Solvency II review is opportunity to improve design and calibration, says Insurance Europe

Solvency II review is opportunity to improve design and calibration, says Insurance Europe

Solvency II review is opportunity to improve design and calibration, says Insurance Europe

The first major review of Solvency II is an opportunity to make the improvements needed to the design and calibration of the framework, according to Insurance Europe. In the foreword to its Annual Report 2018–2019, Michaela Koller, director general, and Andreas Brandstetter, president, say the coming year will be a crucial one for the EU’s insurance regulatory regime. “Addressing deficiencies…

Atradius report highlights South American trading risks

Atradius report highlights South American trading risks

Atradius report highlights South American trading risks

Chile is the lowest-risk country in South America in terms of trading risk, according to a report from trade credit insurer Atradius looking at the five main South American markets. The report provides an update on the political and economic backdrop of the five markets: Argentina, Brazil, Chile, Colombia and Peru. According to Atradius, Chile ranked as the lowest risk…

Dutch risk managers warn colleagues to prepare for sustained hard market

Dutch risk managers warn colleagues to prepare for sustained hard market

Dutch risk managers warn colleagues to prepare for sustained hard market

Leading Dutch risk managers have warned fellow risk and insurance managers across Europe that, in their view, the commercial market is definitely hardening and is likely to continue. There is also rising concern about the appetite of the leading insurers for global programmes business. The risk managers said the best response to the hardening market is to continue in the…

Korean premiums fell in 2018, but 3% growth in non-life business

Korean premiums fell in 2018, but 3% growth in non-life business

Korean premiums fell in 2018, but 3% growth in non-life business

The Korean insurance market saw premium income fall by 0.3% in 2018, from KRW202.31trn in 2017 to KRW201.78trn last year. According to Korean Re: “The market continued to face some headwinds in 2018, as a slowdown in the domestic economy weighed on insurance market growth.” In its latest bulletin, Korean Re says that while the life insurance market remained in…

AGCS expands environmental response support

AGCS expands environmental response support

AGCS expands environmental response support

Allianz Global Specialty Services (AGCS) has expanded its environmental impairment liability cover to boost emergency response to pollution and contamination events worldwide. In partnership with loss adjuster and consultant GM Consultant, AGCS said the cover will offer global clients immediate support on a 24/7 basis as well as claims investigation services. HETI will continue to provide emergency response for clients…

Liberty Specialty Markets appoints head of trade credit multi-buyer

Liberty Specialty Markets appoints head of trade credit multi-buyer

Liberty Specialty Markets appoints head of trade credit multi-buyer

Paul Kunzer has been appointed as head of trade credit multi-buyer and excess of loss at Liberty Specialty Markets, part of Liberty Mutual Insurance. He will lead the development of Liberty Specialty Markets’ new trade credit offering for multi-buyer and excess-of-loss programmes, and will be based in Liberty Specialty Markets’ Chicago office. He will report to Alex Montoya, president of…

Asia-Pac captive domiciles to see growth, says Best

Asia-Pac captive domiciles to see growth, says Best

Asia-Pac captive domiciles to see growth, says Best

Captive domiciles in Asia-Pacific are set to benefit from growth in Asia’s economies, according to AM Best. The ratings agency said it expects to see significant growth of captive formations in Asia-Pacific domiciles such as Singapore, Labuan and Hong Kong, as economies grow and businesses seek new and more sophisticated ways of risk management and control. Best noted that to…

Moody’s says IFRS 17 unlikely to alter credit assessments

Moody’s says IFRS 17 unlikely to alter credit assessments

Moody’s says IFRS 17 unlikely to alter credit assessments

IFRS 17 will meaningfully affect some insurers’ reported profit and equity, but their underlying financial position will not change, according to Moody’s Investors Service. As a result, the new accounting standard is unlikely to alter its credit assessment in the vast majority of cases. Moody’s said IFRS 17, which is set to come into force in January 2022, is designed…

Bermuda removed from EU tax blacklist, but remains on ‘grey’ list

Bermuda removed from EU tax blacklist, but remains on ‘grey’ list

Bermuda removed from EU tax blacklist, but remains on ‘grey’ list

Bermuda’s (re)insurance and risk community breathed a collective sigh of relief after the country was removed from the European Union’s tax blacklist, but it remains on a ‘grey’ list until concerns are fully addressed. On Friday, the EU’s Economic & Financial Affairs Council (ECOFIN) said Bermuda, along with Aruba and Barbados, will be removed from a list of non-cooperative tax…

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