Global premiums forecast to grow despite slowing world economy, says Swiss Re

Global premiums forecast to grow despite slowing world economy, says Swiss Re

Global premiums forecast to grow despite slowing world economy, says Swiss Re

Despite a slowing world economy, global premiums are forecast to increase by 3% annually in real terms in 2020 and 2021, largely due to very strong demand in emerging Asia, particularly China. This is according to the Swiss Re Institute (SRI), which says that in China, non-life premiums are forecast to grow by 9% in 2020, and life premiums by…

IAIS adopts global frameworks for cross-border supervision of insurance groups

IAIS adopts global frameworks for cross-border supervision of insurance groups

IAIS adopts global frameworks for cross-border supervision of insurance groups

A comprehensive set of reforms that will enable effective cross-border supervision of insurance groups has been announced by the International Association of Insurance Supervisors (IAIS). IAIS said it has adopted the first global frameworks for supervision of internationally active insurance groups and the mitigation of systemic risk in the insurance sector, which will contribute to global financial stability. The adopted…

Korea signs IAIS supervisory cooperation and information exchange agreement

Korea signs IAIS supervisory cooperation and information exchange agreement

Korea signs IAIS supervisory cooperation and information exchange agreement

South Korea has become the latest member of the International Association of Insurance Supervisors’ (IAIS) Multilateral Memorandum of Understanding (MMoU). The MMoU was signed by the Korea Financial Services Commission (FSC) and Korea Financial Supervisory Service (FSS). The MMoU is an international supervisory cooperation and information exchange agreement that promotes enhanced consumer protection. It sets minimum standards to which signatories…

More upheaval at AGCS as Poncin departs

More upheaval at AGCS as Poncin departs

More upheaval at AGCS as Poncin departs

Allianz Global Corporate & Specialty’s (AGCS) global head of financial lines Bernard Poncin has left the insurer “to pursue opportunities outside the company”, as yet another senior executive departs. Mr Poncin is replaced by Shanil Williams, who was previously global head of commercial for financial lines. Mr Poncin’s departure follows a series of unexpected changes at AGCS that suggest not…

Bermuda introduces incorporated segregated accounts legislation

Bermuda introduces incorporated segregated accounts legislation

Bermuda introduces incorporated segregated accounts legislation

Bermuda has introduced legislation that allows for the creation of segregated accounts, or cells, with separate legal status. According to Bermuda-based law firm Conyers, the Incorporated Segregated Accounts Companies Act 2019 (ISAC) is companion legislation to the Segregated Accounts Companies Act 2000 (SAC). “Both the SAC and the new ISAC ringfence the assets of each individual cell from the creditors…

Best affirms financial strength rating of Italian energy firm’s Irish-based captive

Best affirms financial strength rating of Italian energy firm’s Irish-based captive

Best affirms financial strength rating of Italian energy firm’s Irish-based captive

The Ireland-based captive of Eni SpA, a multinational energy company based in Italy, has had its financial strength rating of A (Excellent) and the long-term issuer credit rating of A affirmed by AM Best. The outlook of these credit ratings is stable. The captive, Eni Insurance Designated Activity Company (EID) (Ireland), has a track record of strong operating profits, with…

AGCS confirms Fischer Hirs to be replaced by Müller with renewed focus on profitability

AGCS confirms Fischer Hirs to be replaced by Müller with renewed focus on profitability

AGCS confirms Fischer Hirs to be replaced by Müller with renewed focus on profitability

Allianz Global Corporate & Specialty (AGCS) and Allianz have confirmed that Joachim Müller will become CEO of the group’s industrial lines insurer after Chris Fischer Hirs steps down on 30 November. Mr Müller is currently CEO of Allianz Versicherungs, the P&C insurer of Allianz Deutschland, and Allianz Beratungs-und Vertriebs (ABV), the sales company of Allianz Deutschland. Andreas Kanning, currently a board…

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face the “biggest upward price shift” for years during 2020, with increases across more lines than in “recent memory”, according to Willis Towers Watson (WTW). Property, excess liability and D&O cover will be hardest hit, according to the broker. It notes that several other lines of business are looking at increases “topping out at well…

AGCS pulls out of marine hull and liability business in North America and Asia

AGCS pulls out of marine hull and liability business in North America and Asia

AGCS pulls out of marine hull and liability business in North America and Asia

Allianz Global Corporate & Specialty (AGCS) rapidly followed up the news this week that CEO Chris Fischer Hirs has reportedly left the company by announcing it will discontinue marine hull and marine liability (HML) business in Asia and North America. In July of this year, AGCS confirmed that it would cease underwriting long-tail financial risks in Australia and New Zealand…

Willis appoints head of international property

Willis appoints head of international property

Willis appoints head of international property

Willis Towers Watson (WTW) has appointed Andrzej Danyluk as head of international property, London. Mr Danyluk joins Willis from JLT, where he was head of the London power broking team. In his new role, Mr Danyluk will take responsibility for growing WTW’s international property portfolio, which is placed in London for the broker’s worldwide offices. He takes up the post…

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