Insurance Europe responds to IAIS on systemic insurance risk

Insurance Europe responds to IAIS on systemic insurance risk

Insurance Europe responds to IAIS on systemic insurance risk

Insurance Europe has published its response to a consultation by the International Association of Insurance Supervisors (IAIS) on systemic risk, pointing out that conventional insurance is not systemically risky. It adds that systemic risk “can only originate from a very limited number of activities undertaken on a large scale in the wrong conditions”. As a result, a greater focus by…

Growing Brexit liability risk as validity of insurance questioned: Mactavish

Growing Brexit liability risk as validity of insurance questioned: Mactavish

Growing Brexit liability risk as validity of insurance questioned: Mactavish

Mactavish said companies, including directors and officers, face a growing threat of being sued for failing to prepare for no-deal Brexit and warned many related insurance claims could be rejected. The insurance governance firm said companies face “major” liability risks over failing to adequately prepare for Brexit. Many investors, suppliers and other stakeholders will sue a company if it is…

Arch ‘very relaxed’ about Brexit as it reveals further UK expansion via Barbican

Arch ‘very relaxed’ about Brexit as it reveals further UK expansion via Barbican

Arch ‘very relaxed’ about Brexit as it reveals further UK expansion via Barbican

Marc Grandisson, president and CEO of Bermuda-based international (re)insurer Arch Capital, told analysts he is “very relaxed” about Brexit as the group announced an agreement to acquire Lloyd’s underwriting group Barbican. This is the third UK acquisition made by Arch this year. In January, it completed the acquisition of the UK commercial lines business owned by The Ardonagh Group and…

Ferma urges proportionality for captives in Solvency II changes to tackle sustainability

Ferma urges proportionality for captives in Solvency II changes to tackle sustainability

Ferma urges proportionality for captives in Solvency II changes to tackle sustainability

Ferma has told the European Insurance and Occupational Pensions Authority (EIOPA) it is concerned about potential moves to introduce sustainability rules for captives under Solvency II, and urged the authorities to give such vehicles the benefit of proportionality and potential exemption from future changes to the regulation. Responding to EIOPA’s consultation on integrating sustainability within Solvency II, Ferma raised concerns…

AIG creates sustainability role as it publishes first climate disclosure report

AIG creates sustainability role as it publishes first climate disclosure report

AIG creates sustainability role as it publishes first climate disclosure report

AIG has appointed Jennifer Waldner to a newly created chief sustainability officer position, where she will lead and implement a sustainability strategy across the firm. Ms Waldner begins the role immediately and will report to Thomas Leonardi, AIG’s executive vice-president. AIG said the new role coincides with its inaugural Task Force on Climate-related Financial Disclosures (TCFD) report. It aims to provide…

Brexit concern rises at UK insurers: LCP survey

Brexit concern rises at UK insurers: LCP survey

Brexit concern rises at UK insurers: LCP survey

The number of UK insurance firms reporting Brexit as a key risk to their solvency has doubled during the past 12 months, up from 33% to 64%, according to actuarial firm Lane Clark & Peacock (LCP). Other key risks such as accounting standard IFRS17 and climate change ranked behind Brexit, LCP said on releasing its third annual survey of Solvency…

Moody’s says no-deal Brexit risk increased by election of Johnson

Moody’s says no-deal Brexit risk increased by election of Johnson

Moody’s says no-deal Brexit risk increased by election of Johnson

Moody’s Investors Service said the chances of a no-deal Brexit have increased following the election of Boris Johnson as Conservative party leader. Following the rise to power of pro-Brexit Mr Johnson, Moody’s said the likelihood of a sustainable Brexit compromise looks lower. Mr Johnson has already threatened to leave the EU on 31 October “do or die”, with or without…

Will diesel emissions fuel a rise in personal injury claims?

Will diesel emissions fuel a rise in personal injury claims?

Will diesel emissions fuel a rise in personal injury claims?

Evidence of the harmful effects of diesel emissions is growing, resulting in it being likened to another toxic ‘timebomb’. These developments are likely to require corporates and their insurers to reconsider their approach to this developing risk. A new inquest into the passing of a child who died from asthma was recently ordered, following evidence that the death may be…

Airmic says Ogden rate change to -0.25% will disappoint large commercial insurance buyers

Airmic says Ogden rate change to -0.25% will disappoint large commercial insurance buyers

Airmic says Ogden rate change to -0.25% will disappoint large commercial insurance buyers

This week’s change to the UK’s Ogden personal injury compensation rate has taken many by surprise and will disappoint large commercial insurance buyers, Airmic told CRE. It added its voice to those of insurers and other market players that warn the rate change to -0.25% from -0.75% is not enough to prevent overcompensation and will impact the cost of insurance.…

GDPR fines wakeup call for risk managers who must retest plans: Airmic

GDPR fines wakeup call for risk managers who must retest plans: Airmic

GDPR fines wakeup call for risk managers who must retest plans: Airmic

The two record GDPR fines proposed last week prove that companies must take this risk seriously and are a wakeup call for risk managers to test processes and responses, according to Airmic. Julia Graham, the association’s technical director and deputy CEO, also told Commercial Risk Europe that she is not surprised by the size of the intended fines. It was…

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