The Board of Directors of Saudi Re, the first reinsurance company established in Saudi Arabia, has recommended a 50% increase in the company’s capital to SAR 1.336 billion (approx. USD 356m) through a rights issue. A news report by Reinsurance News indicated that currently, Saudi Re’s capital stood at SAR 891 million (approx. USD 238m) […]
Analysts at Fitch Ratings have warned that insurers could face claims as high as $10 billion in a worst-case scenario due to the grounding of planes in Russia, with 30-40% likely to be passed on to reinsurers. More than 500 planes that are financed or owned by non-Russian lessors are stranded in Russia due to […]
Nigeria’s total pension fund assets grew to a record highest value of N13.61 trillion in January 2022, representing 1.4% or N183.8 billion rise over the value of the assets totaling N13.42 trillion as of December 2021. The latest pension assets value was contained in the unaudited report by the regulatory authorities on the pension funds […]
Kano State Government has unveiled plans to use the growing insurance culture to attract foreign investments into the state The State Governor, Dr. Abudullahi Ganduje, who was represented at a Three-Day retreat for members of the Technical Committee on implementation of Third Party Liability and other Insurances in Kano State by the Secretary to the […]
Gallagher Re, one of the world’s leading reinsurance brokerage firms, has reported that insured losses from major catastrophes in 2021 have so far reached $116 billion, the third largest in 10 years. The reinsurance broker also reported that the figure was about 63% higher than the average annual loss since 2011. For instance, it recalled […]
The National Insurance Commission (NAICOM) has issued operational guidelines which require intending Web Aggregator to pay N2.5 million as licensing fee. In addition, the intending aggregator is required to pay a non-refundable fee of N500,000, while license renewal will cost N1 million. According to the insurance practices regulator, the guidelines will serve as a working […]
Analysts at EY, a global firm that exists to build a better working world, helping create long-term value for clients, have argued that the global re/insurance is “poised for a period of purposeful growth,” despite daunting macroeconomic and structural challenges, fierce competition and ongoing tech-driven disruptions. Experts in the leading investment research firm, specifically noted […]
Despite being the largest re/insurance market globally, the London Market has continued to face challenges and while primary business has expanded minimally over the past decade, its reinsurance market share has shrunk by 2%. Only yesterday, the House of Lords Industry and Regulators Committee opened its inquiry into the regulation of the UK commercial insurance […]
Analysts at Fitch Ratings have warned that sustained low interest rates, increased role of alternative investment managers and accounting changes will have long-term credit implications for the global life insurance industry, especially in 2022. Specifically, the rating agency stated that pressure on financial performance of legacy in-force business from low interest rates was not expected […]
Results from a new study by AXA, one of the global one of the world leading insurance and asset management groups serving over 100 million clients, indicated that 60% of risk managers fear that certain geographies or activities will become uninsurable in future due to the impact of climate change. AXA, in its latest its […]