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…

AGCS appoints new global head of ART

AGCS appoints new global head of ART

AGCS appoints new global head of ART

Allianz Global Corporate & Specialty (AGCS) has appointed Paul Schiavone as global head of AGCS’s alternative risk transfer (ART) business, taking over from Bill Guffey who is leaving Allianz after 15 years to pursue other opportunities. According to AGCS, ART focuses on providing tailor-made solutions for corporate, industrial and financial clients facing unusual or complex risks, where traditional (re)insurance and…

Consolidation expected in Saudi Arabian insurance market, says Fitch

Consolidation expected in Saudi Arabian insurance market, says Fitch

Consolidation expected in Saudi Arabian insurance market, says Fitch

The Saudi Arabian insurance market is likely to see consolidation in the next few years, driven by tightening solvency requirements, according to Fitch Ratings. The market is expected to see weaker companies merge with stronger rivals, with consolidation also fuelled by regulatory reform, particularly in motor insurance. “We believe the Saudi insurance market is already subject to strong regulatory oversight,…

RMS advises caution over Maria insured loss estimates

RMS advises caution over Maria insured loss estimates

RMS advises caution over Maria insured loss estimates

Insured losses for Puerto Rico from Hurricane Maria might be lower than was initially feared by many insurers and reinsurers, according to RMS senior product manager Tom Sabbatelli. Maria struck Puerto Rico as a Category 4 hurricane on 20 September. Catastrophe modellers’ loss estimates for the storm varied between $15bn and $85bn, with RMS’s forecast coming in at the low…

Demand grows for multinational cyber insurance programmes

Demand grows for multinational cyber insurance programmes

Demand grows for multinational cyber insurance programmes

Increasing awareness of cyber risk and tougher data protection laws are driving demand for multinational cyber insurance programmes, according to Chubb. Europe and Australia are both introducing stricter data protection laws in 2018, including notification requirements for data breaches. Canada recently published proposed regulations for mandatory reporting of privacy breaches under its Personal Information Protection and Electronic Documents Act. Similar…

Global insurers’ profitability to hit six-year low: AM Best

Global insurers’ profitability to hit six-year low: AM Best

Global insurers’ profitability to hit six-year low: AM Best

The global reinsurance industry is facing a six-year low in profitability with an industry combined ratio of 110% comparing unfavourably to a five-year average of 91%, according to a new briefing from ratings agency AM Best. Hurricanes in the US and Caribbean, Mexican earthquakes and other natural catastrophes during the third quarter are likely to wipe out global reinsurers’ profits…

Risk transfer market says primary rate rises on the way

Risk transfer market says primary rate rises on the way

Risk transfer market says primary rate rises on the way

As insurers and reinsurers predict rates rises in the primary market, a leading broker doesn’t believe there will be a market-wide hardening in Europe but does expect focused adjustments. Hamish Roberts, director of business development at broker JLT Specialty, said: “From a European perspective, I don’t think there will be an arbitrary cross-peril, cross-class adjustment made by reinsurers. It will…

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

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

P&C reinsurance rate increases 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…

1 2 3 122