IAIS recovery planning paper ‘highly and unnecessarily prescriptive’, says GFIA

IAIS recovery planning paper ‘highly and unnecessarily prescriptive’, says GFIA

IAIS recovery planning paper ‘highly and unnecessarily prescriptive’, says GFIA

The Global Federation of Insurance Associations (GFIA) has warned that the International Association of Insurance Supervisors’ (IAIS) paper on insurers’ recovery planning is overly prescriptive. GFIA said the significant costs insurers face when developing recovery plans, as well as the existence of other risk management tools, mean that insurance supervisors must have the flexibility to tailor rules, and therefore welcomed…

Focus on US not emerging markets, LMA chair tells Lloyd’s

Focus on US not emerging markets, LMA chair tells Lloyd’s

Focus on US not emerging markets, LMA chair tells Lloyd’s

Lloyd’s should focus on the US rather than emerging economies, according to Andrew Brooks, the incoming chair of the Lloyd’s Market Association, reported in the Financial Times. Mr Brook told the Financial Times that Lloyd’s should be making bigger efforts in the US: “By focusing on those developing countries so heavily, we’ve lost traction in our key market of North…

High nat cat frequency delivers third-highest insured loss in eight years: Willis Re

High nat cat frequency delivers third-highest insured loss in eight years: Willis Re

High nat cat frequency delivers third-highest insured loss in eight years: Willis Re

A large number of midsized natural catastrophes drove 2018 insurance losses to $71.5bn, the third highest in the past eight years and above the annual average of $65.5bn since 2011, said Willis Re in its annual nat cat review. Willis Re said 2018 was “unusual” because a series of smaller catastrophes, rather than one large event, pushed the insured total…

UAE insurance industry continues to suffer from poor cash collection

UAE insurance industry continues to suffer from poor cash collection

UAE insurance industry continues to suffer from poor cash collection

Cash collection remains a problem for insurers in the United Arab Emirates (UAE), according to AM Best. It said the cause was a lack of a market-wide, regulatory-enforced mechanism to reconcile subrogation accounts between parties. Best said that while average insurance debtor days for listed UAE-national insurers has showed an improving trend, they were well above the average for the…

US commercial lines rates rise in fourth quarter, but fall again in workers’ comp

US commercial lines rates rise in fourth quarter, but fall again in workers’ comp

US commercial lines rates rise in fourth quarter, but fall again in workers’ comp

Premium rates for the fourth quarter of 2018 in the US saw increases across nearly all major commercial lines compared to the third quarter, according to the IVANS Index. Workers’ compensation, however, saw average premium renewal rate change decrease further. Commercial auto, general liability, commercial property and umbrella all experienced the greatest premium renewal rate change in the fourth quarter.…

European Parliament report on review of European supervisory authorities

European Parliament report on review of European supervisory authorities

European Parliament report on review of European supervisory authorities

Insurance Europe has largely welcomed the European Parliament’s Economics and Finance Committee’s (ECON) report on the review of European supervisory authorities, including the European Insurance and Occupational Pensions Authority (EIOPA). However, it said concerns remain about proposed governance changes. “We welcome several of the proposals in the report, which could make EIOPA more accountable and give it a clearer mandate,”…

Reinsurance rates movement ‘muted’ at renewal: Guy Carp

Reinsurance rates movement ‘muted’ at renewal: Guy Carp

Reinsurance rates movement ‘muted’ at renewal: Guy Carp

The impact of last year’s cat losses on property rates was “muted” at 1 January reinsurance renewals, with European business even recording a 2.5% fall in rates, according to Guy Carpenter’s Global Rate on Line Index that measures the change in catastrophe premium paid year on year. The US, most affected by hurricane and wildfire losses during 2018, pushed through…

MAPFRE creates new global broker role

MAPFRE creates new global broker role

MAPFRE creates new global broker role

MAPFRE has appointed Chris Smith to the newly created role of chief global brokers officer, where he will be responsible for engaging global brokers and developing client relationships. Mr Smith will report to José Manuel Corral, general manager of the corporate business and client area. Mr Smith joined MAPFRE Global Risks in 2013 as head of European business, and later…

Continued captive growth in Vermont in 2018

Continued captive growth in Vermont in 2018

Continued captive growth in Vermont in 2018

Vermont has continued to see captive growth, licensing 25 new captive insurance companies in 2018, according to its Department of Financial Regulation. The new licences were made up of 12 pure captives, four risk retention groups, three sponsored captives, two industrial insured captives, two special purpose financial insurers, one branch captive and one affiliated reinsurance company (ARC). The department said…