India: Insurance sector set for transformation says newly retired IRDAI chairman

India: Insurance sector set for transformation says newly retired IRDAI chairman

India: Insurance sector set for transformation says newly retired IRDAI chairman

The Indian insurance sector is on the cusp of a transformation, according to Dr Subhash Khuntia who retired from his position as chairman of India’s insurance regulator on 6 May, as first reported in Asia Insurance Review. In a message to the managing directors and CEOs life, non-life and health insurers, posted on the Insurance Regulatory and Development Authority website…

Eiopa chooses 44 insurers for Covid-19 stress test

Eiopa chooses 44 insurers for Covid-19 stress test

Eiopa chooses 44 insurers for Covid-19 stress test

Regulators will stress test Europe’s insurers and reinsurers to measure the impact of a prolonged Covid-19 scenario and a lower-for-longer interest rate environment on their capital and liquidity. The European Insurance and Occupational Pensions Authority (Eiopa) said the exercise, to be carried out by 44 selected insurers, will “shed light on the resilience of the European insurance sector”, with the…

Italian risk managers focus on changes to global trade terms

Italian risk managers focus on changes to global trade terms

Italian risk managers focus on changes to global trade terms

Risk and insurance managers need to take a close look at recent changes to Incoterms, the international commercial trade terms set by the International Chamber of Commerce, according to experts gathered by the Italian risk and insurance management association Anra and AXA XL for a recent webinar. Incoterms define the rights, obligations, risks and expenses related to the transfer of…

Ferma concerned corporate buyers are missing from Eiopa’s plans to boost insurance data sharing

Ferma concerned corporate buyers are missing from Eiopa’s plans to boost insurance data sharing

Ferma concerned corporate buyers are missing from Eiopa’s plans to boost insurance data sharing

Ferma has welcomed Eiopa’s consultation on opening up the insurance market to ensure greater sharing of insurance data, but is disappointed there is no reference to corporate buyers in the regulator’s position paper on the subject and has urged further investigation into removing regulatory barriers to sharing claims information. Ferma has submitted its response to Eiopa’s position paper, Open insurance:…

DAC Beachcroft appointed to Zurich’s APAC legal panel

DAC Beachcroft appointed to Zurich’s APAC legal panel

DAC Beachcroft appointed to Zurich’s APAC legal panel

DAC Beachcroft has been appointed to Zurich Insurance Group’s new large and complex claims legal panel for the Asia-Pacific (APAC) region. The appointment follows a successful proposition submitted jointly with leading Asia-Pacific insurance law firm Wotton + Kearney in Australia and New Zealand, with which DAC Beachcroft has worked closely for several years. James Morris, chairman of DAC Beachcroft’s claims…

Europe’s insurers call for EU’s VAT directive to be reformed

Europe’s insurers call for EU’s VAT directive to be reformed

Europe’s insurers call for EU’s VAT directive to be reformed

Insurance Europe is asking for the EU’s VAT directive to be reformed, calling it outdated and not correctly applicable to modern financial services. This puts the sector at a disadvantage compared to other sectors and it should be reformed to reduce hidden VAT and to increase the possibilities for VAT to be reclaimed by financial companies in general, and insurers…

EC pushes Aon-WTW decision into August

EC pushes Aon-WTW decision into August

EC pushes Aon-WTW decision into August

European competition regulators have pushed back their decision on Aon’s $30bn acquisition of Willis Towers Watson (WTW) into August, putting plans for a first half completion into further doubt. Aon and WTW put together a package of concessions to win regulatory approval in the EU, after concerns were raised about higher prices for commercial insurance buyers and negative effects on…

Aon-Willis asset sales won’t cut cost-savings goal: Aon CFO

Aon-Willis asset sales won’t cut cost-savings goal: Aon CFO

Aon-Willis asset sales won’t cut cost-savings goal: Aon CFO

Aon still thinks it will achieve its previously predicted $800m cost savings through the proposed purchase of rival Willis Towers Watson (WTW), even as regulators are expected to force various unit sales before approving the deal, Aon’s chief financial officer (CFO) has said. As first reported in Business Insurance, CFO Christa Davies, however, declined to comment on whether the $1.8bn…

UK warehouses at greater risk of fire from e-commerce boom warns insurer

UK warehouses at greater risk of fire from e-commerce boom warns insurer

UK warehouses at greater risk of fire from e-commerce boom warns insurer

Zurich has called for the wider use of sprinklers in UK warehouses describing the current government requirements as “inadequate” and potentially damaging to the economic gains from a rise in e-commerce. The shift to online shopping during the pandemic has led to a surge in demand for storage and distribution space from retailers. But it has been accompanied by an…

Aon set to get EC approval for WTW deal without further concessions

Aon set to get EC approval for WTW deal without further concessions

Aon set to get EC approval for WTW deal without further concessions

The EC is set to grant Aon conditional antitrust approval to acquire Willis Towers Watson (WTW) without further divestment concessions than those recently put forward, according to Reuters sources. Aon offered to sell some of WTW’s European businesses earlier this month to get its $30bn deal for the rival broker over the line. Following feedback from customers and rivals, Reuters…

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