Allianz Global Corporate & Specialty (AGCS) is to separate its insurance-linked markets team from the rest of its alternative risk transfer (ART) business. It said there is increasing demand from both investors and insurers for products that bring together the insurance and capital markets, and the move is in line with the growing importance of non-traditional insurance solutions for global businesses.…
The role of insurance in society is changing from one that is concerned primarily with loss indemnification to a broader advisory service for customers on how to prevent, mitigate and manage their risks, according to a study by the Geneva Association. This is as a result of the economy, including insurance, becoming more digitalised. According to the report, Insurance in…
Insurance will need to be “reimagined” as the changing risk landscape brings traditional insurance concepts into question, according to a report from DAC Beachcroft. Liability, regulation and insurance are likely to undergo a period of accelerated change in the coming years, with advances in technology and globalisation, concludes a report by the law firm. Emerging technologies like artificial intelligence (AI),…
Cyberthreats are the emerging risk that brokers and businesses connected to the insurance sector in the UK and US are most concerned about, according to a survey from Argo Group International Holdings. The resulting report, The Future of Insurance – 2018 Insights: Risks, Uncertainty and a Looming Talent Gap, also reveals widespread unease with the growing talent gap, as the…
Islamic finance remains small across the African continent, but real opportunities exist for substantial growth. According to a report from S&P Global Ratings: “Conducive economic and regulatory environments are the first step for the development of Islamic finance in any jurisdiction.” The ratings agency says African countries need stronger reforms to help the development of a local Islamic finance industry.…
Insurers may need to go back to the drawing board to cover new risks arising from the sharing economy that typically sees peers offering services via online sites, say Lloyd’s and Deloitte in analysis of the booming sector. To address these new risks insurers must rethink traditional cover, the study by the two organisations finds. Lloyd’s head of innovation, Trevor…
The EU should close gaps between member states’ drone regulations that currently restrict insurers’ ability to deliver risk-transfer solutions, said the industry’s federation Insurance Europe. In response to the EC’s consultation on technical standards for drones, Insurance Europe calls for a common framework to license, certificate, authorise and classify drone use at EU level. The European federation said insurers’ interest…
Businesses pushing through blockchain-driven projects risk new cyber vulnerabilities with some financial services companies, in particular, “rushing” such technology before checking blindspots in security systems, warns RSA Security…
Munich Re has teamed up with digital partners to set up, risk manage and insure smart factories to allow manufacturers to take advantage of Industry 4.0 developments. Germany-based KUKA, which supplies intelligent automation solutions, will develop the robot-based automated plants and Porsche-owned consultancy MHP will provide digital expertise and systems. Munich Re will complete the new business model with integrated…
The risk and insurance industry urgently needs better data and models to deal with ocean risk, Chip Cunliffe, director of sustainable development at XL Catlin, told CRE following his company’s inaugural Ocean Risk Summit. The event discussed and showcased new solutions to tackle a range of ocean risks from blue carbon resilience credits to the Ocean Risk Index and first…