Reinsurance
First quarter of 2012 sees record for cat bonds
There was a record issuance in the catastrophe bond market in the first quarter of 2012, with eight new non-life issues providing more than $1.3bn of risk capital, according to the latest Insurance-Linked Securities Market Update from Willis Capital…
Willis Re appoints Welsch as executive director
Willis Re has named Andrea Welsch as executive director effective from 28 May.
Indian insurer will provide liability cover for tankers carrying Iranian crude
State-owned Indian insurer General Insurance Corp of India will step forward to provide third-party liability cover of up to $50m for ships bringing Iranian crude oil from Iran, according to reports.
IRDA asked to relax branch opening rules in rural areas
India's government has asked the country's insurance regulator to be more lenient when applying branch opening norms in rural areas in the hope that the presence of more insurance firms will increase insurance penetration.
Reinsurers weakened financially by 2011 catastrophes
Reinsurers are exposed to further major catastrophe losses during 2012, according to Fitch.
'Encouraging' Aspen Q1 results affected by Costa Concordia
Aspen has reported Q1 net income after tax of $78.7m (£48.6m), leading chief executive Chris O'Kane to describe his firm's early results as "encouraging" despite insurance results being affected by the sinking of the Costa Concordia.
Mediobanca execs resign from Generali board
Two board members of Italian insurer Assicurazioni Generali have resigned from their posts, ahead of a new law which limits cross-board membership of rival financial services institutions.
Nearly 80% of Islamic firms created a risk department in the past five years
The number of Islamic financial institutions employing dedicated risk managers has increased greatly since 2007, according to Deloitte Middle East's first Islamic Finance Risk Intelligence report.
Free webinar: The property and casualty market in south east Asia
Post and Insurance Insight in conjunction with the Chartered Insurance Institute recently held a free webinar on the property and casualty insurance markets in south east Asia.
Ace appoints new leaders of UK and Ireland Retail
Ace Group has promoted a number of senior staff within its Europe, Middle East and Africa region.
Japan discusses tanker cover for sanctions-hit ships
The Japanese government may yet step in to to compensate for the insurance shortfall faced by tankers carrying Iranian oil.
Catlin given the go-ahead for Beijing office
Lloyd's reinsurer Catlin Group has been granted approval by the Chinese Insurance and Regulatory Commission to open a wholly owned representative office in Beijing.
Catlin to open Beijing office
International speciality property and casualty insurer and reinsurer Catlin has been granted approval by the China Insurance Regulatory Commission to open and operate a wholly owned representative office in Beijing.
Chubb's A++ financial strength rating affirmed
AM Best has affirmed the financial strength rating of A++ (Superior) and issuer credit rating of AA+ for the Chubb Group and its property/casualty members.
Irda supports state-backed health scheme
India's Insurance Regulatory and Development Authority has come out in favour of a government-backed health insurance scheme.
Zurich relocates Dubai office
Zurich Insurance Group has relocated its Dubai General Insurance offices to accommodate growing operations in the United Arab Emirates and increase convenience for customers and partners.
Mitsui posts £12m profit
Mitsui Sumitomo holding company MSI Corporate Capital has reported a pre-tax profit of £11.99m, up from a £17.77m loss restated.
Onshore captives on the rise, says Marsh
Organisations are increasingly forming captives onshore in the European Union or United States, while the use of alternative captive structures is growing, especially among smaller organisations, according to Marsh.
India's domestic market faced restrictions at renewals
Despite positive results in the Indian domestic market, insurers faced problems similar to their Asian counterparts at the April 1 renewals, according to Guy Carpenter.
Energy insurers discriminating in favour of differentiated risks
The energy market recorded its worst ever year for non-windstorm losses in 2011 with close to $9bn in combined insured and uninsured total losses, according to Willis' Energy Market Review.
Willis Re appoints Beedle CEO for Asia
Willis Re has appointed James Beedle as chief executive of its Asian operations.
Swiss Re claims it will outperform
Swiss Re has told investors it expects to outperform this year through a mix of unique business opportunities, capital strength and three new business units.
Insurers must develop policies responsive to evolving risk landscape
A paper published by Marsh today urges insurers to re-examine risk management strategies and introduce procedures that strengthen operational and financial resilience.
Integrated risk management absent in most APAC insurers
Despite strong progress in Japan, Australia, Taiwan and Singapore, most insurance companies in Asia-Pacific are still formalising their enterprise risk management governance structures.