low insurance penetration News

RMS Launches Agricultural Risk Models for India and China

RMS, the Newark, Calif.-based catastrophe risk management firm, has added agricultural risk models for India and China to its line of emerging risks models, and plans to expand coverage across Asia-Pacific and the Americas. The addition of the models is …

Africa’s Disaster Resilience Is Focus of New African Risk Capacity Partnership

The African Risk Capacity (ARC) has teamed up with the African Development Bank (AfDB) to help African nations strengthen their resilience to weather-related risks. The ARC and the AfDB will work together to develop their member states’ understanding of the …

Cost of Insurance Is Top Factor in UK SMEs’ Buying Decisions: RSA Survey

The cost of insurance premiums was ranked as the top deciding factor when picking a policy by 61 percent of small and medium-sized enterprises (SMEs), according to survey data released by London-based RSA Insurance. This was followed closely by brokers’ …

Re/Insurers Can Help Bridge Protection Gap with Technology: GA Report

Digital technologies can be harnessed by the re/insurance industry to narrow insurance protection gaps in developing and emerging markets, thereby improving societal resilience after natural disasters, according to a report published by the Geneva Association. However, the protection gap problem …

Is Soft Market Bottoming? A.M. Best Points to Some Promising Signs

Some observers believe the bottom of the reinsurance market may be in sight because brokers are having greater difficulty filling out underpriced programs and further concessions in terms are difficult to obtain, according to a report published by A.M. Best. …

Decline in Reinsurance Prices Slowed at January Renewal: Carpenter

Reinsurance pricing continued trending downward at the Jan. 1, 2017 renewal — across most classes of business and geographies, but the pace of that decline is slowing, according to Guy Carpenter & Co. Although several sectors experienced increased loss activity, …

Global Natural Catastrophes Cost Insurers $50B in 2016: Munich Re

Insurers paid out around $50 billion for natural disaster claims last year, almost double 2015’s payout of $27 billion, reinsurer Munich Re said in its annual natural catastrophe review on Wednesday. Earthquakes in Japan and devastating floods in China – …

Insured Cat Losses in 2016 Totaled $49B, with $158B of Economic Costs: Swiss Re

More than 10,000 people died as a result of natural and man-made disasters during 2016, with financial losses totaling at least $158 billion, Swiss Re said on Thursday. At an estimated $49 billion, insured losses rose by nearly a third …

Swiss Re Covers China’s Economic Hub, Guangdong, for Nat Cats up to $350M

Swiss Re has entered into an agreement as sole reinsurer to protect seven prefectures of Guangdong province, China, in partnership with local insurers, led by the People’s Insurance Company of China (PICC) in 2016. The pilot program offers insurance cover …

Lloyd’s Names Revilla as Head of Latin America

Lloyd’s has appointed Daniel Revilla as head of Latin America responsible for enhancing business relationships and trading rights across the region for the benefit of the Lloyd’s market. He will also assume the role of country manager for Mexico and …