Fitch Ratings says reinsurers' solid underwriting gains in H113 were offset by increased unrealised investment losses, according to a newly-published report.
The global reinsurers that Fitch rates improved their underwriting combined ratio to 85.9% in H113, compared with 87.7% in H112, as catastrophe-related losses were manageable and loss reserve development remained favourable. The global reinsurance industry experienced below-average natural catastrophe losses of USD13bn in H113, below the 10-year average of USD22bn. The majority of losses were from flooding in Europe, Canada and Australia, and severe thunderstorms in the US. Solid underwriting profitability was offset by increased unrealised investment losses on fixed maturities, resulting in shareholders' equity growth of only 1.3% for non-life reinsurers during H113. Underwriting opportunities remained somewhat limited, resulting in only marginal growth in premiums written. Several individual reinsurance product lines continued to experience unfavourable reserve development during H113, primarily longer-tail casualty and liability lines. However, earnings continue to be supported by surpluses from prior-year reserves. Reserve releases were equivalent to 6.4% of earned premiums in H112, against 6.6% at end-2012. The report, entitled "Global Reinsurers' Mid-Year 2013 Financial Results" is available by clicking here. |
|
|
|
Pensions Data Science Actuary | ||
Offices UK wide, hybrid working - Negotiable |
Head of Pricing | ||
London - Negotiable |
Global Specialty Pricing Actuary | ||
London - £95,000 Per Annum |
Client-facing DC investment manager | ||
London / hybrid 3 dpw office-based - Negotiable |
Financial Risk Leader - Bermuda | ||
Bermuda - Negotiable |
Aylesbury Actuaries | ||
Aylesbury / hybrid 3dpw office-based - Negotiable |
Make an impact in protection pricing ... | ||
London / hybrid 2 days p/w office-based - Negotiable |
BPA Implementation Manager | ||
North / hybrid 50/50 - Negotiable |
Head of Reserving | ||
London - £160,000 Per Annum |
In-force Longevity Actuarial Analyst | ||
London / hybrid 2 dpw office-based - Negotiable |
Make a difference within reinsurance ... | ||
London / hybrid 2 dpw office-based - Negotiable |
Be at the cutting-edge of life & heal... | ||
London / hybrid 2 dpw office-based - Negotiable |
Longevity Pricing Analyst | ||
London / hybrid 2 dpw office-based - Negotiable |
Develop your career in life reinsuran... | ||
London / hybrid 2 dpw office-based - Negotiable |
Protection Pricing Actuary - Life Rei... | ||
London / hybrid 2 dpw office-based - Negotiable |
Life (Re)insurance Pricing Manager (P... | ||
London / hybrid 2 dpw office-based - Negotiable |
Take the lead: life & health reinsura... | ||
London / hybrid 2 dpw office-based - Negotiable |
Pricing Tools and Systems Developer | ||
London / hybrid 2 dpw office-based - Negotiable |
Longevity Pricing Actuary | ||
London / hybrid 2 dpw office-based - Negotiable |
Shape the future of longevity | ||
London / hybrid 2 dpw office-based - Negotiable |
Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.