GRM Legal & Regulation
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Vietnam launches new insurance market development strategy
The Vietnamese government has formulated the Strategy for the Development of Vietnam’s Insurance Market to 2030, with the goal of…
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Lloyd’s updates cyber war clauses
The Lloyd’s Market Association (LMA) has released updated cyber war and cyber operation clauses. The updated clauses meet Lloyd’s market…
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UK’s PRA stress tests show insurance sector reliance for natcats and cyber
The UK’s Prudential Regulation Authority (PRA) has said UK general insurers are resilient to nat cat and cyber loss scenarios,…
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Moody’s upgrades Zurich’s outlook as P&C recovery completed
Moody’s has affirmed the Aa3 insurance financial strength rating (IFSR) of Zurich Insurance and changed its outlook from stable to…
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Best puts Canopius’s ratings on negative outlook
AM Best has changed its outlook of Canopius US Insurance’s and Canopius Reinsurance’s A- financial strength from stable to negative,…
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Bank of England concerns will stiffen carriers resolve on pricing
The Bank of England this week told insurers under its supervision it expects them to factor in social inflation and…
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IAIS publishes 2023 Roadmap with focus on insurance capital standard
The International Association of Insurance Supervisors (IAIS) will focus on finalising the development of global standards, in particular the insurance…
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Indian regulator tells carriers to stop using burning cost rates
The Indian insurance regulator, IRDAI, has reportedly written to property insurers and reinsurers asking them to stop including the burning…
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Insurance industry launches campaign to take on US plaintiff bar and combat social inflation
Zurich told Commercial Risk that it is making progress on a campaign to bring insurers and other parties together to…
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Time to get back on the front foot
This has been quite a year for the European and global risk and insurance management community, and I am sure…
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Indonesian parliament approves mandate to shore up insurance sector following defaults
The Indonesian parliament’s approval of Indonesia Insurance Deposit Corporation’s (LPS) new mandate to guarantee insurance policies will help to restore…
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AM Best upgrades HDI’s credit ratings
AM Best has upgraded the credit ratings of HDI and its rated subsidiaries on the back of “very strong” balance…
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Insurers warn that Product Liability Directive revision would negatively impact availability of cover
The European Commission’s proposal to revise the Product Liability Directive (PLD), alongside its planned Artificial Intelligence (AI) Liability Directive, would…
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Moderate systemic risk in insurance sector, says IAIS report
The International Association of Insurance Supervisors (IAIS) says systemic risk in the insurance sector on aggregate remains moderate but there…
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ESG-related litigation on the rise in Europe
Corporate Europe has been far more successful in its efforts to resist the kind of litigation persistently faced by its…
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African Risk Capacity launches parametric cover for epidemic risks
African Risk Capacity (ARC), the mutual created by the African Union (AU) to help member states better prepare for and…
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Financial Stability Board endorses IAIS holistic framework and drops G-SII identification
The Financial Stability Board (FSB) is to discontinue the annual identification of global systemically important insurers (G-SIIs) in favour of…
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Beazley Syndicate 5623 granted Lloyd’s approval for full syndicate status
Lloyd’s has granted approval for Beazley’s Smart Tracker Syndicate 5623 to move to full syndicate status, effective 1 January 2023.…
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Hong Kong sets out development roadmap for insurance sector
The Hong Kong government has announced a development roadmap for the insurance sector, with the aim of further developing Hong…
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Risk management and insurer groups urge US cyber backstop
A potential federal backstop for commercial cyber insurance markets in the wake of a catastrophic cyber event has drawn support…