While cyber insurance offerings and premium volumes have expanded sizeably, keeping up with demand is challenging and sustainable growth in the cyber insurance market should not be taken for granted, as accumulation risks need to be addressed in the context of a hyperconnected digital world, according to a study by...
Air Canada, one of the country’s largest airline companies is waiting for approval to form its own life insurance company, according to The Canadian Press. The move is in order to shore up pension risks by buying annuities from Canadian insurers and reinsuring the fixed payment through an insurance subsidiary,...
Markel Corporation has announced that it has been granted a license by BaFin, the German federal financial supervisory authority, to establish an insurance company in Germany. Following Brexit, the United Kingdom’s exit from the European Union, Markel Insurance SE (MISE) will be able to meet the insurance needs of clients...
Amazon is engaging in talks with some of the top insurance firms across Europe to see if they would be interested in contributing products to a possible UK price comparison website. According to The Guardian newspaper three industry executives said they had talked with Amazon about the possible launch. One...
Christian Mumenthaler, CEO of reinsurance giant Swiss Re, has recognised that the insurance and reinsurance market was seeing positive improvement an improving market which goes some way to explain the price improvements and continued premium growth the re/insurer is experiencing. Swiss Re reported its first-half results showing continued premium growth...
American International Group, Inc. (AIG) and Munich Re have announced that AIG Life Ltd. (AIGLL), a UK subsidiary of AIG Life & Retirement, has agreed to acquire Ellipse, a specialist provider of group life risk protection in the UK, from Munich Re. Ellipse’s group protection capabilities, which include life, critical...
The euro zone should accept a higher level of bad loans in banks than the five percent suggested by France and Germany to start its common deposit insurance scheme and finish its banking union, IMF head Christine Lagarde has said. “Everybody agrees that it (the euro zone deposit insurance scheme)...
A Brexit clause has been published by the International Underwriting Association to help companies manage insurance contracts as the UK leaves the European Union. The Brexit Contract Continuation Clause aims to clarify how firms will continue to pay claims despite any business disruption caused by a situation in which adequate...
Catastrophe Indices & Quantification Inc. (CatIQ) has launched Canada’s first insurance Industry Exposure Database (IED), developed with the support of the Canadian P&C industry and in partnership with Zurich-based PERILS AG. The IED contains 2016 and 2017 year-end estimates of Canadian industry property sums insured by: Canada Post Forward Sortation...
Facing sluggish industry growth and agile new competition, insurance executives are actively pursuing acquisitions and partnerships to transform and grow their businesses, according to a new report from KPMG International, titled Accelerated evolution – M&A, transformation and innovation in the insurance industry. In fact, 80 percent of insurance executives surveyed...
