Regulatory and political risk tops insurance CFOs’ concerns, Moody’s survey finds

Regulatory and political risk tops insurance CFOs’ concerns, Moody’s survey finds

Regulatory and political risk tops insurance CFOs’ concerns, Moody’s survey finds

European insurers have placed regulatory and political risk as their number one concern, according to the 2018 edition of Moody’s’ annual survey of leading insurers’ chief financial officers (CFOs). Moody’s said this was driven by a recent proliferation of regulatory initiatives, including the MIFID II regime, the IFRS17 accounting standard, and the General Data Protection Regulation. The ratings agency said…

UK insurers remain uncertain over approach to key Solvency II requirements

UK insurers remain uncertain over approach to key Solvency II requirements

UK insurers remain uncertain over approach to key Solvency II requirements

Significant uncertainty remains in the UK insurance industry concerning the approach to key Solvency II requirements, according to a survey by Willis Towers Watson. The survey of 39 property and casualty (P&C) insurers in the UK, with a combined underwriting value of more than £10bn of premiums and in excess of £24bn of reserves in 2017, found that 80% agreed…

Lloyd’s granted licence to begin underwriting in Brussels from 2019

Lloyd’s granted licence to begin underwriting in Brussels from 2019

Lloyd’s granted licence to begin underwriting in Brussels from 2019

Lloyd’s’ application for a Brussels subsidiary to counter Brexit risks has been approved by Belgium’s regulator, the National Bank of Belgium. Lloyd’s Insurance Company SA (Lloyd’s Brussels) will write non-life risks for clients in the European Economic Area (EEA) from 1 January 2019 and has named Vincent Vandendael as CEO. Lloyd’s said the move gives certainty to insurance buyers in…

No guarantees over continuity of insurance policies post-Brexit, says EU

No guarantees over continuity of insurance policies post-Brexit, says EU

No guarantees over continuity of insurance policies post-Brexit, says EU

There are no guarantees that insurance policies will not be affected by Brexit, according to the EU’s financial services chief, Reuters has reported. The news agency quoted Valdis Dombrovskis, vice-president for the euro and social dialogue, and in charge of financial stability, financial services and capital markets union, saying it is up to firms to take preventive measures. Mr Dombrovskis…

Aspen applies for Brexit-led Irish subsidiary

Aspen applies for Brexit-led Irish subsidiary

Aspen applies for Brexit-led Irish subsidiary

Aspen will establish a new insurance subsidiary in Ireland as part of plans to continue writing business for clients in the European Economic Area (EEA) after Brexit. Aspen has applied to Irish regulators to set up Aspen Insurance Ireland to maintain EU passporting options, building on its existing branch operation in Dublin. Aspen said it will also write business through…

Regtech firm to expand service to 99 insurance markets worldwide

Regtech firm to expand service to 99 insurance markets worldwide

Regtech firm to expand service to 99 insurance markets worldwide

REG (UK) has expanded its range of services for the general insurance market to now include 99 insurance markets worldwide. Its RegTech solution, providing due diligence monitoring and alert service on legal and regulatory oversight information, is to expand the coverage to all major international insurance markets, including the US, Japan, China and Europe. As well as the greater geographical…

Protectionist measures stacking up globally, restricting insurers

Protectionist measures stacking up globally, restricting insurers

Protectionist measures stacking up globally, restricting insurers

Signs of growing protectionism across Africa resurfaced at the African Insurance Organisation’s general assembly in Accra. Speaking at the opening ceremony, Ghana’s finance minister Ken Orfi-Atta called for Africa’s insurance industry to work together. He also suggested that instead of using global capacity, the sector should work together on a regional or sub-regional basis to support the local markets. The…

IFRS 17 will increase costs for insurers but improve financial transparency, survey finds

IFRS 17 will increase costs for insurers but improve financial transparency, survey finds

IFRS 17 will increase costs for insurers but improve financial transparency, survey finds

The new International Financial Reporting Standard (IFRS 17) will increase the complexity and cost of operating in the insurance industry, but also improve financial transparency, according to a survey of senior UK insurance professionals by analytics firm SAS. The survey found that 97% of respondents expect IFRS 17 to increase the complexity and cost of operating in the industry when…

Tokio Marine given green light for Luxembourg subsidiary and names CEO

Tokio Marine given green light for Luxembourg subsidiary and names CEO

Tokio Marine given green light for Luxembourg subsidiary and names CEO

Tokio Marine Group’s European subsidiary in Luxembourg has received regulatory approval and will begin underwriting during the second half of this year. Thibaud Hervy, chief underwriting officer for specialty lines at Tokio Marine HCC, has been appointed CEO of the new company. The new Tokio Marine Europe SA will operate as a subsidiary of Tokio Marine HCC in partnership with…

Iran sanctions: it’s still uncertain what will happen, but here’s what could happen

Iran sanctions: it’s still uncertain what will happen, but here’s what could happen

Iran sanctions: it’s still uncertain what will happen, but here’s what could happen

On 12 January this year, US President Trump announced his intention to not renew US sanctions waivers that underpin US participation in the Joint Comprehensive Plan of Action (JCPOA) for Iran if that agreement’s “terrible flaws” are not fixed. President Trump has also said that if he believes fixing the JCPOA is not within reach, he would withdraw from it.…

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