Political events a big worry for global insurers – Goldman Sachs survey

Political events a big worry for global insurers – Goldman Sachs survey

Political events a big worry for global insurers – Goldman Sachs survey

Global insurers are more pessimistic about the current investment environment than they were a year ago, according to a survey by Goldman Sachs Asset Management. The survey found insurers feel investment opportunities have deteriorated year on year, with half of insurers saying they felt opportunities are getting worse, up from 36% last year. In response, more respondents (17%, up from…

EIOPA sets out its supervisory convergence plan for 2018-2019

EIOPA sets out its supervisory convergence plan for 2018-2019

EIOPA sets out its supervisory convergence plan for 2018-2019

The European Insurance and Occupational Pensions Authority (EIOPA) has published its supervisory convergence plan for 2018-2019, focusing on the implementation of Solvency II and conduct of business supervision. EIOPA defined three priority areas: the implementation of the common supervisory culture and new supervisory tools; risks to the internal market and the avoidance of supervisory arbitrage; and the supervision of emerging…

Munich Re would welcome a long-term investor – Wenning

Munich Re would welcome a long-term investor – Wenning

Munich Re would welcome a long-term investor – Wenning

Munich Re’s CEO Joachim Wenning would be happy for a long-term investor to take a significant stake in the company. In an interview with the Reuters news agency, Mr Wenning said “in principle, we would welcome an anchor investor”, noting that Warren Buffett’s Berkshire Hathaway once held 12%-13% of Munich Re. But the CEO’s comments, coming ahead of the global…

Sompo gets the go-ahead for Luxembourg EU springboard

Sompo gets the go-ahead for Luxembourg EU springboard

Sompo gets the go-ahead for Luxembourg EU springboard

Bermuda’s Sompo International has received the regulatory green light from the Ministry of Finance of Luxembourg to establish a new subsidiary, SI Insurance (Europe). SIIE, which will become operational later in 2018, provides the company with an underwriting platform to service its clients across the European Economic Area after Brexit. Takashi Kurumisawa has been appointed CEO of the new company.…

Reinsurer capacity up despite big cat losses in 2017

Reinsurer capacity up despite big cat losses in 2017

Reinsurer capacity up despite big cat losses in 2017

Reinsurers’ capacity proved resilient in 2017, despite heightened catastrophe-loss activity and stress on their underlying performance. Shareholders’ equity in 34 reinsurance companies tracked in the Willis Reinsurance Index was up 7.8% to $371bn at year-end 2017 in the face of a weighted combined ratio for the tracked reinsurers of 104.8%, up 10.4% from the previous year. Alternative capital also withstood…

Chubb leading “adequate” rate movement, says CEO Greenberg

Chubb leading “adequate” rate movement, says CEO Greenberg

Chubb leading “adequate” rate movement, says CEO Greenberg

Too few insurance companies are acting to improve rate adequacy, according to Evan Greenberg, CEO of Chubb. In his annual letter to shareholders, Mr Greenberg wrote that pricing should and is beginning to move, although not in all classes and not in all countries. “Rationally, it should move, but most companies don’t have our data, discipline or command and control.…

Improved results for Hong Kong-listed Chinese P&C insurers in 2017

Improved results for Hong Kong-listed Chinese P&C insurers in 2017

Improved results for Hong Kong-listed Chinese P&C insurers in 2017

The non-motor lines of Hong Kong-listed Chinese property and casualty (P&C) insurers sustained overall business growth and underwriting profitability in 2017, despite increased competition in their motor business, according to Moody’s Investors Service. “The non-motor business of P&C insurers will remain a crucial driver of premium growth,” said Kelvin Kwok, a Moody’s associate analyst. He added that in contrast, the…

AIG given green light for Brexit-proof restructure

AIG given green light for Brexit-proof restructure

AIG given green light for Brexit-proof restructure

AIG has been granted authorisation to establish two new insurance companies in Luxembourg and the UK to ensure contract certainty for clients after Brexit. The two new entities will write business currently written by London-based AIG Europe Ltd. AIG’s new European company in Luxembourg will be called AIG Europe SA. It will have branches across the European Economic Area and…

EIOPA to focus on supervisory convergence in 2018

EIOPA to focus on supervisory convergence in 2018

EIOPA to focus on supervisory convergence in 2018

The European Insurance and Occupational Pensions Authority (EIOPA) will pay specific attention to further implementation of prudential regulation, Solvency II and conduct of business supervision in 2018. In its 2017 oversight activities report addressed to the European Parliament, EIOPA says that as a priority for 2018, it will continue to focus on the close interaction with national supervisory authorities, improvements…

S&P analysts foresee slight improvements in insurers’ credit quality

S&P analysts foresee slight improvements in insurers’ credit quality

S&P analysts foresee slight improvements in insurers’ credit quality

Analysts from Standard & Poor’s Global Ratings (S&P) around the world have been surveyed by the ratings agency looking at credit trends and risks, the macroeconomic and competitive environment, financial expectations, and accounting changes for the year ahead. The first S&P Insurance Analyst Survey reveals that S&P analysts expect slight improvements in credit quality in North America, EMEA and APAC…

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