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,”…

Reinsurance rates movement ‘muted’ at renewal: Guy Carp

Reinsurance rates movement ‘muted’ at renewal: Guy Carp

Reinsurance rates movement ‘muted’ at renewal: Guy Carp

The impact of last year’s cat losses on property rates was “muted” at 1 January reinsurance renewals, with European business even recording a 2.5% fall in rates, according to Guy Carpenter’s Global Rate on Line Index that measures the change in catastrophe premium paid year on year. The US, most affected by hurricane and wildfire losses during 2018, pushed through…

MAPFRE creates new global broker role

MAPFRE creates new global broker role

MAPFRE creates new global broker role

MAPFRE has appointed Chris Smith to the newly created role of chief global brokers officer, where he will be responsible for engaging global brokers and developing client relationships. Mr Smith will report to José Manuel Corral, general manager of the corporate business and client area. Mr Smith joined MAPFRE Global Risks in 2013 as head of European business, and later…

Continued captive growth in Vermont in 2018

Continued captive growth in Vermont in 2018

Continued captive growth in Vermont in 2018

Vermont has continued to see captive growth, licensing 25 new captive insurance companies in 2018, according to its Department of Financial Regulation. The new licences were made up of 12 pure captives, four risk retention groups, three sponsored captives, two industrial insured captives, two special purpose financial insurers, one branch captive and one affiliated reinsurance company (ARC). The department said…

New year insurance premium tax changes in EU countries

New year insurance premium tax changes in EU countries

New year insurance premium tax changes in EU countries

The new year has seen a number of tax changes affecting the insurance sector in EU countries, according to insurance premium tax specialists Impendulo. From 1 January 2019, there are a couple of changes to insurance taxes in France. Firstly, insurance guaranteeing the payment of life insurance premiums in case of death (payment protection insurance) is now no longer exempt…

AXA moving international risk and reinsurance ops to Ireland

AXA moving international risk and reinsurance ops to Ireland

AXA moving international risk and reinsurance ops to Ireland

AXA’s international risk and reinsurance operations will move from the UK to Ireland ahead of Brexit, according to Reuters. AXA chief executive Thomas Buberl reportedly told press that its Irish subsidiary will underwrite European large risks and reinsurance. Staff from London, where the business is currently written, and France will be moved to the Irish subsidiary to comply with regulatory…

US commercial insurance rates increase in fourth quarter

US commercial insurance rates increase in fourth quarter

US commercial insurance rates increase in fourth quarter

Commercial insurance rates in the US rose by 2% in the fourth quarter of 2018, according to MarketScout’s Market Barometer. It notes that the US commercial insurance composite rate averaged an increase of 2% in the fourth quarter of 2018, matching the composite rate for the entire year of 2018 (up 2%). MarketScout says the biggest rate increases were seen…

Myanmar’s insurance market opens to foreign insurers

Myanmar’s insurance market opens to foreign insurers

Myanmar’s insurance market opens to foreign insurers

Myanmar has opened up its insurance market to foreign insurers, according to the Myanmar Times. The paper quoted an announcement by the country’s Ministry of Planning and Finance that officially permits companies wishing “to operate the business of insurance, underwriting agency or insurance broking with foreign investment” to open for business in the country. According to the announcement, the ministry…