A high level of uncertainty on the magnitude of economic disruption as a result of the Covid-19 outbreak increases downside risks for insurers going forward, according to a new report from the European Insurance and Occupational Pensions Authority (Eiopa). In its report, July 2020 Financial Stability Report of the (re)insurance and occupational pensions sectors in the European Economic Area, Eiopa…
The US captive insurance segment could increase its footprint in several lines of business as a result of opportunities created by firming commercial insurance prices and impacts from the Covid-19 pandemic, according to AM Best. “Captives may contemplate opportunities to expand their writings to traditional lines of business where rates have climbed following resurgent catastrophe losses, as well as because…
It’s not easy being a risk/insurance manager in charge of a global programme. Budgets, costs, compliance, complaints from local affiliates – it’s a tough job but it needs to be done. What risk/insurance managers could do with is a superpower. Or more than one ideally. As International Programme News prepares for its two-week summer break, we take a look at…
The economic impact of the Covid-19 outbreak is predicted to result in the Hong Kong insurance industry stagnating in 2020, according to GlobalData. It said the total insurance premium, which grew by 6.3% in 2019 to HKD552bn, is expected to grow by just 1.46% in 2020 to HKD560bn. The industry is set to bounce back in 2021, with a forecast…
Hong Kong and mainland Chinese authorities are reported to be working on plans for the introduction of an ‘insurance connect’ scheme as the next major step in the financial integration of the Greater Bay Area (GBA), according to the South China Morning Post. The publication said that under the plan, there will be two service centres in mainland cities within…
Jonathan Reiss is to join Strategic Risk Solutions (SRS) as managing director and as a member of the board. He is currently president of strategic partnerships at Hamilton Insurance Group in Bermuda and is expected to join SRS during the fourth quarter of 2020. He is the son of Fred Reiss, widely regarded as the founder of the captive insurance…
Thailand’s non-life insurance industry is set to contract by 5.6% in 2020 due to the severe impact of Covid-19 on Thailand’s economy, according to GlobalData. Thailand’s non-life insurance market is forecast to grow at a compound annual growth rate (CAGR) of 4.1% during 2020-2024. GlobalData said Thailand’s non-life insurance industry grew by 4.6% in 2019 (with THB207bn in gross written…
Canopius has promoted Stephen Pike as head of the credit and political risk team, part of Canopius’s credit, political and crisis (CPC) division. He reports to Bernie de Haldevang, who oversees credit and political risk as the overall head of CPC at Canopius. Mr Pike will lead the credit and political risk team, further developing its proposition across Europe and…
Davies is to acquire the captive management and consulting businesses of insurance and reinsurance specialist Citadel Risk. Under the agreement, Citadel Management & Cedar Consulting will become part of Davies’ insurance services practice, led by CEO Steven Crabb. Davies, a specialist professional services and technology firm, said the move will add significant scale and reach to its established captive management…
The China Banking and Insurance Regulatory Commission (CBIRC) has launched a major overhaul of its insurance supervisory system to grant more power to local regulators, according to a report by Chinese news website, Caixin Global. The CBIRC issued guidelines that will renew earlier efforts to decentralise regulation in the banking and insurance industries to improve efficiency, said the news report.…