PG&E agrees $11bn insurer wildfire settlement

PG&E agrees $11bn insurer wildfire settlement

PG&E agrees $11bn insurer wildfire settlement

US utility Pacific Gas and Electric Company (PG&E) has agreed an $11bn settlement with insurers that paid out wildfire claims for the 2017 Northern California and 2018 Camp Fire blazes. The company said the settlement, which is seeking final approval from the Bankruptcy Court following PG&E’s Chapter 11 filing in January, covers about 85% of insurance claims. The $11bn settlement…

GFIA raises concerns again over Canadian regulator’s proposed capital rules

GFIA raises concerns again over Canadian regulator’s proposed capital rules

GFIA raises concerns again over Canadian regulator’s proposed capital rules

The Global Federation of Insurance Associations (GFIA) has warned that there could be a lack of coverage in Canada as a result of proposed capital rules from the Canadian Office of the Superintendent of Financial Institutions (OFSI). The GFIA has reiterated its concerns that were first raised in early July. The association has again written to the OFSI raising concerns…

Experts say buyers will enjoy contract and claims certainty post-Brexit

Experts say buyers will enjoy contract and claims certainty post-Brexit

Experts say buyers will enjoy contract and claims certainty post-Brexit

Experts have told insurance buyers in Germany to expect contract certainty and claims to be paid post-Brexit, as insurers and regulators have stepped up to the plate to solve potential problems. The experts were speaking during a panel debate yesterday at the GVNW Symposium, entitled ‘London’s burning’. It took place as Brexit was thrown further up in the air by…

Underwriting ‘complacency’ suggests need for reinsurance price rises, say ratings agents

Underwriting ‘complacency’ suggests need for reinsurance price rises, say ratings agents

Underwriting ‘complacency’ suggests need for reinsurance price rises, say ratings agents

Reinsurers have not adequately priced for rising catastrophe exposures and climate change, which could lead to future rate increases, according to ratings agents. Reinsurance pricing has increased at recent renewals. This is in large part a response to record catastrophe losses in 2017 and 2018. Those two years combined generated losses of $200bn for the (re)insurance market, the most costly two-year…

Market must rediscover discipline to deliver ‘fit for purpose’ multinational programmes

Market must rediscover discipline to deliver ‘fit for purpose’ multinational programmes

Market must rediscover discipline to deliver ‘fit for purpose’ multinational programmes

Insurance buyers and the market need to rediscover the discipline needed to successfully place cost-effective and compliant insurance around the world that is “fit for purpose”, according to a leading expert. He and others urged key players to go back to basics, focusing first on the underlying risks, and to take a more pragmatic approach. They also warned risk managers…

Insurance Europe responds to IAIS on systemic insurance risk

Insurance Europe responds to IAIS on systemic insurance risk

Insurance Europe responds to IAIS on systemic insurance risk

Insurance Europe has published its response to a consultation by the International Association of Insurance Supervisors (IAIS) on systemic risk, pointing out that conventional insurance is not systemically risky. It adds that systemic risk “can only originate from a very limited number of activities undertaken on a large scale in the wrong conditions”. As a result, a greater focus by…

Arch ‘very relaxed’ about Brexit as it reveals further UK expansion via Barbican

Arch ‘very relaxed’ about Brexit as it reveals further UK expansion via Barbican

Arch ‘very relaxed’ about Brexit as it reveals further UK expansion via Barbican

Marc Grandisson, president and CEO of Bermuda-based international (re)insurer Arch Capital, told analysts he is “very relaxed” about Brexit as the group announced an agreement to acquire Lloyd’s underwriting group Barbican. This is the third UK acquisition made by Arch this year. In January, it completed the acquisition of the UK commercial lines business owned by The Ardonagh Group and…

Ferma urges proportionality for captives in Solvency II changes to tackle sustainability

Ferma urges proportionality for captives in Solvency II changes to tackle sustainability

Ferma urges proportionality for captives in Solvency II changes to tackle sustainability

Ferma has told the European Insurance and Occupational Pensions Authority (EIOPA) it is concerned about potential moves to introduce sustainability rules for captives under Solvency II, and urged the authorities to give such vehicles the benefit of proportionality and potential exemption from future changes to the regulation. Responding to EIOPA’s consultation on integrating sustainability within Solvency II, Ferma raised concerns…

Hong Kong’s preferential treatment under C-ROSS to continue

Hong Kong’s preferential treatment under C-ROSS to continue

Hong Kong’s preferential treatment under C-ROSS to continue

Hong Kong is to continue to receive preferential treatment under the China Risk Oriented Solvency System (C-ROSS), allowing lower capital requirements for mainland insurers that cede business to qualified Hong Kong professional reinsurers. The China Banking and Insurance Regulatory Commission (CBIRC) said the continuation of the preferential treatment “has played a positive role in promoting the prosperous development of, and…

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…

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