Chinese regulator calls for greater self-discipline from insurers

Chinese regulator calls for greater self-discipline from insurers

Chinese regulator calls for greater self-discipline from insurers

The Chinese insurance sector has been urged to show greater self-discipline by the country’s insurance regulator. According to a report from China Global Television Network (CGTN), the vice-chairman of the China Insurance Regulatory Commission (CIRC), Liang Tao, said in a speech that the insurance industry should “return to its origins” and work to “reduce tremors” in the economy and society.…

Markel enters Indian insurance market through Lloyd’s India platform

Markel enters Indian insurance market through Lloyd’s India platform

Markel enters Indian insurance market through Lloyd’s India platform

Markel International is to enter the Indian insurance market, with capacity provided by Markel’s Syndicate 3000 at Lloyd’s and written through the Lloyd’s India platform, based in Mumbai. Markel has appointed Deepika Mathur to lead Markel India. She has 20 years’ experience of working in the Indian insurance industry, and most recently she was executive vice-president at HDFC Ergo, the…

Insurance Capital Standard not fit for purpose, says ABI, as IAIS launches field testing

Insurance Capital Standard not fit for purpose, says ABI, as IAIS launches field testing

Insurance Capital Standard not fit for purpose, says ABI, as IAIS launches field testing

The Association of British Insurers (ABI) has insisted that the International Association of Insurance Supervisors’ (IAIS) Insurance Capital Standard (ICS) is not fit for purpose, and has called for a longer timeline for implementation. The IAIS has just announced the release of ICS Version 1.0 for extended field testing, which it called “a significant milestone for the IAIS as a…

Commercial Risk becomes media partner of Dive In festival

Commercial Risk becomes media partner of Dive In festival

Commercial Risk becomes media partner of Dive In festival

Commercial Risk is pleased to announce itself as a media partner for this year’s Dive In festival, which promotes diversity and inclusion within the insurance industry. The Dive In festival, now in its third year, has a global programme of events taking place in late September. The initiative is run by [email protected], a cross-market collaboration of c-suite executives and industry…

Global broking sector to see continued growth but at lower rate

Global broking sector to see continued growth but at lower rate

Global broking sector to see continued growth but at lower rate

The global insurance brokers sector will experience a decelerating growth trend in the next three or four years, but will still produce impressive growth, according to a report from research company MarketLine. The report finds that the sector registered a compound annual growth rate (CAGR) of 7% between 2012 and 2016, to reach a value of $42.8bn. Sector values have…

Insurers look to rolling and longer-term contracts to reduce renewal burden

Insurers look to rolling and longer-term contracts to reduce renewal burden

Insurers look to rolling and longer-term contracts to reduce renewal burden

Insurers are making efforts to reduce the time and workload involved in annual renewals by offering longer-term contracts and experimenting with rolling, or evergreen, renewals. They said that potential access to more and better data via increasing use of technology will provide further opportunities to streamline renewals in the coming years. Insurance buyers taking part in our European Frontiers Survey…

Insured nat cat losses of around $22bn in H1 well below ten-year average

Insured nat cat losses of around $22bn in H1 well below ten-year average

Insured nat cat losses of around $22bn in H1 well below ten-year average

Insured losses from natural catastrophes totalled $22bn in the first half of 2017, according to Aon Benfield’s Impact Forecasting, with numbers matching Munich Re’s figure of $21.5bn. According to Aon Benfield, insured losses covered 42% of $53bn total economic losses in the first half of 2017. This is above the average of 32%. Most losses during the period were recorded…

Talanx to acquire Generali’s Colombian subsidiaries

Talanx to acquire Generali’s Colombian subsidiaries

Talanx to acquire Generali’s Colombian subsidiaries

Talanx is to enter the Colombian insurance market by acquiring Generali Colombia Seguros Generales SA and its subsidiary Generali Colombia Vida Compañia de Seguros SA. Talanx is acquiring more than 90% of the shares of the Generali majority shareholders in each company (91.3% of Generali Seguros and 93.3% of Generali Vida). The purchase price for the shares is around €30m.…

North Carolina’s captive growth generates $23m for state in 2016

North Carolina’s captive growth generates $23m for state in 2016

North Carolina’s captive growth generates $23m for state in 2016

North Carolina’s captive insurance programme has seen considerable growth in the past year in terms of the economic impact on the state, according to the North Carolina Department of Insurance. The department recently completed a study of the 2016 economic impact of its North Carolina captive insurance company programme on the state. It estimated the impact to be $23m in…

Weaker profits for Bermuda-based companies despite shift from reinsurance to insurance

Weaker profits for Bermuda-based companies despite shift from reinsurance to insurance

Weaker profits for Bermuda-based companies despite shift from reinsurance to insurance

Bermuda-based (re)insurers have seen results deteriorate recently and have found it hard to produce the level of return of ten years ago, despite a shift from reinsurance to insurance, according to a report from Fitch Ratings. Challenging conditions in the reinsurance market have seen Bermuda based companies looking more to insurance business for growth. The report examines the results of…

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