The European Parliament has approved rules that strengthen EU financial supervision by increasing the responsibilities of the EU watchdogs for banking, for securities and financial markets, and for insurance and pensions, and improving their governance structure. The new law consists of an upgrade of the EU financial supervisory authorities established in 2010. According to the European Parliament: “European consumers, investors…
A blockchain solution for the employee benefits industry that aims to transform the reinsurance process for captive services has been launched by Accenture and Generali Employee Benefits (GEB). The companies called it a “first-of-its-kind blockchain solution” that allows participants in the reinsurance process for captive or pooling services to access the same data and reduce processing errors, through smart contracts…
The deputy governor of China’s central bank has said the country will further expand the opening-up of its financial sector “in a systemic manner at the institutional level”, according to the Xinhua News Agency. The deputy governor of the People’s Bank of China, Chen Yulu,, was speaking at a meeting of the International Monetary and Financial Committee, the policy-setting body…
Howden Forsikringsmegling (Howden Norway), part of Howden Broking Group, has acquired a majority share ownership in Norwegian Insurance Partner AS, an employee benefits broker, located in Bergen, Norway. According to Howden, the combined company will become a top-five broker in the country and the market leader in employee benefits. Geir Nygaard, founder and CEO, Norwegian Insurance Partner, will continue to…
The UK Supreme Court has found that the English courts are free to exercise jurisdiction over claims against parent companies for damage caused by their subsidiaries abroad. Accordingly, multinational corporations should now be encouraged to review their due diligence, risk control and global insurance programmes to ensure that they have adequate protection against this risk In this high-profile judgment on…
Liberty Mutual Insurance is to acquire the global surety and credit reinsurance operations of AmTrust Financial Services. Liberty Mutual has signed a definitive agreement with AmTrust, a multinational property and casualty insurer specialising in coverage for small to mid-sized businesses. It added that the agreement supports its goal of becoming a top three global commercial (re)insurer. Terms of the deal were not disclosed. Liberty Mutual will acquire four AmTrust businesses:…
Reinsurers will still offer adequate coverage and terms to ceding insurers, despite a reduction of 3% in total global reinsurance capital at year-end 2018 to $585bn, according to Aon Reinsurance Solutions. Alternative capital stood at $97bn in 2018, compared with $89bn in 2017, while traditional capital fell back to $488bn from $516bn…
The Insurance Regulatory and Development Authority of India (IRDAI) has announced that the obligatory cession to the General Insurance Corporation of India (GIC Re) will remain at 5% for the financial year 2019-2020. In a notification, the IRDAI says: “The percentage cession of the sum insured on each general insurance policy to be reinsured with the Indian reinsurer(s) shall be…
Too many conflicts of interest in the commercial insurance market are leading to a lack of scrutiny, hampering progress and creating a fundamentally unhealthy operating environment, according to insurance governance consulting firm Mactavish…
After 50 years of state monopoly, the Democratic Republic of Congo (DRC) has liberalised its insurance sector. The country now has three licensed non-life insurers, one life insurer, and two insurance brokers. Rupert Weterings, of AIB Brokers, one of the brokers to win a licence, said: “We do expect that SONAS (the state insurer) will get its licence in the…
