facility of up to $50m to ZEP-Re to cover the reinsurance credit risk of the Nairobi-headquartered reinsurer.
The US International Development Finance Corporation (DFC) has announced that it would provide marine reinsurance in the Gulf region for losses of up to approximately $20bn on a rolling basis.
Aon has appointed Mr George Attard Global Head of Analytics for Reinsurance. He retains his role as Chief Strategy Officer for Reinsurance Solutions.
The Commissioner for Insurance and CEO of the National Insurance Commission, Mr Olusegun Omosehin, has emphasised the need for sustained collaboration among stakeholders to drive meaningful change in the insurance industry.
Prime Minister Li Qiang, in delivering the government work report at the opening yesterday of the annual National People's Congress meeting, highlighted several targets for the insurance industry.
China United Insurance Group has appointed Mr Liu Yuanzhag as Chairman. The decision was made with the approval of the Board of Directors and National Financial Regulatory Administration. At the same time, the company relieved Mr Liu of his position as interim head of the company.
(Re)insurers in the Middle East will be closely monitoring the conflict taking place in the region as it spreads across the countries in the GCC and the Levant region.