Saudi Arabia’s new solvency framework, introduced in 2018, will drive consolidation among the country’s smaller insurance companies as minimum capital requirements increase, according to Fitch Ratings. It added that foreign participation in the sector is also likely to grow, as the Saudi Arabian Monetary Authority appears to be actively encouraging foreign investment. Fitch Ratings noted that the Saudi Arabian insurance…
The CEO of risk management federation FERMA, Typhaine Beaupérin, has been granted a term as a member of the European Insurance and Occupational Pensions Authority’s (EIOPA) Insurance and Reinsurance Stakeholder Group (IRSG), which feeds back on regulations, guidelines and recommendations. The two-and-a-half-year term affords the corporate insurance-buying community representation in the stakeholder group, which has a total of 30 members…
An updated terror model has been developed by RMS to include new and increasing threats, such as lone-wolf terrorist attacks. RMS said it expects more lone-wolf terror plots, particularly aimed at soft targets with public access such as hotels, transport hubs and night clubs with crowds of people and limited exit routes. The new model has also refined the Terrorism…
SCOR’s Jonathan Clark has been elected president of the Chartered Insurance Institute (CII) for 2018/19 at its AGM this week and will replace outgoing Lloyd’s CEO Inga Beale. Mr Clark was previously deputy president of the CII and will be replaced in this role by Nick Turner, director of NFU Mutual. Mr Clark has specialised in claims handling during his…
The primary causes of failures and near misses for EU non-life insurers are under-reserving and holding insufficient technical provisions, as well as inadequate or failed systems of corporate governance and overall control. This is according to a report titled Failures and near misses in insurance: Overview of the causes and early identification, published by the European Insurance and Occupational Pensions…
Last year saw the second-fewest large ships lost at sea in the past decade, which contributed to overall losses falling by a third during the same period as safety improves, according to Allianz Global Corporate & Specialty (AGCS)…
Insurers may need to go back to the drawing board to cover new risks arising from the sharing economy that typically sees peers offering services via online sites, say Lloyd’s and Deloitte in analysis of the booming sector. To address these new risks insurers must rethink traditional cover, the study by the two organisations finds. Lloyd’s head of innovation, Trevor…
Specialist insurance and reinsurance broker THB has named Ricardo Borges as managing director of its European division in Amsterdam, following the retirement of Paul Lindeboom at the end of July. Co-managing director Joaquim Caria, who with Mr Lindeboom has led the business since 1994, will step down as executive director but will remain at THB working on special projects. Mr…
