The world's four largest reinsurers recorded a 69% fall in net income in 2020. In 2019 the net income of these four insurers (Munich Re, Swiss Re, Hannover Re and SCOR) was EUR5.07bn ($6.04bn) and it fell to EUR1.56bn ($1.86bn) in 2020.
Thai Reinsurance Public Company Limited's (Thai Re) combined ratio improved to 99% by end-2020 from a peak of 114% in 2018, supported by fewer claims from legacy unprofitable businesses and better performance from non-conventional businesses, notes Fitch Ratings.
Morocco must rethink its strategy for the reinsurance market by protecting its local players or risk their gradual disappearance, Mr Chakib Abouzaid, the secretary general of the General Arab Insurance Federation (GAIF) has said.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Arab Investment & Export Credit Guarantee Corporation (Dhaman) have jointly signed a Quota Share Reinsurance Agreement with the Jordan Loan Guarantee Corporation (JLGC).
Aon in a new collaboration with risk analytics company Praedicat, will develop a range of specialist liability reinsurance solutions to address product liability risks including nanomaterials and 5G.
During this year's January renewals, global property and casualty reinsurance rate increases were good but came up short of a hard market, and expectations remain high for the rest of the year, according to S&P Global Ratings.
The German-headquartered reinsurance group Munich Re closed the year 2020 with a profit of EUR1.2bn ($1.46bn) despite the year being marked by high losses due to the COVID-19 pandemic.
Four insurers listed on the Bahrain Stock Exchange have posted an aggregate net profit of BHD13.75m ($36.45m) for the 2020 financial year, an increase of 17% compared to BHD11.78m for the year 2019.
The shares of Thailand's biggest reinsurance broking company TQR have been listed on the Market for Alternative Investment (mai) since 17 February. TQR is the first MAI-listed reinsurance broker and has a 10% share of the non-life reinsurance market in the country.
Reasuransi MAIPARK Indonesia was profitable with a return on equity of 15% in 2020 (unaudited) (three-year average: 12%) due to prudent underwriting practices, satisfactory investment results and a strong retrocession programme, notes Fitch Ratings Indonesia.