Robert Greenhill, Managing Director and Chief Business Officer of the World Economic Forum (WEF) has called on the insurance industry to help the world meet the demand for solutions to the many and varied risks highlighted in its Global Risk Report 2011 .
Changes in demographics will put real pressure on governments’ fiscal balances by potentially increasing unfunded liabilities and will demand a predicted 70% increase in food production by 2050, experts say. Insurance solutions, which are lacking in certain key geographies, are needed to meet the food shortage, they add.
The IASB singled out a number of key areas within the proposed accounting standards that need ‘re-deliberation’ in combination with the FASB over the coming months. These are the most important points of debate. CRE Editor Adrian Ladbury asked Jerry de St. Paer, Executive Chairman of the Group of North American Insurance Enterprises (GNAIE), to explain his perspective on each point.
The implementation of a proposed Brazilian insurance law, resolution 224, that many observers believe will drive up the cost of insurance cover for risks in the country will be delayed to enable further consultation, a leading Brazilian insurer has learnt.
With losses from the Queensland floods complicated by the number of weather related events deemed to have contributed to the disaster, Bowring Marsh’s head of global mining has called on the insurance industry to show the value of its products in order to stop mining companies from deciding to withdraw from the market.
The European Commission yesterday put forward legislative amendments to extend Solvency II’s implementation date by two months and enable the Commission to specify transitional measures in certain areas if it is deemed necessary to avoid market disruption and to allow a smooth transition to the new regime.
An unexpected rise in the UK’s inflation figure on the back of energy and fuel price hikes has brought into sharp focus warnings made last week in the World Economic Forums Global Risk 2011 report that business and governments alike face a new age of commodity price volatility, which will have serious consequences for both.
The European Commission has laid the foundation for reinforced international cooperation on the supervision of auditors as it yesterday adopted the first decision recognising the equivalence of the audit oversight system in 10 third countries.
Despite the world economy broadly on the road to recovery, the level of political risk has risen in more countries than it has declined over the past year, according to Aon’s 18th annual Political Risk Map.
The number of hostages taken at sea in 2010 rose to an all time high, the International Chamber of Commerce (ICC) International Maritime Bureau’s (IMB) global piracy report revealed yesterday.