Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Despite the fact that 2017 was a severe year of natural catastrophes, the Asian insurance market has seen little impact in terms of rate changes, much to the disappointment of many insurers and reinsurers. Rates in the region have been deteriorating for several years, due to excess capacity and strong competition. This has led insurers to question whether certain commercial…

Reinsurance space remains buyer’s market at 1 April renewals: Willis Re

Reinsurance space remains buyer’s market at 1 April renewals: Willis Re

Reinsurance space remains buyer’s market at 1 April renewals: Willis Re

The 1 April reinsurance renewals continued the trend set in January with a broadly flat pricing environment for loss-free programmes, as reinsurers failed to push through rate increases, according to Willis Re. Although ongoing reinsurance price declines witnessed during recent years have halted, plentiful capital, ongoing interest from the insurance-linked securities (ILS) sector and large primary insurers re-entering the reinsurance…

Insurance Europe highlights global protectionist measures

Insurance Europe highlights global protectionist measures

Insurance Europe highlights global protectionist measures

Insurance Europe has highlighted a number of protectionist measures in Argentina, Brazil, India, Indonesia and Turkey, in a series of updated country factsheets for these jurisdictions. Insurance Europe said it strongly believes the removal of trade barriers, together with addressing unjustified, often discriminatory, regulatory provisions affecting European (re)insurers, would help enhance trading relationships and support business in third countries. It…

Liberty Mutual announces new JV partners in India

Liberty Mutual announces new JV partners in India

Liberty Mutual announces new JV partners in India

Liberty Mutual Insurance Group has signed Enam Securities and DP Jindal Group as the new promoters in its Indian insurance joint venture in place of its former promoter, Videocon Industries. The company has received the necessary regulatory approval for rebranding and will change its name to Liberty General Insurance. Enam Securities is a privately-owned and -managed firm that makes long-term…

Trade credit insurer gives APAC stable risk rating

Trade credit insurer gives APAC stable risk rating

Trade credit insurer gives APAC stable risk rating

Global trade credit insurer Atraidus has given a moderate and stable forecast for the economic prospects within Asia-Pacific in its latest report, which examines the political and economic risks in the region’s 11 major economies. And while no major risks are highlighted in the report, it does warn of an expected increase in the number of insolvencies in the region,…

India’s GIC Re to open Lloyd’s syndicate in April

India’s GIC Re to open Lloyd’s syndicate in April

India’s GIC Re to open Lloyd’s syndicate in April

India’s state-owned reinsurer, GIC Re, has announced that it will begin operations as a Lloyd’s of London syndicate in April 2018. The syndicate is to be managed by Pembroke, the Lloyd’s managing agency operated by Ironshore, the Liberty Mutual company. GIC Syndicate 1947 will be the first Lloyd’s syndicate to be funded exclusively by capital from an Indian reinsurance group.…

Global insurance sector M&As pick up in second half of 2017

Global insurance sector M&As pick up in second half of 2017

Global insurance sector M&As pick up in second half of 2017

Merger and acquisition (M&A) activity in the global insurance sector fell in 2017, according to Clyde & Co’s latest annual Insurance Growth Report, but the second half of the year showed an increase in deals for the first time since 2015. There were 350 completed M&As in the global insurance sector in 2017, down from 387 in the previous year.…

IRM continues Asia expansion with India ambassador’s appointment

IRM continues Asia expansion with India ambassador’s appointment

IRM continues Asia expansion with India ambassador’s appointment

The UK-based Institute of Risk Management (IRM) has appointed two ambassadors in Gurgaon, India to act as local experts for students and budding risk professionals. Sonjaj Kumar, vice-president, business risk, at Aviva India, and Abhishek Paul, associate vice-president, risk and conduct assurance at the Royal Bank of Scotland, India, will be the first ambassadors appointed in India where the IRM…

Cyber insurance take-up rises by 50% in India

Cyber insurance take-up rises by 50% in India

Cyber insurance take-up rises by 50% in India

The number of India-based companies that adopted cyber insurance in 2017 increased by 50% on the previous year, according to Marsh India. The broker reports that 250 companies bought cyber liability cover in 2017 for a total of 2bn rupees ($31.4m) and it is forecasting that this figure will double during the next two years. While the cyber liability insurance…

IMF highlights need for risk-based solvency and supervision of insurers in India

IMF highlights need for risk-based solvency and supervision of insurers in India

IMF highlights need for risk-based solvency and supervision of insurers in India

A Financial System Stability Assessment (FSSA) of the Indian financial sector, by the executive board of the International Monetary Fund (IMF), has said there is a need to introduce risk-based solvency and supervision of insurers, and to continue moving toward a market-based environment for the sector. The FSSA notes that insurance legislation and supervision have been upgraded significantly in India.…

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