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…

MGM Resorts insurers liable for $751m of potential $800m Las Vegas shooting settlement

MGM Resorts insurers liable for $751m of potential $800m Las Vegas shooting settlement

MGM Resorts insurers liable for $751m of potential $800m Las Vegas shooting settlement

Casino owner MGM Resorts International said its insurers would cover the majority of a potential $800m bill to settle lawsuits brought by victims of the October 2017 shooting at its Mandalay Bay hotel and casino in Las Vegas. While the potential losses are estimated at $800m, MGM said it has $751m in insurance cover and that such payments have been…

Moody’s says IFRS 17 unlikely to alter credit assessments

Moody’s says IFRS 17 unlikely to alter credit assessments

Moody’s says IFRS 17 unlikely to alter credit assessments

IFRS 17 will meaningfully affect some insurers’ reported profit and equity, but their underlying financial position will not change, according to Moody’s Investors Service. As a result, the new accounting standard is unlikely to alter its credit assessment in the vast majority of cases. Moody’s said IFRS 17, which is set to come into force in January 2022, is designed…

Glyphosate: a new toxic tort timebomb?

Glyphosate: a new toxic tort timebomb?

Glyphosate: a new toxic tort timebomb?

The global spotlight on glyphosate continues, following a third successive US court case finding that the world’s most popular pesticide is carcinogenic. Despite unresolved uncertainties in the scientific evidence, the case resulted in the highest damages award to date, highlighting the burgeoning risk in this developing litigation. Indeed, this may be the beginning of a new toxic tort that has…

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…

‘No bonfire’ of UK insurance regs post-Brexit but potential move towards principle-based rules, says FCA

‘No bonfire’ of UK insurance regs post-Brexit but potential move towards principle-based rules, says FCA

‘No bonfire’ of UK insurance regs post-Brexit but potential move towards principle-based rules, says FCA

There will be “no bonfire” of UK insurance regulations post-Brexit, but the Financial Conduct Authority (FCA) believes it is an opportunity to consider a move towards more principle-based, rather than detailed, rules, according to its director of general insurance and conduct specialist supervision. Addressing the British Insurance Brokers’ Association Conference this week, Karina McTeague also said the FCA continues to…

Clyde & Co opens Dublin office

Clyde & Co opens Dublin office

Clyde & Co opens Dublin office

Clyde & Co has opened an office in Dublin as a result of Brexit. The law firm said the move is to ensure its Irish law insurance practice can continue to operate seamlessly as the UK leaves the EU. England- and Ireland-qualified Clyde & Co insurance and reinsurance partner Garrett Moore will be based in the Dublin office, supported by…

Denmark updates terrorism insurance pool

Denmark updates terrorism insurance pool

Denmark updates terrorism insurance pool

There has been an update to the Danish terrorism insurance pool for non-life insurance, according to insurance premium tax specialists Impendulo. The ‘Act on a terror insurance scheme in the non-life insurance area’ will come into force on 1 July 2019. The reinsurance pool now has a total limit of DKK13.4bn. Impendulo said the scheme provides insurance coverage for property…

Egyptian insurance industry to develop sustainable insurance roadmap with UN Environment Programme

Egyptian insurance industry to develop sustainable insurance roadmap with UN Environment Programme

Egyptian insurance industry to develop sustainable insurance roadmap with UN Environment Programme

The Egyptian insurance industry has agreed a pioneering initiative to develop a national sustainable insurance strategy and action plan – described as a “roadmap” – by 2020. This roadmap aims to harness the triple role of the Egyptian insurance industry as risk managers, insurers and investors for economic, social and environmental sustainability. Insurance leaders and financial regulators, UN officials and…

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