March 21, 2019

Looking West

Looking West

Insurance levy reform proposed

The recently proposed Insurance (Amendment) Bill has suggested that a two per cent levy be added to insurance policies to provide funds that can be used in the event of an insurance company’s collapse. The Bill provides for the transfer of the Insurance Compensation Fund to the Central Bank and...

Athora acquires Generali Belgium

Athora Holding Ltd. has announced that it has completed the acquisition of Generali Belgium SA / NV. The final consideration paid is approximately EUR540 million. The Company will be rebranded to Athora Belgium prior to the end of the second quarter of 2019. Athora Group managing partner Michele Bareggi stated:...

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ArgoGlobal uses Insurtech to provide on-demand cover

ArgoGlobal Assicurazioni S.p.A, member of Argo Group International Holdings, Ltd. is working with Axieme, a specialised broker connected to digital platform Jobby, to respond to a need for on-demand, pay-as-you-go insurance for temporary and short-term workers in Italy. “The growth of the gig economy has created a shifting and unpredictable...

Cooperation to broaden economic ties

Germany and China have signed agreements to strengthen coordination in banking, finance and capital markets, and pledged to further open market access and deepen cooperation to broaden economic ties. The agreements were reached between German finance minister Olaf Scholz for talks with vice premier Liu He, who is president Xi...

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Motor insurance system review launched

The Ontario government has launched a review of the province’s auto insurance system, saying it hopes to lower rates for drivers who pay some of the most expensive premiums in the country. The analysis announced recently will examine practices in other jurisdictions to find ways to make improvements and introduce...

Reinsurance rate movement limited: GC

The overall impact of catastrophe losses on property rates was muted at the January 1, 2019 reinsurance renewals, but the fourth highest annual catastrophe loss year on record did create questions over pricing adequacy, underwriting strategy and the amount of capital available, stated Guy Carpenter & Company LLC, in a...

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Q4 2018 Claims burden at USD1bn: Swiss Re

Swiss Re estimates its preliminary claims burden from recent natural catastrophes in the fourth quarter of 2018 at approximately USD1.0 billion, mainly affecting Reinsurance, and net of retrocession and before tax. Swiss Re anticipates claims from the Camp and Woolsey fires in California to be USD375 million, USD150 million from Hurricane Michael, USD32 million-hike...

Top risks facing manufacturers: Chubb

A study from Chubb and The National Center for the Middle Market (NCMM) found that although manufacturing is experiencing growth, there are many interconnected challenges leading to new risks. The research also suggests that manufacturers may not be fully prepared to confront some of these new and emerging risks, including...

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Hurricane Michael may leave USD15bn financial impact: Aon

Aon’s Impact Forecasting team recently launched the latest edition of its monthly Global Catastrophe Recap report, which evaluated the impact of the natural disaster events that occurred worldwide during October 2018. The report highlighted that Hurricane Michael killed 45 people in the US, as it became the strongest tropical cyclone on record...

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Lemonade plans Europe expansion

Insurance start-up Lemonade has announced plans of expanding to Europe. Citing the continent’s ‘thriving tech ecosystems and the countless people who wrote to ask that we come to their country’ as reasons for the expansion plan. In a blog post on the Lemonade website, CEO Daniel Schrieber said that Europe,...

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