Legal & Regulation
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S&P upgrades outlook for Munich and Swiss Re on back of hardening market and better primary results
S&P has upgraded its ratings outlook for Munich Re and Swiss Re on the back of improving performance buoyed by…
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Aon’s White Rock files for $137m in collateral from Vesttoo
Aon unit White Rock has launched legal action to recover $136.7m in reinsurance collateral paid to troubled insurtech Vesttoo, which…
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Zurich sued over Greensill Bank policies
Administrators for Greensill Bank, the German banking subsidiary of collapsed supply chain finance firm Greensill Capital, have filed a lawsuit…
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Under 10% of cyber claims relate to GDPR
The implementation of the EU’s General Data Protection Regulation (GDPR) has not led to a wave of data breach insurance…
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Aon faces legal action over Vesttoo
Aon PLC disclosed in a stock market filing on Friday that clients are taking legal action against the brokerage over…
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Act presented in US Congress to force insurers to disclose fossil fuel support
Democratic congressman Adam Schiff and congresswoman Rashida Tlaib have introduced the Polluter Portfolio Disclosure Act, which would require insurance companies with more than…
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Ferma increasingly hopeful SII reforms will change landscape for captives
Ferma has told Commercial Risk that it is increasingly hopeful that the ongoing review of Solvency II will usher in…
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German insurance buyers buoyed by cyber court ruling
German risk managers will be pleased to hear that the Regional Court of Tübingen has rendered the first judicial decision…
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Clarity needed to close nat cat protection gap, says EIOPA
Perceived high cost, poor claims experience and a lack of clarity over wordings are three reasons why only roughly 25%…
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Parliament backs Solvency II compromise that looks set to benefit captives
The European Parliament’s economic affairs committee has backed a compromise on reforms to Solvency II that rapporteur Markus Ferber, the…
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German insurers call for policies to be excluded from EU due diligence directive
German insurance association GDV has warned the EU that, as it currently stands, the proposed Corporate Sustainability Due Diligence Directive…
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Best raises Beazley’s ratings outlook ahead of potential upgrade
AM Best has revised its outlook on Beazley’s A-grade credit rating to positive from stable, with the promise of an…
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Insurers’ credit ratings at risk from higher retentions, warns DBRS
Global insurers that have increased their retentions in the face of climbing reinsurance costs face negative pressure on their credit…
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Jurisdiction battle over $10bn Russian aviation coverage dispute
More than 40 aviation leasing firms locked in a struggle with insurers over who should bear up to $10bn in…
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ExCel ruling opens up Covid BI payments for tens of thousands of policyholders
Insurers could face payouts to tens of thousands of UK business interruption (BI) policyholders for Covid-19 losses after last month’s…
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India prepares insurance law reform to allow captives
The Indian government plans to introduce legislation during Parliament's monsoon session beginning on 20 July to implement comprehensive reforms in…
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UK regulator unveils proposals to supersede Europe’s Solvency II
The UK has opened a long-awaited consultation on its proposed new version of Solvency II. The Prudential Regulation Authority (PRA)…
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UK and EU sign financial services regulatory pact
The UK and European Union agreed the next step in reaching a financial services deal yesterday in a sign that…
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Spanish risk managers gain important seat at legislative table
As technologies disrupt the insurance industry, regulation will have to follow suit. It is good news therefore that Spanish risk…
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Indian regulator considers allowing MGAs into insurance market
The Insurance Regulatory and Development Authority of India (IRDAI) is considering the feasibility of allowing MGAs into the domestic insurance…