Change in the reinsurance equation is imminent and insurers in the MENA region, especially small institutions, are going to bear the brunt of changes unless they take the right measures, executives at a webinar organised by General Arab Insurance Federation (GAIF) have warned, while voicing the need to establish a strong regional reinsurer.
Oman Re, the sole reinsurer based in Oman, has launched its branch at the Qatar Financial Centre (QFC) in Doha to provide its regional clients with greater access to its underwriting expertise and capacity. The establishment of the branch follows the receipt of necessary regulatory approvals.
The Hong Kong government has proposed launching a two-year Pilot Insurance linked Securities (ILS) Grant Scheme to attract insurance enterprises or organisations to issue ILS in the territory.
Paris headquartered SCOR says that COVID-19 is helping to create the conditions for stronger reinsurance growth along with a positive pricing dynamic, even though the pandemic cost the global reinsurance company EUR640m ($777m) in 2020.
Pacific Life Re and ThaiRe Life Assurance (ThaiRe Life) have signed a collaboration agreement to provide sustainable life reinsurance solutions to Thailand-based life insurance operators, according to a statement issued yesterday by Pacific Life Re.
The reinsurance sector in India reported aggregate losses for for the financial year ended 31 March 2020 (FY2020), compared to profits for FY2019, according to the IRDAI's "Annual Report 2019-2020" released recently.
Swiss Re has reported a Group net loss of $878m for 2020. Excluding $3.9bn of COVID-19-related claims and reserves (pre-tax) for the year, Swiss Re's net income was $2.2bn, a material increase from $727m in 2019, the global reinsurance giant says in a statement.
Australia's terrorism insurance scheme, administered by the Australian Reinsurance Pool Corporation (ARPC) , has renewed its retrocession reinsurance programme for the 2021 calendar year. The A$3.475bn ($2.73bn) retrocession reinsurance programme, plus ARPC's net assets and the A$10bn Commonwealth guarantee, provides scheme capacity in the event of a declared terrorism incident, against commercial and eligible property assets of just under A$14bn.
One of the world's largest reinsurers, Hannover Re, increased its premium volume with growth of 4.1% in the Asia Pacific last year while at the same time boosting profitability, according to a statement issued by the reinsurer.
The aggregate full-year profits of insurance companies in China for 2020 are expected to have exceeded CNY343.2bn ($53.1bn), an increase of CNY29.85bn or 9.5% higher than in 2019. The favourable results were backed by investment income of around CNY1.1tn.