April 23, 2021

Looking West

Looking West
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Geneva Association releases report on pandemic risk

The Geneva Association has just released Public-Private Solutions to Pandemic Risk, expounding four exemplary pandemic risk funding schemes where governments can play a leading role: Direct insurance: the public sector provides voluntary or mandatory insurance to businesses exposed to pandemic risk Reinsurance: governments provide reinsurance coverage to insurers that kicks in...

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AM Best becomes UNEP FI PSI signatory

AM Best has announced that the organisation has become a signatory of the United Nations Environment Programme’s (UNEP) FI Principles for Sustainable Insurance (PSI) in keeping with its observation that the insurance industry plays an important role in supporting sustainable economic and social development. Management of environmental, social and governance (ESG)...

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Global M&A sees surge in Q4 2020

Global mergers and acquisitions (M&A) activity in 2020 fell to its lowest level since the aftermath of the financial crisis over a decade ago, despite a surge in dealmaking in the final three months, according to latest research on completed deals by Willis Towers Watson’s Quarterly Deal Performance Monitor (QDPM). ...

Lloyd’s vehicle for new capital gains approval

Lloyd’s recently announced that regulators had approved the insurance market’s special purpose vehicle as part of its future strategy, which aims to create an insurance market that attracts new forms of capital. The new platform will make it easier for investors to access the Lloyd’s market and will benefit investors...

Canopius Re gains Class 4 Licence

Bermuda-based reinsurance company Canopius Reinsurance Limited (Canopius Re) has been granted a Class 4 Reinsurer licence by the Bermuda Monetary Authority. The reclassification will significantly extend Canopius Re’s scope, enabling it to increase gross written premiums and write more third-party risks. This marks a reorientation of the reinsurer, which will...

Aviva collaborates with Anthemis

Aviva announced recently that it was expanding its investments in fintech and insurtech through a new collaboration with venture capital firm Anthemis. Aviva, working with Anthemis, has committed to invest new capital in innovative companies that are advancing the digital transformation of the financial services sector. Anthemis will deploy capital...

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Munich Re sees higher natural disaster losses in 2020

Global losses from natural disasters in 2020 came to USD210 billion, of which about USD82 billion was insured, according to a statement by Munich Re. Both overall losses and insured losses were significantly higher than in the previous year (2019: USD166 billion and USD57 billion respectively). Munich Re has reported that the...

Fitch: Reinsurance rates continue hardening

The reinsurance market continued hardening at the January 2021 renewals as pandemic-related claims, high natural catastrophe losses and pressure on liability lines of business led to widespread price increases that often went beyond claims inflation, according to a new report by Fitch Ratings. However, these improvements were capped by abundant...

Ellen R Dunkin, president, RIMS

Ellen R. Dunkin, Esq. to lead RIMS

RIMS, the risk management society, has announced that Ellen R. Dunkin, Esq. will lead the Society as president for the 2021 term. Dunkin is the senior vice president, general counsel and chief risk officer for Amalgamated Life Insurance Company in White Plains, New York. She is an accomplished business leader with...

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Lloyd’s, Parsyl lead vaccine distribution initiative

Lloyd’s and Parsyl, Inc. have announced the launch of the Global Health Risk Facility (GHRF), which will make available billions of dollars of insurance coverage, together with risk mitigation services to help protect and support the global distribution of COVID-19 vaccines as well as critical health commodities. The launch of the GHRF...

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