The US National Association of Insurance Commissioners (NAIC) has approved three international regulatory authorities as reciprocal jurisdictions. The Bermuda Monetary Authority, Japanese Financial Services Agency and Swiss Financial Market Supervisory Authority will be placed on the NAIC’s ‘List of Reciprocal Jurisdictions’, effective 1 January 2020. The moves were made as part of the NAIC’s ‘Process for Evaluating Qualified and Reciprocal…
The MENA insurance market is expected to see a flood of mergers and acquisitions (M&As) in 2020, according to wholesale insurance and reinsurance broker New Dawn Risk. It said it is generally accepted that insurance markets in the Gulf Cooperation Council have long been ripe for consolidation but despite an excess of insurance businesses (there are 65 in the UAE…
Moody’s Japan K.K. has issued a stable outlook for 2020 for Japanese insurers. The ratings agency said life and P&C insurers show solid profit and strong capitalisation, despite challenges. In contrast, Moody’s issued a negative outlook for Japanese banks and securities companies due to the ultra-low interest rates in Japan, and ageing and shrinking population. Moody’s said the extremely accommodative…
The Belt and Road’s major infrastructure and energy projects stand to benefit from the support of risk and insurance partners during the lifecycle of a project, explains Brian Botkin, global head of multinational, global financial lines, AIG. China’s Belt and Road Initiative (BRI) continues to attract international attention and grab headlines. Determining exact figures for the vast macroeconomic initiative is…
New approaches led by insurers to tackle the threat of silent cyber risks will boost the cyber insurance market, according to Fitch Ratings. Recent actions by three major carriers on the growing and unquantified threat of silent cyber risk “will likely shape market direction”, the ratings agency said. “A more active approach by insurers to write affirmative coverage or more…
Improved market conditions and solid levels of risk-adjusted capitalisation are the main factors behind AM Best’s decision to maintain a market segment outlook of stable on the US commercial lines industry for 2020. The Best report, Market Segment Outlook: US Commercial Lines, notes that commercial lines pricing strengthened in 2019 while pressure on terms and conditions lessened. Best points to…
The Hong Kong insurance industry saw total gross premiums of $436.9bn for the first three quarters of 2019, according to provisional statistics released by the Hong Kong Insurance Authority. This amounted to an increase of 12.5% over the corresponding period in 2018. The gross and net premiums of general insurance business in the first three quarters of 2019 were $44.4bn…
The head of Guernsey Finance is to leave the role in June 2020 after more than five years of service, with the promotional agency looking to begin the recruitment of a successor in January 2020. Guernsey Finance chief executive Dominic Wheatley is to leave the agency on 30 June 2020, having been in the role since December 2014. “For the…
Peru’s largest insurance provider has become a member of MAXIS Global Benefits Network (MAXIS GBN). RIMAC (Rimac Seguros y Reaseguros), part of the Grupo BRECA conglomerate, will provide medical and life cover to MAXIS GBN clients in Peru. Gabriel Garcia, international business manager, RIMAC, said: “In the employee benefits market, we are known for our strong product suite and underwriting…
Chubb has announced a number of leadership appointments for North America commercial insurance, its retail commercial property and casualty (P&C) insurance division that serves middle-market and small businesses through 48 offices in the US and Canada. Ben Rockwell, currently executive vice-president and chief underwriting officer of North America commercial insurance, has been appointed vice-president, Chubb group and will serve as…
