Focus on US not emerging markets, LMA chair tells Lloyd’s

Focus on US not emerging markets, LMA chair tells Lloyd’s

Focus on US not emerging markets, LMA chair tells Lloyd’s

Lloyd’s should focus on the US rather than emerging economies, according to Andrew Brooks, the incoming chair of the Lloyd’s Market Association, reported in the Financial Times. Mr Brook told the Financial Times that Lloyd’s should be making bigger efforts in the US: “By focusing on those developing countries so heavily, we’ve lost traction in our key market of North…

Automatic enrolment – a pensions success, backed by increasing enforcement

Automatic enrolment – a pensions success, backed by increasing enforcement

Automatic enrolment – a pensions success, backed by increasing enforcement

In the UK, automatic enrolment into pension schemes started in October 2012. Phased in for five years, all employers must ensure that their workers/employees – aged between 22 and state pension age and earning more than £10,000 a year – are now enrolled into a suitable pension scheme. Even though it has been declared a success, as with all legal…

High nat cat frequency delivers third-highest insured loss in eight years: Willis Re

High nat cat frequency delivers third-highest insured loss in eight years: Willis Re

High nat cat frequency delivers third-highest insured loss in eight years: Willis Re

A large number of midsized natural catastrophes drove 2018 insurance losses to $71.5bn, the third highest in the past eight years and above the annual average of $65.5bn since 2011, said Willis Re in its annual nat cat review. Willis Re said 2018 was “unusual” because a series of smaller catastrophes, rather than one large event, pushed the insured total…

European Parliament report on review of European supervisory authorities

European Parliament report on review of European supervisory authorities

European Parliament report on review of European supervisory authorities

Insurance Europe has largely welcomed the European Parliament’s Economics and Finance Committee’s (ECON) report on the review of European supervisory authorities, including the European Insurance and Occupational Pensions Authority (EIOPA). However, it said concerns remain about proposed governance changes. “We welcome several of the proposals in the report, which could make EIOPA more accountable and give it a clearer mandate,”…

Nat cats top $1bn at Swiss Re in Q4

Nat cats top $1bn at Swiss Re in Q4

Nat cats top $1bn at Swiss Re in Q4

Swiss Re said natural catastrophe losses during Q4 2018 totalled $1bn with an additional $300m from man-made events during the quarter, raising its full-year 2018 catastrophe claims to an estimated $2.9bn, before tax and net of retrocession. The Camp and Woolsey wildfires in California recorded the highest losses for Swiss Re during the last quarter of 2018, with claims expected…

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