Legal & Regulation
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Vietnam launches new insurance market development strategy
The Vietnamese government has formulated the Strategy for the Development of Vietnam’s Insurance Market to 2030, with the goal of…
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BIBA calls on FCA to lower record-high regulatory costs on UK brokers
UK broking association BIBA has called on the country’s financial regulator to lower the sector’s regulatory burden as it revealed…
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Swiss risk managers face up to new ESG reporting rules
Switzerland risk managers at firms regulated by the Swiss Financial Market Supervisory Authority (Finma) must get up to speed on…
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Lloyd’s updates cyber war clauses
The Lloyd’s Market Association (LMA) has released updated cyber war and cyber operation clauses. The updated clauses meet Lloyd’s market…
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UK’s PRA stress tests show insurance sector reliance for natcats and cyber
The UK’s Prudential Regulation Authority (PRA) has said UK general insurers are resilient to nat cat and cyber loss scenarios,…
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European business calls for ‘realism’ on due diligence proposal
A group of leading European business organisations including BusinessEurope, Ecoda and Insurance Europe have joined forces to tell the EU…
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Europe’s risk managers need to act as EU ramps up cyber resilience rules
Europe’s risk managers will need to become more involved in their organisations’ cyber security strategies as the EC steps up…
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Moody’s upgrades Zurich’s outlook as P&C recovery completed
Moody’s has affirmed the Aa3 insurance financial strength rating (IFSR) of Zurich Insurance and changed its outlook from stable to…
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Clearer future for BI cover after pandemic turmoil despite ongoing claims, says GILC report
There is now more clarity for both businesses and insurers around what can be expected from a business interruption policy,…
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Europe’s insurers back more unified cyber reporting but warn against new rules
The European insurance sector supports the convergence of cyber reporting requirements and the re-use of existing standards to deliver more…
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European financial firms call for further changes to sustainability reporting standards
European financial firms have called for changes to the European Sustainability Reporting Standards (ESRS), which they will have to apply…
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Proportionality needed in CSRD to manage burden for smaller insurers and captives: GDV
The German Insurance Association (GDV) has called on the EC to ensure the principle of proportionality is properly applied to…
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Best puts Canopius’s ratings on negative outlook
AM Best has changed its outlook of Canopius US Insurance’s and Canopius Reinsurance’s A- financial strength from stable to negative,…
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Bank of England concerns will stiffen carriers resolve on pricing
The Bank of England this week told insurers under its supervision it expects them to factor in social inflation and…
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Clyde & Co to launch in Italy
Law firm Clyde & Co is expanding in Europe with the launch of an office in Italy after hiring Leonardo…
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IAIS publishes 2023 Roadmap with focus on insurance capital standard
The International Association of Insurance Supervisors (IAIS) will focus on finalising the development of global standards, in particular the insurance…
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Indian regulator tells carriers to stop using burning cost rates
The Indian insurance regulator, IRDAI, has reportedly written to property insurers and reinsurers asking them to stop including the burning…
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New captive rules get approval in France as AMRAE gears up for conference
Captives will again be high on the agenda at the annual AMRAE meeting of French risk and insurance managers in…
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Insurance industry launches campaign to take on US plaintiff bar and combat social inflation
Zurich told Commercial Risk that it is making progress on a campaign to bring insurers and other parties together to…
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AM Best upgrades Covéa to A+ after PartnerRe buy
AM Best has upgraded the financial strength rating for French mutual Covéa to A+ following its acquisition of PartnerRe in…