Insurance giant Willis Re have released a report revealing that as of the Jan 1st 2013 (the renewal date for reinsurance rates), reinsurance rates have remained flat compared with 2012. This means that reinsurers have managed to avoid an increase to their rates despite the catastrophes suffered to property, amongst other things, in the wake of Superstorm Sandy that terrorised East coast of the United…
Low interest rates "an enormous stress"
The current European economic climate, created by efforts to try to stimulate economic growth and rescue an ailing banking sector, is placing the insurance industry under "enormous stress". This according to Nikolaus von Bomhard, Chief Executive of Munich Re, one of the world's largest investors with a portfolio of more than €200 billion (US$245…
With the flooding in Thailand beginning to abate after it first started in July, the cost of covering all the P&C (property & casualty) insurance claims and other flood-related claims may come to upwards of US$10 billion for the insurance industry. With the rains during Thailand's monsoon season causing flooding across many parts of the country over the last few months, the loss of life and property…
Insured losses from one unprecedented week of massive thunderstorms that struck the United States in May could cost insurers as much as US$7 billion, according to a statement from catastrophe modeling firm AIR Worldwide. The Boston-based firm calculated that the severe storms that occurred throughout the country from May 20 to the 27, led by costs from the devastating tornado that struck Joplin, Missouri, will result in cumulative insured losses to residential, commercial, industrial properties and automobiles of between US$4 billion and US$7 billion. More than 500 people have been killed from tornadoes already this year, including at least 130 from the Joplin disaster.
Munich Reinsurance Co., the world's largest reinsurer, could be seeking to expand its operations in the United States.
The devastating natural catastrophes, including tornadoes, floods and global earthquakes that have already hit in 2011 have US insurance companies bracing for heavy losses. These insurers are now eyeing rate increases to restore their reserves as the busy Atlantic hurricane season approaches.
More established players in the reinsurance market are set to release their quarterly accounts and reassess their capacity to now meet annual growth targets.
Several multinational property and casualty insurance companies have had their first-quarter earnings significantly impacted by the catastrophic losses due to earthquakes in Japan and New Zealand and the severe floods in Australia.
A coalition of 18 international insurance associations from Europe, Asia and the Americas have drafted a letter to the Brazilian government, petitioning them to reconsider two recently enacted reinsurance regulations that could threaten the market and severely reduce the availability of insurance in Brazil, including coverage for the upcoming 2016 Olympics and 2014 FIFA World Cup being held in the country.
Transamerica Reinsurance has recently announced the appointment of Mr. Alfonso Lombao as Managing Director for Latin American Business. Among his regional duties, Mr. Lombao will coordinate sales, marketing and business development strategies, including customised product programmes and traditional reinsurance solutions. Transamerica Reinsurance is a division of Transamerica Life Insurance Company, a major worldwide supplier of life insurance with headquarters in North Carolina, USA.