News

AM Best: Italy’s quake insured losses, around 10%

Earthquake insurance penetration rates across Italy, very low at about 1 or 2% AM Best released a briefing on last week’s earthquake in Italy, according to which, and following initial discussions with operators in the market, it says it expects insurance losses for the earthquake to be around 10% of the total economic losses. Although...

Industry net profit grows 15% as claims losses dip

Insurers and reinsurers are in the midst of a dismal financial period, according to recent reports in insuranceNEWS.com.au, but new figures from the prudential regulator show they nevertheless made a combined after-tax net profit of $3 billion for the year to June 30 – a 15.3% rise on the previous year. The Australian Prudential Regulation...

FAIR Reinsurance Forum | 20-21 of September 2016 – Limassol, Cyprus

http://www.fairlimassol2016.com

Swiss Re makes Middle East, Africa reinsurance appointment

Swiss Re Ltd. has appointed Tavaziva Madzinga as reinsurance managing director and market executive for Middle East and Africa effective Nov. 1, it announced Tuesday.Mr. Madzinga will replace Frank O’Neill who recently was appointed CEO of Swiss Re U.K.Mr. Madzinga previously was regional CEO for south and east Africa at Pinelands, South Africa-based Old Mutual...

Zurich names new Asia-Pacific chief

Zurich has announced former Generali executive Jack Howell as its new Regional CEO for the Asia-Pacific. From September 1 Jack Howell will replace Stuart Spencer in the Hong Kong-based role, reporting directly to Group CEO Mario Greco. Mr Howell was formerly Generali’s regional officer for Asia. Mr Greco, who moved to Zurich from Generali in...

Endurance presents new environmental liability product

A new series of environmental liability insurance products will be offered by Endurance Global Risk Solutions Bermuda-based Endurance announced today that it has launched a new series of environmental liability insurance products, which will be offered by Endurance Global Risk Solutions, a new business line which aims to target middle market and large account risk...

Fire under control in Iran gas pipeline blast: company official

ANKARA/ DUBAI (Reuters) – A fire from a gas pipeline explosion in Iran early on Saturday near the town of Gonaveh in the southern province of Bushehr, has been brought under control and did not cause any fatalities, the news agency of the country’s oil ministry said on Saturday. Earlier, a local official had told...

Insurers are unprepared for driverless vehicles KPMG

Insurers are unprepared for the arrival of driverless vehicles, a new study from KPMG says. The Autonomous Vehicle Insurer report found that many of the UK’s largest insurance companies agreed that driverless vehicles would touch every area of their business model. Key points: But only 10% of insurers said they had strategic plans in place...

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