Following the appointment of Mr Sergio Ermotti as the new CEO of UBS and in light of the upcoming AGM of Swiss Re on 12 April 2023, the reinsurer's board has decided on the course of action to conduct the transition process.
The World Bank has listed a $350m catastrophe bond on Hong Kong Exchanges and Clearing (HKEX) which provides the Government of Chile with financial protection against severe earthquake events for the next three years. This is the first World Bank bond and the first cat bond ever listed on the Hong Kong exchange.
The four major European reinsurers, Hannover Re, Munich Re, SCOR and Swiss Re, reported lower earnings for 2022 as high inflation, rising interest rates and climate-related costs led to lower underwriting and investment results, Fitch Ratings says in a new report.
Kenya's insurance sector is on track towards full recovery and is poised to record positive growth in the next five years, according to industry experts.
The hard market in (re)insurance is expected to continue, based on increased demand for coverage and because of inflation-driven higher values of insured assets, says Swiss Re Institute (SRI) in a new report.
Saudi Reinsurance Company (Saudi Re) has posted net profits before zakat of SAR56.74m ($15.10m) in 2022, an annual increase of 6.43% compared to 2021.
Around 25% of Munich Re Group's reinsurance premium income last year stemmed from Asia and MENA, says the global reinsurance giant in its annual report for 2022. Australia and New Zealand contribute around 5% to premium income.
The Financial Services Authority (OJK) continues to strengthen the insurance industry by ensuring that industry players are ready to implement the Statement of Financial Accountant Standards (PSAK) 74 concerning Insurance Contracts starting 1 January 2025.
About a dozen local privately held insurance companies out of a total 46 have been unable to pay reinsurance premiums worth over $100m to foreign reinsurers due to a lack of foreign currencies.
The distribution network is picked by several top insurance executives as the most important driver that their companies rely on to grow their business in the next two years.