The potential for larger passenger numbers on public transport as lockdown restrictions ease could raise the potential for terrorist attacks, according to UK terrorism reinsurer Pool Re. In the first of a new series of sector risk reports, Pool Re says transport remains an “attractive target” for terrorists, adding that lockdown has also increased the threat of self-radicalisation. “The return…
The Indian insurance sector is on the cusp of a transformation, according to Dr Subhash Khuntia who retired from his position as chairman of India’s insurance regulator on 6 May, as first reported in Asia Insurance Review. In a message to the managing directors and CEOs life, non-life and health insurers, posted on the Insurance Regulatory and Development Authority website…
The EU and China have consistently strengthened their relationship across the financial services sector since the 2008-2009 financial crisis, despite an increasingly challenging diplomatic backdrop between these two economic superpowers, according to a joint study conducted by Luxembourg for Finance and PwC Luxembourg. As far as insurance is concerned, the report, Beyond the challenges: the strength of Sino-European ties, notes…
The EU has put in place new funding to strengthen the bloc’s response to natural and manmade disasters, including pandemics, under the existing civil protection mechanism. The European Council said the Covid-19 pandemic had tested the scheme to its limit and said “we need to go further”. Under the new rules adopted by the European Council, funding for the mechanism…
The hardening insurance market and a reduction in coverage as a result of Covid 19 are leading more companies to consider self-insurance. And with a greater range of options available to companies, from reinsurance captives to direct captives to protected cell companies, there has never been a better time to consider a captive. This was the view of two leading…
In the food, beverage and agriculture sector, there are some obvious risks, such as spillages of sewage or slurry. But there are other risks to consider too – for example, food and drink such as orange juice or milk can be pollutants if they escape into water supplies, can affect the oxygen levels in water, and can kill fish and…
The first test of the security levels of networks, information systems and IT services within some 100 organisations in critical parts of the Italian economy will be rolled out in mid-June. This forms part of the National Cyber Security Perimeter initiative, which was defined in Decree No. 105, 2019. It forms part of a wider Italian and EU effort to bolster…
AIG has said it will launch an IPO to sell a 19.9% stake in its life unit as part of its plan to split the group into separate life and P&C businesses, rather than sell the stake to potential bidders. Speaking to analysts following its Q1 2021 results announcement, new CEO Peter Zaffino said AIG had considered interest from other…
Regulators will stress test Europe’s insurers and reinsurers to measure the impact of a prolonged Covid-19 scenario and a lower-for-longer interest rate environment on their capital and liquidity. The European Insurance and Occupational Pensions Authority (Eiopa) said the exercise, to be carried out by 44 selected insurers, will “shed light on the resilience of the European insurance sector”, with the…
Cybersecurity in Italy has been making big strides forward and the month of June will mark a milestone. The first test on the security levels of networks, information systems and IT services of strategic organisations for the country will go live, commencing on 23 June. This is the first step to define and test models that will later be rolled out…