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CRE Insurance
Development of risk assessment tools needed to address Asia risks
It is imperative that risk assessment tools are further developed and that stakeholders develop a thorough database in order to prevent financial losses, insured losses and damage from natural disasters…
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CRE Insurance
Half of European insurers expect move to shared service centres
European insurers are expected to suffer a loss of local knowledge and proximity to the market if the 50% that say they expect to consolidate into shared service centres go…
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CRE Insurance
Guy Carp and ABI publish guides to help insurers deal with Solvency II
As Solvency II moves a step closer with the publication of its QIS5 results this week, Guy Carpenter and the Association of British Insurers have both released guides to help…
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CRE Insurance
Reinsurance market in Gulf expected to grow, research shows
Research by Qatar’s Financial Centre Authority (QFC Authority) predicts that reinsurance capacity in the Gulf Cooperation Council (GCC) region will continue to grow as major companies position for future growth.
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Association News
FERMA wants its joint BIPAR protocol principles to be in new IMD
FERMA wants the principles of the non-binding protocol it agreed to with the European Federation of Insurance Intermediaries (BIPAR) late last year to be made mandatory by having them incorporated…
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CRE Insurance
New Zealand quake and other losses blow reinsurers’ cat budgets
The recent New Zealand earthquake has pushed Swiss Re over its yearly $1bn catastrophe and large claim budget. As Munich Re announced today that it expects its losses from the…
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CRE Insurance
German brokers unhappy with insurers, survey says
German brokers are unhappy with insurance companies and in particular with their non-transparent claims handling procedures and the way in which they deal with basic enquiries, according to a survey…
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CRE Insurance
French government suffers cyber attack
The French government was the target of a large cyber attack in recent months that lasted over 90 days and proved a real test of the country's recently created national…
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CRE Insurance
AIG pays back another $6.9bn
AIG has repaid approximately $6.9bn to the US treasury after it closed the sale of all equity securities it received when it sold American Life Insurance Company (ALICO) to MetLife…
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CRE Insurance
Shipping rates set to fall but trouble in MEA region adds to the industry’s woes
Whilst Marsh has predicted that buyers of marine insurance are likely to see rates continue to soften globally in 2011, the shipping industry will be adversely affected by the current…
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CRE Insurance
Aon Benfield calls for Turkey to embrace Solvency II
Aon Benfield has reiterated calls from Turkey’s regulator for insurance companies in the country to embrace Solvency II.
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CRE Insurance
S&P downgrade insurance companies following unrest in MEA region
Standard & Poor’s has now downgraded its outlook for several insurance companies in the Middle Eastern and African regions following the civil unrest of the past few months.
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CRE Insurance
Corporate round-up
CNA Europe forms joint French and Italian operation and creates pan-European transport team, Liberty expands into commercial lines mid-markets and banking deputy takes insurance post at Guernsey’s Financial Services Commission.
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Benelux
ING repays further $2bn of state aid
ING Group announced this week that it is to repay €2bn of state aid in May as part of its settlement of the €10bn that it borrowed during the financial…
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CRE Risk Management
New media landscape must change publishers’ approach to credit risk
Publishers and other media content providers must fundamentally alter the way in which they approach credit risk as the popularity of digital publishing technology changes the media landscape.
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Back to basics-Comment
Guernsey’s decision to opt out of Solvency II by not seeking equivalence may run totally counter to the efforts of rival captive centres such as Malta to really stress the…
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Association News
Polrisk moves forward on several fronts to raise risk management standards
Polrisk, the Polish risk management society, is spearheading a number of new projects that are designed to raise the standard of risk management in Poland.
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CRE Insurance
EC offers smaller insurers ray of hope on Solvency II claim rating agencies
The EC’s Omnibus II package, published in mid-January, could provide smaller European insurance companies in particular with badly needed breathing space to implement Solvency II and possibly avert a capacity…
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CRE Insurance
Disconnect between soft market trend and individual reinsurer’s experience the big conundrum of renewals
As equity analyst William Hawkins sees it, the ‘biggest conundrum’ of the January 1 reinsurance renewals is the apparent disconnect between the market’s overall rate declines and the generally flat…
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CRE Insurance
Done too much, much too soon
As reported in the last issue of Commercial Risk Europe the US and European insurance industry is worried about fundamental changes to elements of accounting proposed by the International Accounting…