Pool Re and BIBA launch terrorism insurance guide for brokers and SMEs

Pool Re and BIBA launch terrorism insurance guide for brokers and SMEs

Pool Re and BIBA launch terrorism insurance guide for brokers and SMEs

The British Insurance Brokers’ Association (BIBA) and Pool Re have collaborated with a number of government departments and other industry experts to launch a new guide on terrorism insurance. It is designed to improve brokers’ understanding of this fast-growing risk class and boost sales of this line of insurance among small and medium-sized enterprises (SMEs) in the UK. Pool Re…

US April storm season hits new record, exposes protection gap

US April storm season hits new record, exposes protection gap

US April storm season hits new record, exposes protection gap

Storms in the US set a new record for April – one of the busiest storm months of the year – with almost 250 tornadoes touching down in the country last month; the highest number in April since 2011, according to Aon. Publishing its Global Catastrophe Report for April, Aon said the storms added to multibillion-dollar losses in the US.…

AGCS profits hit by Vale dam and Boeing losses as group results impress

AGCS profits hit by Vale dam and Boeing losses as group results impress

AGCS profits hit by Vale dam and Boeing losses as group results impress

Allianz Global Corporate & Specialty (AGCS), the corporate insurance arm of Germany’s Allianz Group, posted strong revenue growth in the first quarter of this year compared to the first quarter of last year, as the parent group published a decent set of overall results above analyst expectations. The combined ratio and profits at AGCS were hit, however, by some hefty…

Allianz to be China’s first fully owned foreign insurance holding company

Allianz to be China’s first fully owned foreign insurance holding company

Allianz to be China’s first fully owned foreign insurance holding company

Allianz has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to create an insurance holding company in China. The German insurer said that the company – Allianz (China) Insurance Holding Company Limited – will be the first-ever holding company in China to be wholly owned by a foreign insurer. The insurer said the Shanghai-based holding structure will…

AXA to acquire 100% of Chinese insurer as foreign ownership rules relaxed

AXA to acquire 100% of Chinese insurer as foreign ownership rules relaxed

AXA to acquire 100% of Chinese insurer as foreign ownership rules relaxed

AXA has entered into an agreement with the current domestic shareholders of AXA Tianping Property & Casualty Insurance Company Ltd (AXA Tianping) to acquire the remaining 50% stake of the company and give it 100% ownership. The news from AXA comes as Allianz reveals that it has received approval from the China Banking and Insurance Regulatory Commission to create the…

Hopes raised that Malaysia will ease cap on foreign insurers

Hopes raised that Malaysia will ease cap on foreign insurers

Hopes raised that Malaysia will ease cap on foreign insurers

There is an increasing number of reports that the Government of Malaysia is preparing to relax rules on the involvement of international insurers and reinsurers in its market, and thus make life easier for risk and insurance managers with multinationals active in this large and growing Asian market. Local newspapers and Reuters report that the government is preparing to review…

Vietnamese non-life insurers need to focus on profit as margins shrink

Vietnamese non-life insurers need to focus on profit as margins shrink

Vietnamese non-life insurers need to focus on profit as margins shrink

Non-life insurance companies that operate in Vietnam are still struggling to make decent profits because of high competition and falling interest rates, despite strong-to-moderate growth, solid balance sheet strength and improving profitability, according to credit ratings agency AM Best. In 2017, total direct premium underwritten by Vietnamese non-life insurers reached VND41trn (roughly $1.8bn), according to the credit ratings agency. The…

HK insurance regulator promotes ILS

HK insurance regulator promotes ILS

HK insurance regulator promotes ILS

Hong Kong will step up its efforts to foster the creation of an insurance-linked securities (ILS) market through the introduction of legislation to allow the formation of special purpose vehicles to issue the securities, according to Clement Cheung, chief executive of the Insurance Authority (IA), the territory’s new regulatory body. The IA reports that Mr Cheung also revealed during his…

Nuclear cover debate hots up as India continues power expansion plan

Nuclear cover debate hots up as India continues power expansion plan

Nuclear cover debate hots up as India continues power expansion plan

Pressure is mounting on the Indian Government to expand the insurance cover available for nuclear power risks, as the country continues an aggressive expansion plan for its nuclear industry. The local insurance and reinsurance industry that supports India’s limited nuclear insurance pool is reportedly, however, not keen to open up the market to international insurers and reinsurers and see the…