Solvency II review could see companies excluded from aspects of regime under proportionality: EIOPA

Solvency II review could see companies excluded from aspects of regime under proportionality: EIOPA

Solvency II review could see companies excluded from aspects of regime under proportionality: EIOPA

EIOPA’s upcoming Solvency II review could, for the first time, see some companies excluded entirely from certain aspects of the regime under its proportionality principle, Ana Teresa Moutinho, the regulator’s head of supervisory processes department, told a Ferma webinar. A consultation on the review that will check whether captives are being treated proportionally under Solvency II and make improvements if…

EIOPA calls for strengthening of insurance sector regulation

EIOPA calls for strengthening of insurance sector regulation

EIOPA calls for strengthening of insurance sector regulation

Regulation of the insurance sector should be strengthened, according to the European Insurance and Occupational Pensions Authority (EIOPA) in its recently released 2018 Annual Report. The report sets out its activities and achievements of the past year, as well as looking ahead. “EIOPA believes its regulation should be strengthened, in particular by an improved follow-up of the evaluations of supervisory…

Risk managers should grasp opportunity provided by risk reporting trend, says Airmic

Risk managers should grasp opportunity provided by risk reporting trend, says Airmic

Risk managers should grasp opportunity provided by risk reporting trend, says Airmic

Risk managers should use rising risk reporting requirements to raise their profile and reach out to other business functions, according to Airmic. UK companies have been subjected to a slew of new reporting requirements, many of which are focused on risk. Listed or large companies are now required to report on gender pay, modern slavery in the supply chain, executive…

Gallagher completes acquisition of JLT’s aerospace business

Gallagher completes acquisition of JLT’s aerospace business

Gallagher completes acquisition of JLT’s aerospace business

Gallagher has completed its acquisition of JLT’s global aerospace operations. The $5.6bn deal will see all 250 of JLT’s aerospace staff move to Gallagher. The deal enabled Marsh’s acquisition of JLT to go ahead, after concern from the EC’s antitrust authorities. Gallagher’s expanded global aerospace operations will now have a specialist presence and offices in the UK, continental Europe, North…

Sompo International to grow EEA business

Sompo International to grow EEA business

Sompo International to grow EEA business

Sompo International, the Bermuda-based specialty insurer, is looking to grow its portfolio in Europe, according to Thomas Brazil, CEO of SI Insurance (Europe). “Europe is a strategic market for Sompo and we continue to expand our product offerings to our EEA clients. New professional lines capabilities in Germany complement our property, casualty and marine offerings and further enhance SI Insurance…

AI creates new risks one year on from GDPR: Marsh

AI creates new risks one year on from GDPR: Marsh

AI creates new risks one year on from GDPR: Marsh

The EU’s General Data Protection Regulation (GDPR) has amassed €56m in fines and brought 200,000 cases in 31 countries during its first nine months, according to figures by Marsh. The broker said enforcement shows the regulation has reach beyond data breach notification and warned that the use of AI will create new GDPR risks. Google was fined €50m by French…

Moody’s expects further insurance consolidation in Europe

Moody’s expects further insurance consolidation in Europe

Moody’s expects further insurance consolidation in Europe

Further consolidation is expected in the European insurance sector following a number of significant M&A deals in 2018, according to Moody’s Investors Service. Moody’s pointed to closed book deals on the life side, and restricted opportunities for organic growth on the P&C side. Dominic Simpson, vice president, senior credit officer at Moody’s, said: “With organic growth difficult to achieve in…

Solvency II review is opportunity to improve design and calibration, says Insurance Europe

Solvency II review is opportunity to improve design and calibration, says Insurance Europe

Solvency II review is opportunity to improve design and calibration, says Insurance Europe

The first major review of Solvency II is an opportunity to make the improvements needed to the design and calibration of the framework, according to Insurance Europe. In the foreword to its Annual Report 2018–2019, Michaela Koller, director general, and Andreas Brandstetter, president, say the coming year will be a crucial one for the EU’s insurance regulatory regime. “Addressing deficiencies…

Bermuda removed from EU tax blacklist, but remains on ‘grey’ list

Bermuda removed from EU tax blacklist, but remains on ‘grey’ list

Bermuda removed from EU tax blacklist, but remains on ‘grey’ list

Bermuda’s (re)insurance and risk community breathed a collective sigh of relief after the country was removed from the European Union’s tax blacklist, but it remains on a ‘grey’ list until concerns are fully addressed. On Friday, the EU’s Economic & Financial Affairs Council (ECOFIN) said Bermuda, along with Aruba and Barbados, will be removed from a list of non-cooperative tax…

Marsh index reports continuing global commercial insurance price increases

Marsh index reports continuing global commercial insurance price increases

Marsh index reports continuing global commercial insurance price increases

Average global commercial insurance prices increased 3% in the first quarter of 2019, according to Marsh’s Global Insurance Market Index. It is the largest increase since the index began in 2012 and the sixth consecutive quarter of rising prices. The index reveals that composite pricing in the first quarter of 2019 increased in all global regions for the second consecutive…

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