Insight and Intelligence on the London & International Insurance Markets

29 June 2017

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Briefings

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IDA Ireland sees end to Brexit licence rules divergence

29 June 2017

The international financial services head of Ireland's investment and development agency expects a reduction in "inconsistencies" between EU watchdogs assessing licence applications from Brexit migrants, after a central regulator issued guidelinesRead more


Regulators must coordinate on Brexit: ABI panellists

27 June 2017

European insurance regulators need to respect each other's oversight, at least for a transitional period, to prevent Brexit from jeopardising financial stability, panellists at an Association of British Insurers (ABI) conference saidRead more


City minister hints at significant Ogden row-back

27 June 2017

UK City minister Stephen Barclay today gave insurers increased hope of a favourable change to the Ogden rate just months after it was slashed, after describing the existing mechanism as "outdated"Read more


Illinois poised to create workers’ comp fund

27 June 2017

Illinois, a state with $11bn in unpaid bills, may be on the verge of creating the first state-financed workers' compensation insurance system to be set up in decadesRead more


Argentine reinsurance market reopens at 1.7

27 June 2017

Argentina's Superintendent of Insurance Juan Pazo has detailed plans to reopen his country's market to foreign-owned admitted reinsurers at the 1 July renewalsRead more


If it is broke, fix it

27 June 2017

It turns out that markets aren't broken after allRead more


Lloyd’s expands oversight and targets expense reduction

26 June 2017

Lloyd's CEO Inga Beale has signalled that the Corporation will shift its syndicate oversight activity to focus on all elements of the combined ratio, as she targets 10% job cutsRead more


NZ government lifts earthquake coverage

26 June 2017

New Zealand's Earthquake Commission (EQC) will expand its cover for residential buildings damage by 50 percent under upcoming reforms to the regime for the country's public disaster insuranceRead more


Opinion: Motor mood music

26 June 2017

The Queen's Speech last Wednesday (21 June) rekindled optimism among bruised (re)insurers that reforms to cut spiralling compensation costs are in reachRead more


Malaysia enforces local ownership rules for insurers: report

23 June 2017

Malaysia's central bank has reportedly asked foreign insurers to ensure that at least 30 percent of their Malaysian units are owned by domestic shareholdersRead more


Opinion: Political artistry and the NFIP

23 June 2017

Critics of Congress may scarcely have noticed the significant step forward lawmakers took in reforming and preserving the National Flood Insurance Program (NFIP) this weekRead more


Aviation insurers forge Brexit intra-group policy transfer clause

23 June 2017

Aviation underwriters and their representatives have agreed on new policy wording to limit the impact of Brexit on multi-year insurance coverageRead more


Beazley Irish insurance application ‘well advanced’

22 June 2017

Beazley is nearing the end of the application process to create an insurance subsidiary in Dublin, and expects to share news on its Brexit contingency planning next monthRead more


Queen’s Speech raises Ogden reform hopes

21 June 2017

Hopes of a reprieve for (re)insurers battered by the Ogden rate cut rose today as the UK government flagged pending efforts to reduce motor insurance premiumsRead more


Irdai puts GIC Re refusal rights under review: report

21 June 2017

The Indian insurance regulator is reportedly set to review the rule that grants state-owned Indian reinsurer GIC Re the right of first refusal on all treaty business in the countryRead more


Opinion: M&A ostriches

19 June 2017

French president Emmanuel Macron is apparently to join counterparts in Berlin and Rome in seeking restrictions on inbound European M&ARead more


Admiral rebuked by FCA over premium data

16 June 2017

Admiral has been reprimanded by the UK Financial Conduct Authority (FCA) for giving inaccurate information to customers in renewal documentationRead more


Ogden to cost (re)insurers £3.5bn: EY

15 June 2017

The change to the UK's discount rate for personal injury compensation is to cost the (re)insurance industry £3.5bn ($4.5bn), according to a report from consultants EYRead more


Opinion: Brexit boy scouts

15 June 2017

"Be prepared" is a mantra that has served generations of boy scouts and girl guides well, and is one that the insurance industry should take to its heart as a damaged UK government staggers towards the start of Brexit talksRead more


Belgium says more carriers to follow Lloyd’s to Brussels

14 June 2017

More UK carriers will follow Lloyd's and QBE in establishing their EU subsidiaries in Brussels, according to a senior official at the Belgian Finance MinistryRead more


Insurer advocates criticise GOP’s NFIP reform

12 June 2017

A Republican-backed bill to extend and reform the deeply indebted US National Flood Insurance Program (NFIP) would actually undermine private sector attempts to provide cover to homeowners and businesses, insurance industry advocacy groups have saidRead more


Opinion: Voices of dissent

9 June 2017

The voices of dissent in the carrier community against broker remuneration practices have been growing in number and increasing in volume in recent monthsRead more


US House passes bill to repeal Sifi designations

9 June 2017

The US House of Representatives has passed a bill that will end "too big to fail" designations for non-bank financial institutions and overhaul regulations created under the Dodd-Frank ActRead more


FCA reviewing PI market: report

8 June 2017

The UK Financial Conduct Authority (FCA) has launched a review into the professional indemnity (PI) market as part of a drive to improve coverage for advisersRead more


Nelson: Lloyd’s ILS platform a possibility post-Brexit

6 June 2017

Lloyd's plans to form an insurance-linked securities (ILS) trading platform could be realised once Brexit matters have been dealt with, according to its outgoing chairman John NelsonRead more


Benelux builds Brexit lead among UK carriers

6 June 2017

The Benelux region has pulled further ahead of rival jurisdictions among UK carriers seeking locations for post-Brexit subsidiaries, with Luxembourg extending its overall leadRead more


Insider View: PRA facilities probe

6 June 2017

For years, the broker drive to facilitise the market and intermediaries' efforts to push acquisition costs higher has been a subject of intense interest and mounting concern for carrier executivesRead more


PRA probes broker facilities

6 June 2017

The Prudential Regulation Authority (PRA) is investigating broker facilities in one of two interconnected reviews launched amid pleas for help from carriers in tackling mounting acquisition costs, The Insurance Insider has learnedRead more


RSA picks Luxembourg for Brexit hub

5 June 2017

RSA is to establish a subsidiary in Luxembourg, becoming the latest carrier to pick the Grand Duchy as the location for its EU hub after BrexitRead more


Opinion: Lloyd’s Venn Diagram

5 June 2017

Lloyd's has two sometimes contrasting aimsRead more


Anbang chief Wu blocked from leaving China: FT

2 June 2017

Chinese authorities have prevented Wu Xiaohui, head of acquisitive insurer Anbang, from leaving the country, the Financial Times reported todayRead more


Lloyd’s international regulatory affairs chief departs

2 June 2017

Rosemary Beaver, the head of international regulatory affairs at Lloyd's, has stepped down after 30 years at the CorporationRead more


Opinion: Letterbox Brexit

1 June 2017

The European Securities and Markets Authority (Esma)'s missive on Wednesday to national EU regulators handling licence applications from Brexit migrants evoked the image of a harassed mother entreating squabbling children to please shareRead more


IFRS 17 could cost $2.6bn in UK: Prudential CFO

31 May 2017

The International Accounting Standards Board (IASB)'s new IFRS 17 insurance accounting standard will involve "eye-watering" costs without necessarily bringing significant benefits, Prudential CFO Nic Nicandrou has saidRead more


EU watchdog warns against 'letterbox entities'

31 May 2017

The EU securities and markets regulator has warned national watchdogs against companies hoping to set up thinly staffed "brass plaque" entities ahead of BrexitRead more


EU gets clearance to sign covered agreement with US

30 May 2017

The European Council has formally approved the covered agreement with the US that would harmonise insurance and reinsurance regulation across the Atlantic, in a move that may prompt action in WashingtonRead more


Opinion: Trump ploughs familiar furrow

26 May 2017

As shocking as it may seem, Donald Trump mimicked Barack Obama in proposing to gut the federal crop insurance programme in his budget this weekRead more


GOP NFIP bill aims to pry open private US flood market

25 May 2017

A proposal to reform the National Flood Insurance Program outlined today in Washington by a key Republican congressional leader seeks to pry open a $3.4bn market for private carriers while also establishing ways to improve the indebted scheme’s financesRead more


Eiopa to publish Brexit rules for regulators: report

25 May 2017

The European insurance watchdog intends to publish guidelines for national regulators to prevent them from pursuing a regulatory race to the bottom to attract firms leaving the UK post-BrexitRead more


Trump’s crop insurance subsidy cut ignites criticism

24 May 2017

Farmers and crop insurers came out swinging against a proposed 36 percent cut in federal crop insurance subsidies under President Donald Trump’s first spending plan, sent to Congress on MondayRead more


Post-Brexit ‘bonfire of regulations’ unlikely: Execs

24 May 2017

Expectations of a "bonfire of regulations" following the UK's exit from the EU are likely to prove unfounded given the country's already taut oversight regime, according to a group of senior industry executivesRead more


Chinese insurers well captialised: CIRC

24 May 2017

A study by the Chinese insurance regulator has found that the country's insurers tend to be well capitalisedRead more


Opinion: consent issues

23 May 2017

Ever met anyone at the Department for Culture, Media and Sport? If not, you might want to start making some friends thereRead more


Liberty to select Luxembourg for EU subsidiary

22 May 2017

Liberty Specialty Markets looks set to become the latest carrier to choose Luxembourg as the destination for its post-Brexit EU subsidiary, The Insurance Insider can revealRead more


Insurance chief Moulder to leave PRA

19 May 2017

Chris Moulder, the Prudential Regulation Authority (PRA)'s most senior non-life insurance supervisor, is to leave the UK regulator, The Insurance Insider understandsRead more


CIRC and OCI to work on equivalence framework

19 May 2017

The Chinese and Hong Kong insurance watchdogs have signed an agreement to conduct an assessment into equivalence for the insurance solvency and regulatory regimes in the two territoriesRead more


Opinion: see-through accounting

18 May 2017

Did you notice when "transparent" stopped being a dirty word? When it ceased to apply to, perhaps, an errant boyfriend or a vote-hungry politician, but got co-opted by regulators and virtue-signalling companies alike?Read more


Texas lawmakers pass limits on weather claims lawsuits

17 May 2017

Insurers stand to gain some relief from abusive lawsuits in Texas, after lawmakers passed and sent a reform bill to Governor Greg Abbott todayRead more


Rims backs US-EU ‘covered agreement’ for reinsurers

17 May 2017

Global risk management trade body Rims has thrown its support behind the US-EU "covered agreement" aimed at harmonising transatlantic insurance regulation, saying it will "improve affordability and availability of reinsurance"Read more


Post-Brexit interest ahead of expectations: Luxembourg

15 May 2017

Luxembourg's financial sector development agency expects two or three new carriers to announce plans to set up subsidiaries there in the coming weeksRead more


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