EIOPA calls for European network of national insurance guarantee schemes

EIOPA calls for European network of national insurance guarantee schemes

EIOPA calls for European network of national insurance guarantee schemes

The European Insurance and Occupational Pension Authority (EIOPA) said every EU member state should have a national guarantee scheme in place for the protection of policyholders in the event of the failure of an insurer, which should meet a minimum set of harmonised features. EIOPA has launched a consultation on its advice on the harmonisation of national insurance guarantee schemes…

New credit and political risk underwriter for Canopius Asia-Pacific

New credit and political risk underwriter for Canopius Asia-Pacific

New credit and political risk underwriter for Canopius Asia-Pacific

Global specialty (re)insurer Canopius has appointed Jamie Jeffers as underwriter, credit and political risk, Canopius Asia-Pacific. The appointment is effective from 9 September 2019. Mr Jeffers will join Canopius from Willis Towers Watson, where he served as executive director, financial solutions – credit and political risk. He will be based in Singapore and will report to Yann Marmonier, head of…

India to allow 100% foreign direct investment in insurance intermediaries

India to allow 100% foreign direct investment in insurance intermediaries

India to allow 100% foreign direct investment in insurance intermediaries

The Indian government has announced that it plans to allow 100% foreign direct investment (FDI) in insurance intermediaries. Finance Minister Nirmala Sitharaman said the government will examine suggestions of further opening up of FDI in sectors, including insurance, and will also permit 100% FDI for insurance intermediaries, according to a report in The Hindu Business Line. FDI in the sector…

Bahrain overtaken by neighbours as re/insurance hub, says Best

Bahrain overtaken by neighbours as re/insurance hub, says Best

Bahrain overtaken by neighbours as re/insurance hub, says Best

Bahrain as an insurance and reinsurance hub has fallen behind some of it neighbours, according to AM Best. The ratings agency noted that Bahrain was once considered a centre of excellence for Middle East insurance and reinsurance and used to possess the most comprehensive and forward-looking regulatory environment compared with some of the other Gulf Cooperation Council countries. However, it…

Learning risk management lessons from pharma recalls

Learning risk management lessons from pharma recalls

Learning risk management lessons from pharma recalls

The pharmaceutical industry is a very highly regulated industry, where quality control is extremely important and high profile. But as a recent series of recalls has shown, even in this industry, quality control can fail and after impurities are discovered, contaminated products can hit the market with expensive and damaging consequences. Last year, we at Zurich started to see massive…

Sompo International shakes up commercial P&C operation as global CEO steps down

Sompo International shakes up commercial P&C operation as global CEO steps down

Sompo International shakes up commercial P&C operation as global CEO steps down

Sompo International has restructured its commercial P&C business as global insurance CEO John Kuhn steps down from the role. The new line-up sees Michael Chang, Graham Evans and Christopher Sparro promoted to co-lead the international operation. Along with Stephen Young, CEO of reinsurance, they will report to Christopher Gallagher, CEO of Sompo International commercial P&C. Mr Chang joined Sompo International…

Reinsurance capital recovers in first quarter on lower cat-loss activity, says Aon

Reinsurance capital recovers in first quarter on lower cat-loss activity, says Aon

Reinsurance capital recovers in first quarter on lower cat-loss activity, says Aon

Low catastrophe loss activity coupled with a stock market rebound has seen global reinsurance capital increase by 3% during the first quarter of 2019 to $605bn from $585bn at the end of 2018, according to Aon’s Reinsurance Market Outlook June and July 2019. Capital from traditional reinsurers rose 5% to $512bn, while alternative markets showed a decrease of 4% to…

Dive In diversity festival opens for fifth year

Dive In diversity festival opens for fifth year

Dive In diversity festival opens for fifth year

The global insurance industry’s Dive In Festival, to promote diversity and inclusion (D&I), has opened for registration for its fifth year, with a record number of countries taking part. Adopting the theme #inclusionimpact, organisers said the festival wants participants to consider ways their business can make an impact on D&I issues. The Dive In Festival will take place on 24-26…

New global leadership positions for AGCS in ART and crisis management

New global leadership positions for AGCS in ART and crisis management

New global leadership positions for AGCS in ART and crisis management

Christof Bentele has been appointed to the newly created position of head of global client management for the alternative risk transfer (ART) line of business at Allianz Global Corporate & Specialty SE (AGCS), with immediate effect. In this new role, Mr Bentele will oversee the management of existing client and broker relationships – and the building of new ones –…

Canadian regulator’s proposals will significantly increase cost of insurance, says GFIA

Canadian regulator’s proposals will significantly increase cost of insurance, says GFIA

Canadian regulator’s proposals will significantly increase cost of insurance, says GFIA

The Global Federation of Insurance Associations (GFIA) has warned that proposals by the Canadian Superintendent of Financial Institutions (OSFI) to limit the ability of insurers to use reinsurance would require firms operating in Canada to more than triple their current capital base. GFIA said this would significantly increase the cost of insurance in Canada and reduce overall insurance capacity. In…

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