China Re brings Chinese renewable energy risks to London

China Re brings Chinese renewable energy risks to London

China Re brings Chinese renewable energy risks to London

China Re, now the biggest reinsurance group in Asia and eighth globally by premium income, has announced the launch of a renewable energy consortium at Lloyd’s, to help support China’s massive national renewable power development project. The booming Chinese offshore sector has benefited from a commitment by President Xi Jinping to provide $360bn to renewable power development by 2020. The…

JBA and IDF partner for Sri Lanka flood data provision

JBA and IDF partner for Sri Lanka flood data provision

JBA and IDF partner for Sri Lanka flood data provision

UK-based catastrophe modelling firm JBA Risk Management has teamed up with the Insurance Development Forum (IDF) to improve access to flood risk data in Sri Lanka. JBA has released its Sri Lanka Flood Model on the ModEx platform, a risk modelling service provided by Nasdaq-subsidiary Simplitium. The release comes on the back of recent collaboration between the IDF and JBA…

Burning issues for environmental claims

Burning issues for environmental claims

Burning issues for environmental claims

There is a common view that environmental exposures are only really an issue for very large companies in certain sectors, notably oil and gas. But this stereotype does not stand up in the light of European environmental impairment liability claims that we are now seeing. Now in its second year, AIG’s European Environmental Impairment Liability (EIL) Claims Intelligence report reflects…

Peak Re launches first Asian reinsurance sidecar

Peak Re launches first Asian reinsurance sidecar

Peak Re launches first Asian reinsurance sidecar

Hong Kong-based reinsurer Peak Re has unveiled what it claims is the first reinsurance sidecar transaction in Asia, in news that underlines investor appetite for insurance-based risk as a source of alternative capital. The deal was made via newly formed and Bermuda-based special purpose insurer Lion Rock, which will provide collateralised retrocession for Peak Re’s global property reinsurance risk portfolio…

Liberty Specialty Markets names Bidard head of liability in France

Liberty Specialty Markets names Bidard head of liability in France

Liberty Specialty Markets names Bidard head of liability in France

Liberty Specialty Markets (LSM) has appointed Florence Bidard as head of liability for France with immediate effect. The move will help develop LSM’s general civil, professional civil and environmental liability books, the firm said. Ms Bidard will be based in Paris and report to Richard Deguettes, LSM’s general manager of France. Mr Deguettes said: “Our suite of liability solutions is…

New tax for environmental policies in Spain

New tax for environmental policies in Spain

New tax for environmental policies in Spain

Spain is introducing a new tax for environmental policies, according to insurance premium tax specialists Impendulo. The new tax, representing 8% of the premiums of the policies, is applicable from 1 November 2018. The first declaration is on 20 December 2018. According to Impendulo, this will need to be reported to the Consorcio de Compensación de Seguros with the following…

Japan’s top P&C insurers to pay out JPY1trn in 2018

Japan’s top P&C insurers to pay out JPY1trn in 2018

Japan’s top P&C insurers to pay out JPY1trn in 2018

A year of natural disasters has left Japan’s top three property and casualty (P&C) insurers with a bill expected to top JPY1trn ($8.7bn) by the end of the fiscal year, raising the prospect of a hike in premiums for the first time in years. The payments are likely to total more than $3.51bn from MS&AD Insurance and $2.63bn from Tokio…

Verisk report examines evolving environmental and technological risks

Verisk report examines evolving environmental and technological risks

Verisk report examines evolving environmental and technological risks

Data analytics provider Verisk has released a study examining the significant risks and trends that could seriously impact the businesses of insurers and risk managers, from environmental changes and technological developments to their potential effects on humans and society. The report, Insurance Perspectives on Evolving Risks, looks across geographic and disciplinary borders to examine themes ranging from climate- and weather-related…

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