The International Association of Insurance Supervisors (IAIS) recently published its report “Supervisory issues associated with benchmark transition from an insurance perspective” sharing findings and recommendations from a survey conducted amongst IAIS members. The report focuses primarily on LIBOR transition, given its predominant global role and the short remaining period for...
Marsh has observed that global average commercial prices have increased by 19 percent in the second quarter of 2020, according to the Global Insurance Market Index, a report released by the broker. The increase, the largest since the index was launched in 2012, follows year-over-year average increases of 14 percent in...
With the UK health service in high demand and with many private hospitals being taken under the wing of the NHS to offer increased treatment space for Covid-19 cases, life in the private healthcare sector is far from normal. The scale of the problem is highlighted in a report prepared...
American International Group, Inc. recently announced that it has entered into an agreement with Safeco Insurance, a Liberty Mutual Company, and Heritage Insurance Holdings, Inc. to offer AIG Private Client Group’s (PCG) agents the ability to transition their upper middle market personal insurance business to Safeco and Heritage. This transition will take...
In the context of the pandemic and the colossal pressure and confusion created among governments and insurers, the French Insurance Federation (FFA)has presented the conclusions of its work on a new system for protecting businesses against the economic consequences of a major event like Covid-19. This system is the result...
Investment in infrastructure development is set to be one of the main drivers of sustainable growth in the emerging markets after the COVID-19 crisis subsides, according to Swiss Re’s latest sigma report. Emerging markets will invest USD2.2 trillion in infrastructure annually over the next 20 years, translating to 3.9 percent of gross...
RIMS, the risk management society, has announced its support for H.R. 7011, the Pandemic Risk Insurance Act of 2020 (PRIA) that was introduced by Congresswoman Carolyn Maloney in May. Reviewed by RIMS External Affairs Committee, the proposed legislation will effectively create a federal program that provides a transparent system of...
While the coronavirus (COVID-19) pandemic has brought the world to an economic slowdown, potentially reducing the value of insurable risk, market dislocation is creating attractive opportunities for insurers in some lines of business, according to AM Best’s latest report. In response, the ratings agency believes that there is an inflow of...
Holborn Assets has received the prestigious Pension Transfer Gold Standard award for providing clients with the highest standards of service and advice regarding Defined Benefit (DB) pension transfers. To earn the Pension Transfer Gold Standard, Holborn Assets’ UK business passed a rigorous assessment process that scrutinised its advisory processes, system functions and...
Howden Broking Group has announced the acquisition of Matrix, a Lloyd’s broker of large corporate and industrial risks. Matrix operates primarily in the Greek and Cypriot markets. The group has expanded through subsidiaries in Turkey and South Africa and has an increasing number of international clients. Dimitris Tsesmetzoglou will continue...
