Fitch welcomes Chinese government’s decision to lift foreign capital limits

Fitch welcomes Chinese government’s decision to lift foreign capital limits

Fitch welcomes Chinese government’s decision to lift foreign capital limits

Fitch Ratings has maintained its 2018 rating and sector outlooks for China’s non-life insurers at stable, because it believes the sector is likely to sustain “healthy” capital adequacy. The ratings agency said it expects further liberalisation of motor insurance pricing to undermine the insurers’ ability to boost their underwriting margins. But it also said the expansion in non-motor policies is…

BIBA tells UK Treasury IPT is ‘Budget no-go’

BIBA tells UK Treasury IPT is ‘Budget no-go’

BIBA tells UK Treasury IPT is ‘Budget no-go’

The British Insurance Brokers’ Association (BIBA) has told HM Treasury that insurance premium tax (IPT ) is a “Budget no-go”, as the UK’s Chancellor of the Exchequer prepares his autumn Budget this week. In its submission to HM Treasury, BIBA set out the reasons why the Chancellor should heed warnings that IPT is too high in the UK. BIBA said…

Sompo to create European base in Luxembourg as expansion plans pick up pace

Sompo to create European base in Luxembourg as expansion plans pick up pace

Sompo to create European base in Luxembourg as expansion plans pick up pace

Sompo International (SI), the global insurer led by John Charman and formed through the acquisition of Endurance by Japan’s Sompo earlier this year, has announced the next big step in its ambitious strategy to become a serious player in the European and global commercial and corporate insurance sector. The company announced this week that it plans to establish a new…

Marine executives concerned over unmanned ship liability: survey

Marine executives concerned over unmanned ship liability: survey

Marine executives concerned over unmanned ship liability: survey

Uncertainty over liabilities of, and insurance for, unmanned ships is preventing the development of new technology in the marine sector, according to a new report from law firm Clyde & Co and the Institute of Marine Engineering, Science & Technology (IMarEST). The report found that 80% of 200 marine industry executives surveyed are unsure how the insurance industry will approach…

The ghost of Spitzer walks again?

The ghost of Spitzer walks again?

The ghost of Spitzer walks again?

News broke in recent weeks that the UK’s Financial Conduct Authority (FCA) has opened an inquiry into the wholesale insurance broking sector, to make sure that it fosters innovation and competition in the interests of consumers. It appears that the focus of this inquiry will be on broker facilities. At the end of October, the European Commission (EC) also confirmed…

UK risk managers warned to comply with GDPR despite Brexit

UK risk managers warned to comply with GDPR despite Brexit

UK risk managers warned to comply with GDPR despite Brexit

Uk risk managers and their bosses need to forget the idea that Brexit will somehow let them off the hook when it comes to the EU’s forthcoming General Data Protection Regulations (GDPR). The UK will have to apply the tough new rules for at least ten months and probably beyond if its companies want to continue receiving personal data from…

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…

ENISA calls for standardisation of cyber insurance

ENISA calls for standardisation of cyber insurance

ENISA calls for standardisation of cyber insurance

The European Union Agency for Network and Information Security (ENISA) has called on the insurance industry and policymakers to standardise cyber insurance coverage, language and risk assessments, in a major new report. In its report published on Wednesday (15 Nov), the EU’s cybersecurity agency makes several recommendations for policymakers and insurers, aimed at harmonising cyber insurance in a bid to…

Bank governor says Labuan must upgrade tax regime and spread wealth to ensure survival

Bank governor says Labuan must upgrade tax regime and spread wealth to ensure survival

Bank governor says Labuan must upgrade tax regime and spread wealth to ensure survival

Labuan International Business and Finance Centre (IBFC) needs to ensure that the local community benefits from its economic activity, become a more diversified and sustainable economy, and enhance tax incentives so that they are on a par with international best practices. These are the three major challenges facing the IBFC, according to Muhammad bin Ibrahim, governor of Bank Negara Malaysia,…

Hong Kong supervisor faces problems over new broker licensing rules

Hong Kong supervisor faces problems over new broker licensing rules

Hong Kong supervisor faces problems over new broker licensing rules

John Leung, CEO of Hong Kong’s recently created Insurance Authority (IA), has admitted that the new regulatory body has encountered some “teething” issues since it replaced the Commissioner of Inland Revenue back in June. He also conceded that the IA faces a “very tight” timeframe to introduce the new licensing regime for brokers in time for 2019. Mr Leung told…

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