August 20, 2019

Looking West

Looking West

Allianz loses bancassurance partner

Allianz has terminated its exclusive non-life distribution agreement with Banco Santander and will be paid EUR936.5 million for the acquisition of 60 percent in Allianz Popular SL. Allianz and Banco Popular entered into an exclusive long- term bancassurance alliance in 2011. It covered life insurance, pensions, and asset management through...

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Ogden discount rate revision may impact reserves: AM Best

The revision of the Ogden Discount Rate will lead to reserve strengthening for companies that had booked motor and liability reserves in the zero to one percent range, according to a new commentary by AM Best, although the impact on capital of UK insurers is not expected to be significant. Some...

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IAIS embarks on new strategic direction

With the approval of its 2020-2024 Strategic Plan and Financial Outlook (SPFO), the International Association of Insurance Supervisors (IAIS) will soon embark on a new strategic direction. A product of extensive member and public input over the course of its 18-month development, this new SPFO sets out the high level...

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Chubb pulls back from coal underwriting

Chubb Limited has announced that it has adopted a new policy concerning coal-related underwriting and investment.  With the new policy, the company will no longer underwrite the construction and operation of new coal-fired plants or new risks for companies that generate more than 30 percent of their revenues from coal...

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Cyber attacks soar, investments on the rise: Study

Annual losses from cyberattacks averaged USD4.7 million in the last fiscal year — with more than one in 10 firms losing over USD10 million —according to a new report from The Cybersecurity Imperative, a global thought leadership program produced by independent researcher ESI ThoughtLab in conjunction with Willis Towers Watson and other organisations specialised...

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New rules to shake up health market

The US department of health and human services, the department of labor and department of treasury issued a final ruling mid-June to expand the use of HRAs by employers. This expansion will fund employee premiums in the individual health insurance market effective January 1, 2020. The new ruling provides an...

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Liberty acquires surety operations of AmTrust

Liberty Mutual Insurance announced the completion of the acquisition of the business and operations of AmTrust Surety, the US surety operations of AmTrust Financial Services, Inc., following satisfaction of customary closing conditions. The AmTrust Insurance Spain, Nationale Borg, and Nationale Borg Reinsurance portion of the acquisition is expected to close...

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Azerbaijan to get new agri insurance tool

A new agricultural insurance model will be launched in Azerbaijan till late 2020, Firdovsi Agashirinov, head of the Insurance Supervision Department of the Financial Market Supervisory Authority of Azerbaijan (FIMSA) has said. “Turkey’s and Spain’s agricultural insurance mechanisms were chosen as samples for the development of the bill on agricultural...

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Central Bank calls for deposit insurance scheme

The Bank of Spain called on euro zone countries recently to complete the banking union by setting up a deposit insurance scheme and to create a stabilisation fund, while warning of risks to bloc’s economy such as Brexit uncertainty. Spokespersons said Europe faced significant downside risks from Britain’s plans to leave...

Allianz strengthens its presence in the UK

Allianz has entered into transactions with two parties which will strengthen the insurer’s presence in the UK insurance market. The transactions, which are expected to be completed by end of 2019, will position Allianz among the top two general insurers in the UK with a 2018 combined gross written premium...

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