American International Group, Inc. (AIG) has announced a new cyber benchmarking model that quantifies and scores client cyber risk. The model evaluates a client’s cyber security maturity against 10 common attack patterns across 11 commonly used technology devices. The model incorporates critical security data, such as current threat intelligence from...
Clyde & Co has predicted that re/insurers will wake up to the potential that lies in focusing on resilience and closing the protection gap. Insurance has always been about building resilience into the economic system and it now has the opportunity to make a real impact on the lives of...
A UK government cross-party parliamentary committee has approved the Risk Transformation Regulations 2017 and the Risk Transformation (Tax) Regulations 2017, which will make up the UK ILS regulatory regime, but not without pertinent questions from those attending. Questions were asked regarding the fact these regulations have been prioritised by the...
Swiss Re has predicted an increase in prices in non-life insurance and reinsurance. In its Global insurance review 2017, and outlook 2018/19 report, the reinsurer has stated that the multiple natural catastrophe events in 2017 have drained resources, along with low prices that have fallen substantially over the years. “The...
Munich Re has posted a high loss for the third quarter, but is expecting a significant market recovery. The Group is also counting on profitable growth in new business areas, and is pressing ahead with corresponding initiatives. Jörg Schneider, chief financial officer of Munich Re, explained: “The major losses from...
AXA will narrow its acquisition focus to 16 key countries and could sell some assets in markets where it lacks scale, its executives have said. “We want to focus on fewer countries. We want to focus on these countries where we have scale and potential,” chief executive Thomas Buberl told...
An infrastructure fund has been approved in Bermuda in order to stimulate the country’s economy with local investments. Premier and minister of Finance David Burt recently provided an overview on the establishment of the Bermuda Infrastructure Fund in the House of Assembly saying that the “Government believes that is in...
BaFin, the German financial regulator, has written to UK-based insurers to demand details of how they plan to deal with a hard Brexit. The letter asks for information about “emergency plans developed to take into account all conceivable exit scenarios,” although it places particular emphasis on a hard Brexit, according to...
Britain’s Resolution Group, Swiss Re and private equity firm Cinven have expressed an interest in acquiring two large German life insurance portfolios owned by Ergo and Generali according to sources. Munich Re’s primary insurance affiliate Ergo and the German subsidiary of Italy’s Generali are considering the sale of their respective...
Japanese insurer Aioi Nissay Dowa Insurance (ADI) has announced it will move one of its subsidiaries from London to Luxembourg following the Brexit vote. ADI, which is part of MS&AD Insurance Group, announced in a statement that it would restructure its European business organisation to “provide insurance products and services...
