Cautious welcome for IAIS’s activities-based approach to systemic risk

Cautious welcome for IAIS’s activities-based approach to systemic risk

Cautious welcome for IAIS’s activities-based approach to systemic risk

A proportionate and properly-designed activities-based approach to systemic risk could address ‘domino’, as well as ‘tsunami’ views of risk, given the focus on risk management and preventative actions, according to Insurance Europe. In its response to the International Association of Insurance Supervisors’ (IAIS) pre-consultation on an activities-based approach to systemic risk, Insurance Europe states that the IAIS’s work is at…

Mayor of Cologne in London to promote city as EU insurance hub

Mayor of Cologne in London to promote city as EU insurance hub

Mayor of Cologne in London to promote city as EU insurance hub

Henriette Reker, the Mayor of Cologne, was in London today to meet leading representatives of the London insurance and reinsurance market and explain why Cologne should be considered as a viable option for UK and international insurers seeking a base for their European Union (EU) operations. The bulk of premium generated by Lloyd’s still comes from the US, with increasing…

Myanmar and Malaysia take contrasting approach to foreign insurers

Myanmar and Malaysia take contrasting approach to foreign insurers

Myanmar and Malaysia take contrasting approach to foreign insurers

Respective regulators for the insurance industry in Malaysia and Myanmar are set to issue new and separate rules that take a different approach to the issue of foreign insurers. Myanmar is set to allow at least three overseas insurers to operate in the country by May, as part of an effort to liberalise its economy and financial services sector. Meanwhile,…

NDB scheme raises cyber liability for Australia’s companies

NDB scheme raises cyber liability for Australia’s companies

NDB scheme raises cyber liability for Australia’s companies

The imminent introduction of Australia’s notifiable data breaches (NDB) scheme is likely to dramatically increase the liability from a cyberattack for companies, according to a local insurer. The NDB scheme comes into force on 22 February and will require companies to inform both the Office of the Australian Information Commissioner as well as affected customers, in the event of a…

Tighter regulation of Chinese insurers’ overseas financing activities

Tighter regulation of Chinese insurers’ overseas financing activities

Tighter regulation of Chinese insurers’ overseas financing activities

China has tightened its regulation of the country’s insurers’ overseas financing activities, according to China Daily. The aim is to reduce insurers’ capital leverage and prevent the illegal transfer of onshore assets to overseas markets. The publication said China’s insurance and foreign exchange regulators recently issued a notice requiring that the value of insurers’ overseas financing guaranteed by their onshore…

Losses and GDPR drive demand for cyber cover in France

Losses and GDPR drive demand for cyber cover in France

Losses and GDPR drive demand for cyber cover in France

Demand for cyber insurance is growing in France, boosted by large cyberattacks and changing regulation. But French corporate insurance buyers continue to have concerns around ‘silent cyber’ and claims. Fighting to stop the spread of the WannaCry ransomware in May 2017, French car manufacturer Renault was forced to halt production. Other French companies were affected by similar attacks last year,…

French buyers told no need to panic over Brexit

French buyers told no need to panic over Brexit

French buyers told no need to panic over Brexit

With just over a year to go before the UK leaves the EU, some continental European buyers are concerned about future access to the London market, but excess capacity and insurers’ contingency plans mean they have little to fear, according to brokers and insurers at the AMRAE Rencontres meeting this week. According to Ferma president Jo Willaert, there is growing…

GDPR may harden French cyber market

GDPR may harden French cyber market

GDPR may harden French cyber market

Underwriters in the highly competitive French cyber insurance market have yet to raise prices ahead of the General Data Protection Regulation (GDPR), which is expected to lead to an increase in exposures and claims. But any influx of claims could see rates rise in the future, brokers and underwriters say. With cover for data breaches typically embedded in cyber insurance,…

Lloyd’s Brussels on track

Lloyd’s Brussels on track

Lloyd’s Brussels on track

Lloyd’s’ Brexit solution will be ready in time for the January 2019 renewal, even though hopes for a transition deal that could see a temporary continuation of passporting rights are ongoing. Lloyd’s Brussels will be ready to start underwriting in time for the January 2019 renewals, according to Vincent Vandendael, chief commercial officer at Lloyd’s. The market’s new EU subsidiary…

Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

Insurers and regulators react to cryptocurrency risks

The cryptocurrency craze has led a number of major insurers to consider policies offering protection against theft and other risks, according to Reuters. Meanwhile, international regulators and central bankers are looking to introduce measures to protect investors and companies against a cryptocurrency crash or financial fraud from unregulated crypto operators. Currently, only a handful of insurers – XL Catlin, Chubb…

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