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February 2012
The February 2012 issue of Reactions is now online. Click through to read a selection of stories from the issue.
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The German reinsurer says that rates increases at January 1 do not yet indicate a hardening market, although it expects further rises throughout subsequent renewals periods.
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January 2012
The insurer has named Chen Dai and John Moncavage as principal officer and political risk VP, respectively at the Singapore branch.
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The Bermudian insurer has also raised estimated exposure to Tohoku earthquake by $42.2m to a net loss estimate of $117.3m.
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The reinsurance broker estimates that the market for insurance loss warranties reached trading volumes of $6bn last year, an estimated 10% to 25% increase in trading.
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The upgrade reflects Fuji’s favourable risk-adjusted capitalization and parental support from AIG for underwriting and strategic initiatives, said AM Best.
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The re/insurer’s fourth quarter results will also include $31m in post-tax losses from its weather and energy risk management unit RenRe Energy Advisors.
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Airline insurers make a profit in 2011 - a result of the market's loss figure falling to $1.1bn from $2.1bn in 2010, says Aon Risk Solutions.
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Comment: Guy Carpenter’s reinsurance renewals report included a handy checklist of the big themes facing the global insurance and reinsurance market this year. it is noticeable what themes don’t make the list, says Michael Loney, managing editor of Reactions.
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Zurich Financial Services assesses impact of floods in Thailand, revises estimate of earthquakes in New Zealand, and announces reinsurance recovery.
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The insurer also expects Q4/2011 cat losses to reach $6.5m post-tax, mainly related to Thai floods.
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AM Best has kept QBE's 'A' financial strength rating, after the Australian insurer revised its guidance for post-tax profit for 2011.
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The Bermudian reinsurance firm also expects to take a hit of $31m in its weather and energy risk management operations from warm weather in the UK and US.
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Rating agency says excess capital and good risk management give global reinsurers a cushion against 2011’s high catastrophe losses.
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German insurer Allianz says it hopes to tap Fried’s “in-depth knowledge of all insurance markets in Asia”.
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The revision reflects the Honk Kong based reinsurer’s deteriorated risk-adjusted capitalisation and global cat exposures, said the rating agency.
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INTERVIEW: Greg Case, CEO of Aon, believes that the insurance broker can help its customers manage their way through the tough global operating environment and rise to the challenge of new and complex risks by working on a more robust fact basis.
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The specialty insurer estimates its Q4 results will see $25m-$35m in pre-tax cat losses from the floods.
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The insurers are eyeing the non life units to expand its services in the fast growing Asian market.
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The P&C re/insurer expects a post-tax operating loss of between $26m and $41m for the fourth quarter of 2011.
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The deal, which is valued at around $70m, is expected to be complete in the second quarter.
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The insurer also expects updates from previous quarters to impact fourth quarter results by $75m aggregate.
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A strong fourth-quarter for cat bonds has some predicting a “banner year" for the insurance-linked securities market in 2012. Includes full-year data for ILS issuance.
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Companies must focus on new products and strategic growth opportunities to achieve profitability amidst ongoing economic challenges, according to Deloitte’s 2012 outlook report.
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There was plenty to consider at the 1/1 reinsurance renewals, such as near-record catastrophe losses and irksome risk modelling issues. Now that feedback is in from reinsurers, brokers and cedants, we try to make sense of it all.
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Ikuo Uno, ex-president and executive advisor at Nippon Life, has been declared the winner of the International Insurance Society’s 2012 Insurance Hall of Fame award.
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The reinsurer expects to report an after-tax operating loss of between $130m and $150m for fourth quarter of 2011.
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2011 natural catastrophe bond transactions - as of November 17
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AIA, which is partly owned by AIG, is reportedly considering purchasing ING's $6bn Asian insurance operations.
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A recent study by the insurer has identified economic risks, business interruption and catastrophes as top three concerns for businesses.
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Earthquakes have created more than $276bn in economic losses from earthquakes over the past two years, but coverage levels remain low even in earthquake-prone regions says the reinsurance giant.
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Though the country continues to attract foreign insurers, intense competition, and other factors could hamper profitability, says AM Best.
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Protectionist reinsurance markets, such as Brazil, limit global risk distribution through reinsurance, notes a coalition of reinsurance trade groups.
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Stephen Warwick will be chief executive officer, while Henry To will serve as non-executive chairman for Greater China.
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Bermuda's Dah Sing Insurance’s business will be transferred to Dah Sing Insurance Company (1976) in Hong Kong.
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The reduction from the Australian group reflects higher than expected catastrophe claims in 2011.
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The World Economic Forum has reported the economic and social turmoil have become major risks at the start of 2012, with technology and regulation also proving concerns.
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The Ireland-domiciled insurer and reinsurer has also announced additional losses of $35m from catastrophes in the first three quarters of 2011.
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Catastrophes resulted in about $107bn in insured losses during 2011, second only to $120bn in 2005, says Aon Benfield’s annual catastrophe report.
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Data: AM Best data reveals world's largest insurance companies by assets and net premiums.
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ANALYSIS: A report on January renewals from reinsurance broker Guy Carpenter says after a costly year of Asian catastrophes in supposed “cold spots”, capital levels have recovered but cat rates are sharply up at renewal.
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The general insurer has also been assigned an ICR of “a-” and a stable outlook by the agency.
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Total industry assets have reached $929bn, China’s insurance regulator said, adding that insurer have not completely adapted to changes in the external environment.
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It has been a long time coming – but the chief risk officer role seems to have finally, quietly come of age, says Reactions' contributing editor Garry Booth.
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The influence of the chief risk officer is spreading through the insurance industry, says Axel Lehmann, chief risk officer of Zurich Financial Services Group and chairman of the CRO Forum
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The country’s insurance regulator believes new standard setting is essential for “sound management” of insurers’ funds.
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The country's government has invested the additional amount to expand PT Asuransi Kredit capacity to provide insurance to small business credits.
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Total costs from natural hazards for the last six months of 2011 could reach $433m, the insurer has warned.
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The ratings agency has affirmed the ‘A-’ FSR and “a-” ICR for Asia Capital Reinsurance units and has also assigned a stable ratings outlook.
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The rating agency has also assigned an "a-" ICR to QBE Del Istmo Reinsurance, Del Istmo Assurance and Liffey Reinsurance.
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David Smith has been appointed to “lead continued expansion into the Australian marketplace,” the company said.
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COMMENT: Policymaker and big businesses still have a lot to learn about resilience, judging from the findings of a new report from Chatham House, says Reactions contributing editor Garry Booth.
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The Australian insurer said it expects reinsurance expenses of $722m-$743m for the financial year ended 30 June 2012.
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The world’s biggest reinsurer estimated global insured losses at $105bn, above the $101bn level of cat claims in 2005, the next most damaging year.
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The ratings action follows QBE Insurance’s agreement to buy Optima Insurance through its Latin American subsidiary.
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Robert Wilkes replaces Yvonne Cox who will become managing director of Towers Watson’s Metro New York office.
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The move is a part of the Chinese insurer’s restructuring process following substantial losses.
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The insurer's new Chinese website will provide comparison across policy benefits, price and services
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The December 2011/January 2012 issue of Reactions is now online. Click through to read a selection of stories from the issue.