Gaining c-suite commitment for global programmes

Gaining c-suite commitment for global programmes

Gaining c-suite commitment for global programmes

A multinational insurance programme requires global buy-in from the c-suite because without it, the risk manager will not have the authority required to make design and procurement decisions. Even after the programme has been designed and implemented, central authority will still be required, especially in relation to claims. But gaining c-suite commitment and support is not easy. A recent webinar…

Willis Re report highlights slower growth for ILS market

Willis Re report highlights slower growth for ILS market

Willis Re report highlights slower growth for ILS market

The insurance-linked securities (ILS) market has seen growth slow for the second quarter in a row, according to the latest ILS Market Update from Willis Re, the reinsurance division of Willis Towers Watson. It shows that ILS growth slowed in the first quarter of 2019, following the reduction seen in the fourth quarter of 2018. Just over $1.1bn was raised…

Private US property/casualty insurers report 2018 net income and premium growth

Private US property/casualty insurers report 2018 net income and premium growth

Private US property/casualty insurers report 2018 net income and premium growth

Net income after tax for private US property/casualty insurers increased 66% to $60bn in 2018, from $36.1bn in 2017, according to Verisk Analytics and the American Property Casualty Insurance Association (APCIA). This was largely due to double-digit premium growth and a significant decline in catastrophe losses. APCIA represents nearly 60% of the US property casualty insurance industry. Net written premiums…

Insurance Europe says no justification for new systemic risk measures

Insurance Europe says no justification for new systemic risk measures

Insurance Europe says no justification for new systemic risk measures

There is no justification for new macroprudential measures for EU insurers, which would create significant initial and/or ongoing costs, according to Insurance Europe. This comes in response to a question raised by the European Commission to the European Insurance and Occupational Pensions Authority (EIOPA), on whether the existing provisions of the Solvency II framework allow for an appropriate macroprudential supervision.…

Understanding choke points

Understanding choke points

Understanding choke points

Kristof De Bremme, global head of marine, AIG and Dr Robin Niblett, director, Chatham House explain how the growth of intra-regional trade is introducing new exposures and choke points as a result of increased volumes and changing geopolitics. Global trade has never been static but is now witnessing more change than ever, driven by a multitude of factors from the…

IUMI concerned by erosion of global premium base and attritional losses

IUMI concerned by erosion of global premium base and attritional losses

IUMI concerned by erosion of global premium base and attritional losses

The International Union of Marine Insurance (IUMI) has warned that while, in general, major losses remain stable, “the continued erosion of the global premium base means that attritional losses are becoming much more significant”. It added that the increased risk of large, more complex and costly claims has the potential to impact all marine underwriting sectors in 2019. According to…

Willis Towers Watson appoints global head of financial solutions

Willis Towers Watson appoints global head of financial solutions

Willis Towers Watson appoints global head of financial solutions

Christophe Meurier has been appointed as global head of financial solutions at Willis Towers Watson, and will assume the role with effect from 1 July 2019. He succeeds Paul Davidson who will continue as the chairman of financial solutions, Willis Towers Watson. Mr Meurier joins Willis Towers Watson after 25 years with BNP Paribas, where he was head of insurance…

US IRS reveals new arm’s-length captive pricing compliance campaign

US IRS reveals new arm’s-length captive pricing compliance campaign

US IRS reveals new arm’s-length captive pricing compliance campaign

The US Internal Revenue Service (IRS) has announced a compliance campaign aimed at captive service providers and focusing on arm’s-length pricing. The campaign is one of three additional compliance campaigns approved by the IRS large business and international division. The campaigns were identified through the IRS large business and international division’s data analysis and suggestions from IRS employees. The division…

New Latin America CEO for Swiss Re Corporate Solutions

New Latin America CEO for Swiss Re Corporate Solutions

New Latin America CEO for Swiss Re Corporate Solutions

Swiss Re Corporate Solutions has appointed Angelo Colombo as CEO Latin America, Swiss Re Corporate Solutions. The appointment will become effective on 7 October 2019. He succeeds Axel Brohm, who has been appointed head of actuarial and data science, Swiss Re Corporate Solutions. The company said he will work with Mr Colombo to ensure a smooth transition. According to Swiss…