Despite a slowing world economy, global premiums are forecast to increase by 3% annually in real terms in 2020 and 2021, largely due to very strong demand in emerging Asia, particularly China. This is according to the Swiss Re Institute (SRI), which says that in China, non-life premiums are forecast to grow by 9% in 2020, and life premiums by…
A comprehensive set of reforms that will enable effective cross-border supervision of insurance groups has been announced by the International Association of Insurance Supervisors (IAIS). IAIS said it has adopted the first global frameworks for supervision of internationally active insurance groups and the mitigation of systemic risk in the insurance sector, which will contribute to global financial stability. The adopted…
South Korea has become the latest member of the International Association of Insurance Supervisors’ (IAIS) Multilateral Memorandum of Understanding (MMoU). The MMoU was signed by the Korea Financial Services Commission (FSC) and Korea Financial Supervisory Service (FSS). The MMoU is an international supervisory cooperation and information exchange agreement that promotes enhanced consumer protection. It sets minimum standards to which signatories…
Jason Keen has been appointed division president, Chubb Global Markets, with responsibility for the leadership, strategy and performance of Chubb Global Markets. He will assume his role early in the new year and report to David Furby, senior vice-president, Chubb Group and regional president, Chubb European Group. The appointment is subject to regulatory approval. Mr Furby said: “I am delighted…
Allianz Global Corporate & Specialty’s (AGCS) global head of financial lines Bernard Poncin has left the insurer “to pursue opportunities outside the company”, as yet another senior executive departs. Mr Poncin is replaced by Shanil Williams, who was previously global head of commercial for financial lines. Mr Poncin’s departure follows a series of unexpected changes at AGCS that suggest not…
The Institute of Risk Management (IRM) has added a supply chain risk management certificate to its qualification portfolio. The professional body said the new certificate will equip risk professionals with expertise in how to manage supply chains, identify and mitigate risks. Students will look at global outsourcing and digital disruption, and how risk management tools and techniques can be applied…
Pioneer Underwriters will close its Lloyd’s syndicate 1980 for the 2020 year of account, because the cost of capital is “no longer economically efficient”. The managing general agent (MGA) said Lloyd’s had approved its 2020 business plan that included a small increase in capacity, but since then it had concluded that the costs were simply too high. The syndicate closes…
AXA XL Insurance has launched a first-of-its-kind risk incubator to give much-needed structure and process to innovation in the risk and insurance space. The so-called ‘Cube’ aims to deliver a bespoke risk management, technology or insurance solution for a client within six weeks. “This is a unique proposition in the insurance market that addresses an underserved need and will help…
Tokio Marine Kiln (TMK) has named Matthew Shaw as chief underwriting officer. Mr Shaw will join TMK from Chubb, where he was divisional president of global markets, in the first half of next year. TMK’s deputy CEO Brad Irick said Mr Shaw “brings a wealth of experience in the specialist markets in which we operate within Lloyd’s and the broader…
Allianz Global Corporate & Specialty (AGCS) and Allianz have confirmed that Joachim Müller will become CEO of the group’s industrial lines insurer after Chris Fischer Hirs steps down on 30 November. Mr Müller is currently CEO of Allianz Versicherungs, the P&C insurer of Allianz Deutschland, and Allianz Beratungs-und Vertriebs (ABV), the sales company of Allianz Deutschland. Andreas Kanning, currently a board…