Higher property values, urbanisation and rising repair costs due to inflation are expected to drive demand for property (re)insurance, especially in areas with intensifying natural catastrophe risks, said Swiss Re.
The operating performance of Sierra Leone-headquartered WAICA Reinsurance Corporation (WAICA Re) is viewed as strong, considering it has reported robust return-on-equity (ROE) ratios in recent years, which have significantly exceeded the benchmark interest rates in the markets where it operates, says AM Best.
Turk Reasurans (Turk Re) recorded total assets of TRY23.6bn ($696m) as it marked the fifth anniversary of its founding this month, its general manager, Ms Selven Eren, told the local media. The company's equity of an initial paid-in capital of TRY600m ($17.7m) increased to TRY4.3bn over the last five years.
The April reinsurance renewals for 2024 in Japan were orderly and in general proceeded with stable terms and conditions, according to The Toa Reinsurance Co (Toa Re).
Major Asia Pacific reinsurance companies saw their composite's return on equity surge to 9.2% from 0.1% under IFRS 17, supported by a more stable investment environment and benign catastrophe activity, according to a new AM Best report.
China Reinsurance (Group) Corporation (China Re), has reported a net profit of CNY5.92bn ($835m) for the first half of 2024, almost three times (286%) the CNY2.07bn posted in the corresponding period in 2023.
Renewals in 2024 have seen reinsurance pricing gradually decrease, partly due to an increase in alternative capital to $110bn, and with rate reductions granted by reinsurers for the best-performing risks, says Aon, a leading global professional services firm.
Howden Re, the reinsurance and risk advisory arm of Howden, the global insurance intermediary, yesterday released a report titled "Beyond the horizon: shaping the future of risk", which underscores the imperative for industry collaboration in developing innovative solutions in response to rapidly changing natural catastrophe, political violence and casualty (re)insurance landscapes.
Agile, a fast growing underwriting agency, InsurTech and Lloyd's Syndicate company, has established a presence in New Zealand, the first of its kind for a Lloyd's syndicate.
Higher prices and tighter policy terms, supported by favourable risk/return dynamics and healthy investment income supports Moody's Ratings' positive outlook for the global reinsurance sector, says the credit rating agency.