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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...
Read MoreLondon: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...
Read MoreMonte-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...
Read MoreBack 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...
Read MoreGovt 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...
Read MoreIran: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...
Read MoreIran: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...
Read MoreChina: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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