EMEA cyber claims escalate in 2017: AIG

EMEA cyber claims escalate in 2017: AIG

EMEA cyber claims escalate in 2017: AIG

AIG’s EMEA division dealt with as many cyber claims in 2017 as the previous four years combined, partly driven by increased claims frequency, according to new figures. The unit said specialist claims staff handled the equivalent of one cyber insurance claim for every working day last year. Ransomware was found to be the major loss driver. It accounted for 26%…

Insurtech investments at record high as hybrid models set new trend

Insurtech investments at record high as hybrid models set new trend

Insurtech investments at record high as hybrid models set new trend

Investment in insurtech deals increased to $724m in the first quarter of 2018, up 16% on last year, according to Willis Towers Watson’s latest insurtech report. The number of insurtech deals hit a record high at 66 in the quarter, while transaction size also recorded an increase with seven $30m-plus investments. Willis Towers Watson says the line between insurtech funding…

Regulatory and political risk tops insurance CFOs’ concerns, Moody’s survey finds

Regulatory and political risk tops insurance CFOs’ concerns, Moody’s survey finds

Regulatory and political risk tops insurance CFOs’ concerns, Moody’s survey finds

European insurers have placed regulatory and political risk as their number one concern, according to the 2018 edition of Moody’s’ annual survey of leading insurers’ chief financial officers (CFOs). Moody’s said this was driven by a recent proliferation of regulatory initiatives, including the MIFID II regime, the IFRS17 accounting standard, and the General Data Protection Regulation. The ratings agency said…

Further M&A activity in the re/insurance sector expected, says Hogan Lovells

Further M&A activity in the re/insurance sector expected, says Hogan Lovells

Further M&A activity in the re/insurance sector expected, says Hogan Lovells

There will be further consolidation in the reinsurance and P&C sectors and continuing private equity activity will remain at the forefront of mergers and acquisitions (M&A) in 2018, according to Hogan Lovells. A new paper from the law firm, Insurance M&A 2017/2018, states that overall, insurance M&A activity during 2017 could be characterised as a case of quality over quantity,…

UK insurers remain uncertain over approach to key Solvency II requirements

UK insurers remain uncertain over approach to key Solvency II requirements

UK insurers remain uncertain over approach to key Solvency II requirements

Significant uncertainty remains in the UK insurance industry concerning the approach to key Solvency II requirements, according to a survey by Willis Towers Watson. The survey of 39 property and casualty (P&C) insurers in the UK, with a combined underwriting value of more than £10bn of premiums and in excess of £24bn of reserves in 2017, found that 80% agreed…

Cybercriminals target mobile apps

Cybercriminals target mobile apps

Cybercriminals target mobile apps

Cybercriminals are increasingly using mobile apps, disposable devices and fake social media accounts to carry out fraud and avoid detection, according to a new report by RSA Security. The report tracks a 63% rise in the use of mobile apps to conduct fraudulent transactions globally between Q1 2017 and Q1 2018, and a rise of 680% since 2015. The study,…

UNIQA’s Andreas Brandstetter named president of Insurance Europe

UNIQA’s Andreas Brandstetter named president of Insurance Europe

UNIQA’s Andreas Brandstetter named president of Insurance Europe

Andreas Brandstetter, CEO and chairman of Austria’s UNIQA Insurance Group, has been elected president of Insurance Europe, the European insurance and reinsurance federation, for a three-year term. Mr Brandstetter was elected at Insurance Europe’s general assembly in Madrid yesterday. The Austrian has led UNIQA since 2011, having joined the composite insurer in 1997. UNIQA is active in 18 European countries.…

Many companies fail to meet GDPR compliance in time

Many companies fail to meet GDPR compliance in time

Many companies fail to meet GDPR compliance in time

As the General Data Protection Regulation (GDPR) comes into force tomorrow, research continues to suggest that many companies are not compliant with the new rules, with some insurers also struggling to shape up. Ferma has taken the opportunity to remind members that the risk is an enterprise-wide, strategic issue that demands board involvement and strong governance. The seemingly endless build…

AXA works with Rolls-Royce on unmanned shipping risks

AXA works with Rolls-Royce on unmanned shipping risks

AXA works with Rolls-Royce on unmanned shipping risks

AXA Corporate Solutions has announced that it is working with Rolls-Royce to develop risk management products for unmanned ships. Using Rolls-Royce Ship Intelligence systems and products, which include onboard sensors and data streaming, and AXA Corporate Solution’s risk analytics, the new partnership will look at ways to support the marine industry with future technological changes. For now, Rolls-Royce data will…

Lloyd’s granted licence to begin underwriting in Brussels from 2019

Lloyd’s granted licence to begin underwriting in Brussels from 2019

Lloyd’s granted licence to begin underwriting in Brussels from 2019

Lloyd’s’ application for a Brussels subsidiary to counter Brexit risks has been approved by Belgium’s regulator, the National Bank of Belgium. Lloyd’s Insurance Company SA (Lloyd’s Brussels) will write non-life risks for clients in the European Economic Area (EEA) from 1 January 2019 and has named Vincent Vandendael as CEO. Lloyd’s said the move gives certainty to insurance buyers in…

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