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CRE Insurance
Fukushima problems will slow nuclear renaissance, JLT
Whilst the Fukushima nuclear incident should not create a reduction in insurance capacity and it remains too early to know if the problems will cause insurance prices to rise, the…
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CRE Insurance
Aon calls on FSA to consider a firm’s risk profile when asking for extra cash
Aon has called on the UK’s Financial Service Authority to take into consideration a firm’s risk profile as well as its size when determining who should pay extra costs to…
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CRE Insurance
IRM launches new qualification in risk management for financial services
The Institute of Risk Management is launching a new international qualification in risk management aimed at the world of financial services and in particular the banking and insurance sectors.
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Captives
ECIROA presents case for proportional treatment of captives to commission
ECIROA, the European captive group, has handed the European Commission a set of best practice guidelines that it hopes will be used as the basis for a captive friendly rulebook…
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Asia
Reinsurers should have capital to absorb Japan losses but market could turn
Global reinsurers should have the capital to absorb the losses resulting from the massive earthquake and tsunami that struck northeastern Japan last week.
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CRE Insurance
QIS5 provides welcome cheer for Europe’s insurance managers
European risk and insurance managers received good news from the European Commission and EIOPA, the group of national supervisors, late last week as they announced the findings of the QIS5…
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CRE Insurance
UK business exposed to insurance gaps and claims disputes to rise-Mactavish
UK companies are exposing themselves to significant and unnecessary losses because of serious flaws in the way their corporate insurance policies are arranged, according to a new study of commercial…
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CRE Insurance
Allianz secures BMW cooperation agreement at expense of Munich Re’s Ergo
German motor manufacturer BMW has sealed a new cooperation agreement with German insurer Allianz that means the insurer can offer BMW clients in Germany, Italy and France payment protection insurance…
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Asia
Stricken Fukushima power plant insurance cover minimal, sources say
As radiation from the endangered Fukushima nuclear power plant continues to rise and the exclusion zone around the plant expands, owner Tepco has no property insurance in place and third-party…
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Captives
Kane eyes further growth following HSBC deal
Kane, the fast-growing independent captive management and insurance services group, is thought to be in the market for further acquisitions particularly in Asia following the announcement that it plans to…
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Climate Change
EC takes France to court for industrial pollution and threatens Italy
The European Commission is taking France to the European Court of Justice (ECJ) as at least 62 of its industrial installations have failed to comply with EU rules on pollution…
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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…