Insight and Intelligence on the London & International Insurance Markets

26 March 2017

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Briefings

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PRA plans internal model approval charges

24 March 2017

The Prudential Regulation Authority said it wants to introduce a fee for full and partial internal model approvals under Solvency IIRead more


Trade bodies approve single claims agreement model

23 March 2017

The development of a single claims agreement model for non-complex claims moved a step closer today after the London market's major trade bodies gave its creation the go-aheadRead more


India considers 100% foreign ownership of brokers: report

22 March 2017

The Indian government is considering allowing full foreign ownership of insurance brokers to attract more funds to the sector, according to a media reportRead more


Health reform struggle dims tax cut prospects: BMO

21 March 2017

US equity markets were hit hard today amid dimming prospects for significant tax reforms, which could undermine earnings forecasts built partly on the assumption that the corporate rate would be cut this yearRead more


Insurers take Dutch courage from VVD victory

21 March 2017

The election victory last week of the Netherlands' centre-right VVD Party over the anti-EU Party for Freedom has removed a cloud of uncertainty over the country's future within the blocRead more


EU data rules complicate Brexit planning

21 March 2017

The incoming EU General Data Protection Regulation could have major implications for UK carriers planning to leave key functions in the UK post-BrexitRead more


LMA calls for legal framework for drones

16 March 2017

The Lloyd's Market Association has called for legislation to align the use of drones with manned aircraft to make the growing sector easier to insureRead more


Oregon lawmakers to consider quake insurance needs

15 March 2017

A state task force will be formed in the Oregon Senate to consider whether to form an earthquake insurance provider modelled on California's publicly managed, privately funded carrierRead more


Lure of Luxembourg sways relocating carriers

14 March 2017

Consensus suggests that the unlikeness of a "Lexit", permissive regulation and an attractive tax regime have helped Luxembourg displace Dublin as the post-Brexit European hub of choiceRead more


CIRC establishes offshore reinsurance deposit system

14 March 2017

The Chinese regulator has introduced an offshore reinsurance deposit system aimed at mitigating the credit risk arising from foreign carriers operating in the countryRead more


Flood insurance reform heats up on Capitol Hill

13 March 2017

Congressional leaders have put reforming the National Flood Insurance Program on the agenda this week for committees on both sides of Capitol HillRead more


Judge calls for Irish claims data law change

13 March 2017

The chairman of Ireland's Personal Injuries Commission, Justice Nicholas Kearns, has said the country's data protection laws may need to be changed to bring it in line with the UKRead more


Asbestos claims and class action reforms pass House

10 March 2017

The US House of Representatives has passed a bill that would increase transparency related to asbestos trusts and clamp down on spurious class action claimsRead more


Flood programme reform process kicks off in Congress

9 March 2017

Opening the US flood risk market to wider participation by insurers won bipartisan support in the last Congress and lawmakers are looking for similar success this yearRead more


Florida AOB crisis flares as groups game system: study

9 March 2017

Florida’s assignment of benefits (AOB) crisis can be partly blamed on a small number of lawyers and service providers who have helped fuel the explosive growth in lawsuits brought against insurers in recent years, a new study showsRead more


LMG’s Aubert warns of post-Brexit claims risks

9 March 2017

Claims chaos could erupt if there is no clear transitional arrangement in place when the UK leaves the EU, London Market Group (LMG) chairman Nicolas Aubert has warnedRead more


Irish regulator lures 5 Brexit applicants

9 March 2017

Ireland has received five applications from carriers looking to establish subsidiaries following the Brexit vote, but has continued to insist that would-be entrants have a substantive presenceRead more


LMG asks for assurance on post-Brexit equivalence

9 March 2017

The London Market Group (LMG) today called for a guarantee that the London insurance market will have regulatory equivalence with the EU after BrexitRead more


AIG gives Luxembourg fillip in Brexit beauty parade

8 March 2017

AIG's choice of Luxembourg as the location for a new EU subsidiary after Brexit is a major win for the Benelux countryRead more


Hammond ignores pleas for IPT reprieve

8 March 2017

UK Chancellor of the Exchequer Philip Hammond has ignored insurers' calls to rethink a pending insurance premium tax (IPT) rise and laid down measures to ensure carriers can't bypass the higher rate by paying the levy earlyRead more


Opinion: a quiet budget

8 March 2017

To paraphrase Benjamin Franklin, nothing in this world can be said to be certain except tax increases in the UK BudgetRead more


Report highlights Hong Kong failings

7 March 2017

A Hong Kong government advisory group has claimed the region is "facing a serious challenge" as a (re)insurance hub and recommended a series of regulatory and legislative changes to make it more attractiveRead more


Ogden: A two-decade strait jacket

7 March 2017

The decision of Lord Chancellor and Justice Secretary Liz Truss to push the discount rate to minus 0.75 percent stems from a 1999 House of Lords ruling that predates the dotcom crash, the subsequent bull market and the ensuing credit crisis - and that critics say has little relevance todayRead more


Industry hopes for swift Ogden rethink

7 March 2017

Insurers are hoping for a short stay in negative discount rate purgatory as a consultation with Chancellor of the Exchequer Philip Hammond gets underwayRead more


Axis discloses $50mn Ogden rate impact

6 March 2017

Axis Capital anticipates a hit of $50mn on its reserves as a result of the change in the UK discount rate for bodily injury claims, it announced todayRead more


PPL adds marine on time after resistance

6 March 2017

Electronic insurance exchange Placing Platform Ltd (PPL) has begun taking marine business, belying expectations that it would have to accept a delay in the face of a market revoltRead more


CIRC considers overseas M&A leeway: report

6 March 2017

The China Insurance Regulatory Commission (CIRC) is reportedly mulling a change to its regulatory framework which would ease overseas M&A by larger, more solvent companiesRead more


US regulator considers non-bank Sifi release: Reuters

3 March 2017

The US Financial Stability Oversight Council (FSOC) has reportedly reviewed the designation of systemically important financial institution (Sifi) for an unidentified non-bank firm, which could have positive repercussions for AIGRead more


Bermuda plans tax and fee hikes with a wary eye on US

2 March 2017

A tax reform proposal from Bermuda Finance Minister Bob Richards calls for a 2.5 percent levy on local non-health insurers, along with increases in other areas such as customs duties and permit fees applied to some international financial firmsRead more


Arig reinsurance unit granted DIFC licence

2 March 2017

Bahrain reinsurer Arab Insurance Group (Arig) has received a licence from the Dubai Financial Services Authority to operate its wholly owned new reinsurance subsidiary Arig Insurance Management (DIFC) Limited (AIM)Read more


Pool Re raises retro cover to £2bn

1 March 2017

Pool Re has ratcheted up its retro limit at renewal to £2.0bn ($2.5bn) and is close to offering cover for cyber terrorismRead more


Peers criticise Ogden rate move

1 March 2017

UK peers criticised the government's method of setting the personal injury discount rate and the steep cut announced on MondayRead more


CII unites with peers to form Chartered Body Alliance

1 March 2017

The Chartered Insurance Institute (CII) has forged an alliance with peers in the banking and securities and investment industries to raise awareness of the organisations' work and promote the use of chartered professionalsRead more


Aviation underwriters weigh up Brexit transfer provision for longer policies

28 February 2017

Aviation underwriters and their representatives are working to ensure multi-year policies are not interrupted by the UK's retreat from the EURead more


Reinsurers brace for Ogden impact

28 February 2017

The largest UK motor reinsurance broker Capsicum Re has warned that reinsurers will feel the major impact of spiralling personal injury compensation costs after the UK government unexpectedly pushed the discount rate into negative territoryRead more


Ogden decision ‘incredibly badly handled’: Pryce

27 February 2017

Richard Pryce, CEO of QBE's European operations, has criticised the UK Ministry of Justice for the timing and scale of its Ogden rate decision, which was announced earlier todayRead more


Reinsurers to absorb bulk of £5bn-£7bn Ogden losses

27 February 2017

Reinsurers will be hit hardest by the UK government's surprisingly steep reduction in the rate shaved off lump-sum personal injury payments, with reserves and underwriting profitability set to come under unexpected pressureRead more


Above-forecast Ogden rate cut to hit insurers

27 February 2017

The UK government shocked carriers today by announcing a far steeper-than-expected cut to the discount rate shaved off lump-sum personal injury compensation, to send shares in the sector down as Novae and Direct Line gave profit warningsRead more


Whiplash bill introduced to UK parliament

23 February 2017

Legislation that will reduce whiplash compensation for motor insurers began making its passage through parliament today, well over a year after the UK government first mooted a crackdown on claimsRead more


Davies Group exec sees Enterprise Act ‘nerves’

15 February 2017

A top executive at outsourced claims handler Davies Group has noted widespread uncertainty among insurers ahead of the implementation of UK legislation that could penalise them for the late payment of claimsRead more


UK government raises automated vehicle cover concerns

14 February 2017

The UK Department for Transport (DfT) has highlighted the insurance implications of driverless carsRead more


New law raises prospect of claims disputes

14 February 2017

Insurers have less than three months to fine-tune their claims handling procedures before legislation which could land them with new liabilities takes effectRead more


NAIC RBC changes could favour higher-rated reinsurers

14 February 2017

Proposed changes to the credit risk charge in the National Association of Insurance Commissioners (NAIC)'s risk-based capital (RBC) calculation could give the highest-rated reinsurers a competitive advantageRead more


Trump’s regulatory rollback to affect D&O market

10 February 2017

The new US president's disdain for burdensome financial regulation could drive down rates for directors' and officers' (D&O) insurance as the potential for losses in the line fallsRead more


UK government unveils driverless car insurance plans

9 February 2017

The UK government plans to extend existing compulsory motor vehicle insurance legislation to cater for driverless cars, rather than introduce a first-party liability model, it announced todayRead more


AmWins CEO: London must address bureaucracy

9 February 2017

AmWins CEO Steve DeCarlo has warned that the level of bureaucracy in Lloyd's risks making the market - the wholesale broker's biggest - uncompetitive relative to its peersRead more


CIRC warns against reckless investing: reports

9 February 2017

The China Insurance Regulatory Commission (CIRC) has accused some Chinese insurers of behaving irresponsibly when investing overseas, according to the official Securities TimesRead more


AM Best warns on deteriorating profitability in India

8 February 2017

AM Best has highlighted a trend of worsening profitability and rising loss ratios in IndiaRead more


PPL contemplates reinsurance rollout

8 February 2017

The London Market Group (LMG) has added reinsurance to the list of potential business lines that will start using Placing Platform Limited (PPL)Read more


ACR's Chinese acquirers stress deal commitment

8 February 2017

Chinese municipal government entities Shenzhen Qianhai Financial and Shenzhen Investment have reiterated their commitment to the agreed $1bn acquisition of Asia Capital Re (ACR), with regulatory approvals that had been expected late last year still outstandingRead more


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