Risk managers in German financial sector must prepare for closer BaFin scrutiny in 2020

Risk managers in German financial sector must prepare for closer BaFin scrutiny in 2020

Risk managers in German financial sector must prepare for closer BaFin scrutiny in 2020

BaFin, the German insurance supervisory authority, will focus on IT and cyber risks, digitalisation, the fight against financial crime and sustainability of business models in the year ahead, according to its president Felix Hufeld. The former CEO of Marsh Germany from 2001 to 2010, he also believes that the risk-based approach to regulation, including the principle of proportionality that allows…

BaFin to investigate German insurers after finding problems with financial adequacy systems

BaFin to investigate German insurers after finding problems with financial adequacy systems

BaFin to investigate German insurers after finding problems with financial adequacy systems

The German insurance supervisory authority BaFin will this year carry out a survey of non-life and life insurers to find out whether they have adequate systems in place to spot deteriorating financial positions that may require regulatory intervention. The decision has been made because a pilot survey carried out last year among 14 life insurers and two pension funds found…

Six VW staff charged in diesel emissions probe

Six VW staff charged in diesel emissions probe

Six VW staff charged in diesel emissions probe

A further six Volkswagen (VW) managers and staff have been charged with fraud for their part in the diesel emissions scandal, taking the total number to 11. German prosecutors said three VW managers played an active role in the fraud, where software devices were fitted to pass diesel emission tests, while three staff members are accused of helping with the…

VW in talks with German consumer group to settle diesel pollution claims

VW in talks with German consumer group to settle diesel pollution claims

VW in talks with German consumer group to settle diesel pollution claims

German auto manufacturer Volkswagen confirmed yesterday that it is in talks to discuss a settlement with German vehicle owners, who are suing the carmaker over excessive pollution caused by its diesel cars, according to news agency Reuters. VW admitted to using manipulated engine management software to mask excessive pollution levels in its diesel cars back in 2015. This led to…

European D&O market hardening set for 2020 as companies struggle to complete programmes

European D&O market hardening set for 2020 as companies struggle to complete programmes

European D&O market hardening set for 2020 as companies struggle to complete programmes

The European D&O market has hardened throughout the year with some companies now struggling to find capacity for large or difficult risks, according to Elke Vagenende, head of western Europe for FINEX at Willis Towers Watson (WTW) who expects this trend to continue throughout 2020. This could lead to budget problems for any risk managers that have not yet taken…

M&A insurance take-up resilient despite fall in EMEA deals: Aon

M&A insurance take-up resilient despite fall in EMEA deals: Aon

M&A insurance take-up resilient despite fall in EMEA deals: Aon

The value of mergers and acquisitions (M&A) in the EMEA region fell during the first half of this year, yet Aon said insurance bought to cover these transactions has remained resilient. Despite this, the broker has challenged the insurance market to develop more innovative solutions. In a new report with Mergermarket, Aon said 3,962 M&As were reported in the EMEA…

Zurich and German government will meet €287m Thomas Cook Germany claims

Zurich and German government will meet €287m Thomas Cook Germany claims

Zurich and German government will meet €287m Thomas Cook Germany claims

The German government has said it will step in to compensate Thomas Cook Germany holidaymakers after claims from the company’s bankruptcy reached €287.4m and exceeded insurance limits under a contract with Zurich Insurance. Zurich said it is liable for a total of €110m in claims. More than half (€59.6m) has already been spent on repatriating travellers when the firm filed…

Global P&C insurers hold on to stable outlook for 2020

Global P&C insurers hold on to stable outlook for 2020

Global P&C insurers hold on to stable outlook for 2020

The global property and casualty (P&C) industry has retained its stable outlook for 2020, despite increasing claims costs and low investment returns pressuring profits, according to ratings agency Moody’s. Economic growth, though slowing down, coupled with solid levels of capitalisation and “constructive” pricing trends have driven the stable outlook, Moody’s said. The top five markets by premium – the US,…

Fitch predicts premium income and profitability growth for German non-life insurers

Fitch predicts premium income and profitability growth for German non-life insurers

Fitch predicts premium income and profitability growth for German non-life insurers

In the face of dwindling investment returns, German non-life insurers are likely to continue increasing their premium income in 2020 to maintain profitability, according to Fitch Ratings. The ratings agency said the outlook for the German non-life insurance sector remains stable, reflecting its expectation that insurers will achieve premium growth sufficient to maintain good profitability. “However, we expect motor new…

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Company executives are facing five “megatrends” that are set to create a heightened risk environment for D&O liability in 2020 and further challenge the profit margins of D&O insurers, according to Allianz Global Corporate & Specialty (AGCS), which said it has seen double-digit growth in D&O claims in the past five years. ‘Bad news’ or event-based claims have driven a…

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