P&C reinsurance rates expected, but may be limited to US cat

P&C reinsurance rates expected, but may be limited to US cat

P&C reinsurance rates expected, but may be limited to US cat

P&C reinsurance rates are expected to increase, particularly on US catastrophe-exposed lines, as a result of the significant catastrophe events in the third quarter of 2017, according to Fitch Ratings. However, the ratings agency said there is less certainty over more widespread rate rises outside of these lines, given the excess capital and the potential for new capital to enter…

FSB reconsidering GSII ‘too big to fail’ criteria – report

FSB reconsidering GSII ‘too big to fail’ criteria – report

FSB reconsidering GSII ‘too big to fail’ criteria – report

Global financial regulators have decided to throw out the ‘too big to fail’ gauge for assessing the riskiness of insurers, according to a report from Reuters that cites a source briefed on the matter. If true, the decision would be a big win for companies such as American International Group (AIG), which face more intense scrutiny under the regulation and…

New project finance offering from Liberty Specialty Markets

New project finance offering from Liberty Specialty Markets

New project finance offering from Liberty Specialty Markets

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, has launched a new project finance offering for large-scale energy and infrastructure projects. The new offering is part of LSM’s Global Financial Risks (GFR) product range. Liberty’s GFR team has expanded its coverage to include credit insurance for large-scale energy and infrastructure projects and has now bound its first project finance…

More insurers take action on coal and climate change

More insurers take action on coal and climate change

More insurers take action on coal and climate change

Insurance companies have pulled $20bn out of investments in coal and a growing number are refusing to underwrite new coal projects, according to a scorecard on the industry from the Unfriend Coal campaign. Zurich announced this week that it will divest from and cease offering insurance to companies that depend on coal for more than 50% of their business. The…

Non-life insurers in South Korea see weakening top-line growth

Non-life insurers in South Korea see weakening top-line growth

Non-life insurers in South Korea see weakening top-line growth

Non-life insurers in South Korea are increasingly challenged by weakening top-line growth, according to Korean Re’s latest insurance bulletin. It states that South Korea’s non-life insurers are projected to see just a 2.6% increase in premium income for 2017. The general property and casualty insurance sector is expected to grow by 3.5%, backed mostly by casualty lines, notes the bulletin.…

Value of global insurance M&A deals jumps in 2017

Value of global insurance M&A deals jumps in 2017

Value of global insurance M&A deals jumps in 2017

The value of completed M&A deals in the global insurance market has rocketed, although fewer deals are being completed. Global deal value across all sectors increased by 8.4% in H1 2017, while volume sunk by 12.3%. In the insurance sector, deal volume fell by 17.7% during the same period, while value increased by 170%. The majority of respondents (78%) expect…

ICS extended field testing timeline ‘too ambitious’, say insurance associations

ICS extended field testing timeline ‘too ambitious’, say insurance associations

ICS extended field testing timeline ‘too ambitious’, say insurance associations

The Global Federation of Insurance Associations (GFIA) has said that the International Association of Insurance Supervisors’ (IAIS) timeline for its extended field testing of the Insurance Capital Standard (ICS) version 1.0 is too ambitious. GFIA recommended that the IAIS “reconsiders its timeline and implementation objectives, to ensure that the standard that is adopted is fit for purpose”. GFIA said the…

Lex Baugh to oversee AIG’s US and Canada general insurance business

Lex Baugh to oversee AIG’s US and Canada general insurance business

Lex Baugh to oversee AIG’s US and Canada general insurance business

Lex Baugh has been appointed as CEO, North America general insurance, of American International Group (AIG). In this newly-created role, he will oversee AIG’s US and Canada general insurance business. He will report to Peter Zaffino, CEO, general insurance, as a member of the general insurance executive leadership team. Mr Baugh was previously president of liability and financial lines at…

Multinational companies multiply in Asia-Pacific

Multinational companies multiply in Asia-Pacific

Multinational companies multiply in Asia-Pacific

Multinational companies are growing in number and the international mobility of their employees is increasing even more rapidly. According to a report from Finaccord, a division of Aon Inpoint, multinational companies are set to increase in number by 13.6%, from 12,230 in 2017 to 13,900 by 2021. Growth will be driven mainly by medium-sized multinationals with annual revenues of between…

UK Chancellor urged to end repeated IPT increases by ABI

UK Chancellor urged to end repeated IPT increases by ABI

UK Chancellor urged to end repeated IPT increases by ABI

The Association of British Insurers (ABI) has urged the UK Chancellor Philip Hammond to end the repeated increases in Insurance Premium Tax (IPT). The standard rate of IPT has increased from 6% to 12% in less than 18 months. The standard rate of IPT in the UK is now the sixth highest in Europe, behind only Germany, Greece, Italy, the…

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