The International Association of Insurance Supervisors (IAIS) in partnership with the United Nations–convenedSustainable Insurance Forum (SIF) published recently an application paper on the supervision of cimate-related risks in the insurance sector. The Paper provides insurance supervisors with concrete tools to further strengthen their efforts in assessing and addressing risks to...
A new report from the Association of British Insurers (ABI), ‘Future Proofing the Freedoms: Supporting customer decisions about pension withdrawals’ has found pension industry experts fearing that many people are withdrawing from their pension without any advice or guidance, meaning that in future many could run out of money in retirement....
Aon plc and Willis Towers Watson shared a statement recently in response to the legal action taken by the US department of justice: “We disagree with the US Department of Justice’s action, which reflects a lack of understanding of our business, the clients we serve and the marketplaces in which...
Fitch Ratings expects underwriting losses to continue over the near term for the directors and officers (D&O) liability segment. This is despite a 67 percent cumulative increase in market premiums over the past two years, the agency states. “The market has been disrupted by a confluence of challenging economic, regulatory,...
Howden has announced the launch of Parhelion, the world’s first fully sustainable insurer. Parhelion’s new and diversified ESG products will meet the risk financing needs of a greener economy. The new business has been seeded by Howden and will match the surge in institutional capital seeking sustainable investment strategies with...
Capgemini and Efma recently jointly published their World Insurance Report 2021 which shows that insurers need to rethink their distribution models to offer uninterrupted service, superior customer experience (CX), and maximum value as the industry’s business dynamics continue to evolve. As natural disasters and emerging risks such as COVID-19 become more severe, and lockdowns...
Chubb and Marsh have announced a collaboration with the World Health Organisation (WHO) and Gavi, the Vaccine Alliance (Gavi), that has secured insurance coverage for a program that will offer eligible individuals in 92 lower-income countries and economies a fast, fair and transparent process to receive compensation for rare but serious...
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...
The number of motor insurance claims settled by insurers in 2020 fell by 19 percent according to figures published recently by the ABI (Association of British Insurers). This unsurprising fall reflected the Covid lockdowns during the year, which led to significantly fewer vehicle journeys. Total payouts also fell, but at...
Munich Re has collaborated with Google Cloud and Allianz Global Corporate & Specialty (AGCS) focusing on providing cloud specific cover for organisations. The starting point for the cooperation is the continuing trend towards cloud usage: for a majority of larger organisations, the cloud has already been embraced as a way...
