IAIS calls for patience on global regs as risk associations urged to step in

IAIS calls for patience on global regs as risk associations urged to step in

IAIS calls for patience on global regs as risk associations urged to step in

Manuela Zweimueller, head of supervisory practices at the International Association of Insurance Supervisors (IAIS), has told multinational insurance buyers not to expect the supervisory body to magically fix problems with global programme regulations anytime soon, but said it is starting to raise awareness of various issues with regulators. This prompted other experts at our latest conference to urge insurance buying…

IAG raises new equity as Australia’s BI test case finds in favour of policyholders

IAG raises new equity as Australia’s BI test case finds in favour of policyholders

IAG raises new equity as Australia’s BI test case finds in favour of policyholders

Australian insurer IAG said it will raise $750m in new equity after the Supreme Court of New South Wales (NSW) put insurers back on the hook for business interruption (BI) payments to policyholders affected by the Covid-19 crisis. The judgment found pandemic exclusions in BI policies, particularly those that refer to Australia’s Quarantine Act rather than the new Biosecurity Act,…

Suncorp adds $125m to BI reserves after Victoria’s Covid-19 lockdown

Suncorp adds $125m to BI reserves after Victoria’s Covid-19 lockdown

Suncorp adds $125m to BI reserves after Victoria’s Covid-19 lockdown

Australian insurer Suncorp has set aside a further $125m in reserves for potential business interruption (BI) claims following the second Covid-19 lockdown in Victoria, raising its total provision for BI pandemic losses to $195m. Booked to the first half of 2021, ending December 2020, the additional reserves follow $70m in provisions for BI claims linked to Covid-19 up to the…

Tough times ahead as Asia emerges from the pandemic

Tough times ahead as Asia emerges from the pandemic

Tough times ahead as Asia emerges from the pandemic

Patrick Chan, director and general manager of Nova Risk Services Holdings and board member of Brokerslink, spoke to Liz Booth about the challenges of doing business through the Covid-19 pandemic… In Asia, insurers have recently been extending coverage on existing health insurance policies to cover treatment costs or provide Covid-19-specific death cover, according to one leading broker. Patrick Chan, director and…

The real risks of 5G

The real risks of 5G

The real risks of 5G

Fifth-generation (5G) wireless technology promises to revolutionise communication and data transmission globally, heralding a new age of connectivity. Recently, circulating conspiracy theories regarding 5G and coronavirus have seen masts attacked and a backlash across social media. Although there is no credence to this fake news, there do appear to be some legitimate concerns with this developing technology, driving changes in…

Sharma urges insurance industry to deliver standard FINC wording

Sharma urges insurance industry to deliver standard FINC wording

Sharma urges insurance industry to deliver standard FINC wording

Praveen Sharma, managing director of Marsh’s insurance regulatory and tax consulting practice, has told Commercial Risk’s first virtual conference that the time has come for the insurance industry to come together and agree on a standard financial interest clause (FINC) wording to end some of the confusion and ambiguity over their use. A FINC covers the parent company for a…

India’s insurance regulator mulls pandemic risk pool

India’s insurance regulator mulls pandemic risk pool

India’s insurance regulator mulls pandemic risk pool

The Insurance Regulatory and Development Authority of India (IRDAI) is looking at the introduction of a pandemic risk pool. A working group has produced a report for the IRDAI, which recommends the formation of an Indian pandemic risk pool “to address losses and unsettlement caused to the informal and low-income sectors of society, and serve as a medium of providing…

Changing tariffs affect Indian global property programme local policies, says Willis Towers Watson

Changing tariffs affect Indian global property programme local policies, says Willis Towers Watson

Changing tariffs affect Indian global property programme local policies, says Willis Towers Watson

Global property programme local policies in India will require increased attention as a result of changing tariffs in the Indian insurance market, according to a whitepaper from Willis Towers Watson. The paper notes that while some tariffs were reduced, most have increased as a result of property tariffs issued by the General Insurance Council. The paper, authored by Disha Sahni,…

Hong Kong’s group capital rule will enhance insurance supervision

Hong Kong’s group capital rule will enhance insurance supervision

Hong Kong’s group capital rule will enhance insurance supervision

Hong Kong’s proposed group capital rule (GCR) will be beneficial to the group-wide risk and capital management culture of insurance entities, according to AM Best. The proposed regulation would augment the current regulatory framework to allow Hong Kong’s Insurance Authority (IA) to monitor multinational insurance groups on a group basis. Best said it will enhance the regulator’s supervision of insurance…

Introduction of coinsurance for interest rate risk in Korea needs to be watched

Introduction of coinsurance for interest rate risk in Korea needs to be watched

Introduction of coinsurance for interest rate risk in Korea needs to be watched

The introduction of new rules to allow South Korean insurers to use coinsurance to cover interest rate risk as well as pure underwriting risk will clearly help alleviate capital pressures on the sector that have been exacerbated by the impact of the Covid-19 pandemic. But credit ratings agencies will monitor how the new rules will be used to make sure…

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