September 24, 2018

Looking West

Looking West
IAIS, SIF call on industry to scrutinise climate risk

IAIS, SIF call on industry to scrutinise climate risk

Intensifying climate risks such as extreme weather events, present significant challenges for the insurance sector and warrant “ongoing and intensifying scrutiny” by supervisors, highlights new a new paper from the International Association of Insurance Supervisors (IAIS) and the Sustainable Insurance Forum (SIF). The Issues Paper on Climate Change Risks to...

Accumulation risks need to be addressed in the context of a hyperconnected digital world.

‘Accumulation risk a key concern’

While cyber insurance offerings and premium volumes have expanded sizeably, keeping up with demand is challenging and sustainable growth in the cyber insurance market should not be taken for granted, as accumulation risks need to be addressed in the context of a hyperconnected digital world, according to a study by...

Air Canada to start insurance company

Air Canada to start insurance company

Air Canada, one of the country’s largest airline companies is waiting for approval to form its own life insurance company, according to The Canadian Press. The move is in order to shore up pension risks by buying annuities from Canadian insurers and reinsuring the fixed payment through an insurance subsidiary,...

Markel granted BaFin licence

Markel Corporation has announced that it has been granted a license by BaFin, the German federal financial supervisory authority, to establish an insurance company in Germany. Following Brexit, the United Kingdom’s exit from the European Union, Markel Insurance SE (MISE) will be able to meet the insurance needs of clients...

Amazon mulls insurance aggregator launch

Amazon is engaging in talks with some of the top insurance firms across Europe to see if they would be interested in contributing products to a possible UK price comparison website. According to The Guardian newspaper three industry executives said they had talked with Amazon about the possible launch. One...

Swiss Re reported its first-half results showing continued premium growth as the company takes advantages of better rates and gave further details on the price increases achieved.

Swiss Re: Market recovery, price rise & growth continues

Christian Mumenthaler, CEO of reinsurance giant Swiss Re, has recognised that the insurance and reinsurance market was seeing positive improvement an improving market which goes some way to explain the price improvements and continued premium growth the re/insurer is experiencing. Swiss Re reported its first-half results showing continued premium growth...

AIG to acquire Ellipse from Munich Re

American International Group, Inc. (AIG) and Munich Re have announced that AIG Life Ltd. (AIGLL), a UK subsidiary of AIG Life & Retirement, has agreed to acquire Ellipse, a specialist provider of group life risk protection in the UK, from Munich Re. Ellipse’s group protection capabilities, which include life, critical...

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Deposit insurance vital: Lagarde

The euro zone should accept a higher level of bad loans in banks than the five percent suggested by France and Germany to start its common deposit insurance scheme and finish its banking union, IMF head Christine Lagarde has said. “Everybody agrees that it (the euro zone deposit insurance scheme)...

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IUA publishes Brexit contract continuity clause

A Brexit clause has been published by the International Underwriting Association to help companies manage insurance contracts as the UK leaves the European Union. The Brexit Contract Continuation Clause aims to clarify how firms will continue to pay claims despite any business disruption caused by a situation in which adequate...

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