News

Algeria:State-owned reinsurer dominates domestic mart with 2/3 share

National reinsurer Compagnie Centrale de Réassurance (CCR Algeria) enjoyed an estimated market share of 68% in 2017, as measured by ceded premium volumes, notes A.M.Best. As a state-owned company, CCR Algeria benefits from compulsory cessions and manages various national schemes, including the domestic natural catastrophe programme, the international rating agency says in a report affirming...

London:Lloyd’s names John Neal as its new CEO

Mr John Neal has been appointed as the CEO of Lloyd’s following a meeting of the Council of Lloyd’s, where his appointment as successor to Inga Beale was approved unanimously, the world’s leading specialist insurance market has announced. Mr Neal will take up his position at Lloyd’s on 15 October 2018. His whole career has...

Monte-Carlo calling:Reinsurance sector relentlessly optimistic

No one could accuse the leaders of the world’s leading reinsurance companies of being unrealistic or delusional – and yet day one of the Monte-Carlo Rendez-Vous de Septembre yesterday saw a unanimously optimistic picture of the market painted. Willis Re global CEO James Kent acknowledged that a “dark picture of the industry” had been painted...

Back to the “new normal” for reinsurers

Overall market conditions for reinsurers are expected to remain very competitive over the near term, says A.M. Best which is maintaining its outlook for the reinsurance market segment at negative. A.M. Best, in its annual commentary on the global reinsurance sector, points out that the degree of optimism for a sustainable improvement in reinsurance pricing...

Govt looks at divesting part of wholly state owned insurer

The newly-appointed head of the Central Insurance of Iran (CII) is exploring ways of divesting the shares of the sole 100% state-owned insurer, Iran Insurance Company (IIC). Mr Gholamreza Soleimani Amiri, who was appointed to the top CII post in July, speaking during his first press conference last month, said that “in line with expanding...

Iran:Insurers assess impact of weaker rial

nsurance industry players have held a meeting to discuss the impact of a weaker rial following the 8 May announcement by US President Donald Trump that the US was pulling out of a 2015 international nuclear agreement with Iran. The US dollar was being offered for as much as IRR75,000, compared to around IRR65,000 just...

Iran:Insurance industry sees premiums jump by 20% since March

Iranian insurance companies’ premiums during the first half of the current fiscal year (which started on 21 March) reached IRR166 trillion (US$4.15 billion), representing an increase of 20% compared with the corresponding period of last year. Of the total, life insurance policies sold were worth more than IRR22 trillion, marking growth of 35% year-on-year, reported...

China:Total premiums shoot up by 20% in Jan-August period

Total premium income for China’s insurance industry in the January-August period rose by 20.5% from a year earlier to CNY2.77 trillion (US$418.4 billion), data from the country’s insurance regulator showed yesterday. Premium income for property insurance firms by rose 14.4% to CNY690.1 billion, according to a statement posted on the CIRC website. Life insurance companies...

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