Ferma has called on the EU to create a resilience framework that would include member state insurance pools and coordination between national governments to address the severe shortage of non-damage business interruption insurance (NDBI) for a range of catastrophic risks. In a letter to the EC, Ferma sets out its vision for a multi-layered and graduated public-private partnership to ensure…
Underwriters are preparing to push through harder rates for the next two to three years, with the pandemic extending tough conditions for buyers, which may see companies turn to captives to manage higher premiums, Willis Towers Watson (WTW) has said. Jim Swanke, senior director of captive solutions for WTW, said the Covid-19 pandemic will extend the current hard market, and…
A working group formed by the Indian insurance regulator (the IRDAI) has proposed increases in the levels of indemnity provided to policyholders by trade credit insurers and also an extension of coverage to include default by sellers and exporters. As elsewhere in the world, the Indian authorities have realised that trade credit capacity is evaporating just as businesses need it…
An organisation’s approach to cybersecurity must be embedded within its overall approach to enterprise risk management, with boards responsible for enabling the right culture and frameworks, explain Sebastian Hess and Stephen Morton. Companies and their boards are faced with a highly dynamic cyber risk landscape, including more targeted ransomware threats and, more recently, exposures associated with increased remote working. The…
The US Insurance Information Institute has launched a new campaign that it said will “focus on ensuring the insurance industry is able to sustain its longstanding role as the country’s backbone of economic growth and stability”. The initiative is called the Future of American Insurance & Reinsurance (FAIR) campaign. The institute said the FAIR campaign is being set into motion…
Cayman has reported eight newly licensed insurance companies in the first quarter of 2020, according to the latest statistics published by the Cayman Islands Monetary Authority (CIMA). Of these, five were Class B (captive insurance entitles, permitting an exempted insurer to carry on insurance business other than domestic business), two were Class C (for insurance-linked securities – providing for reinsurance…
Strong competition in India’s non-life insurance sector, together with poor pricing discipline in core business lines, reliance on investment activities for profitability and the economic fallout from the Covid-19 pandemic, have led AM Best to maintain a negative market segment outlook on the sector. Best said the short term is likely to present clear challenges for non-life insurers’ earnings and…
Andrew Hall has been appointed as the new chief executive officer and executive director of the Insurance Council of Australia (ICA). He will take up the role in early September. ICA president and chairman Gary Dransfield said Mr Hall’s corporate affairs and public policy experience would be critical in driving the ICA and the general insurance industry through the challenges…
A group of US insurance trade bodies has proposed a federally-backed insurance solution to support businesses financially affected by future pandemics. The group said this type of solution is needed because pandemic risks is simply too large to be covered by insurers alone. The Business Continuity Protection Program (BCPP) promises revenue replacement assistance for payroll, employee benefits and operating expenses.…
Willis Towers Watson (WTW) has named Johan Forsgård as leader of its new Nordic regional structure. As head of Nordics he will manage the newly formed regional unit at WTW that now includes Sweden, Finland, Denmark and Norway. Mr Forsgård was previously head of Sweden and Finland at the broker. He will carry out his new role from Stockholm. Anne…