Reinsurer Caisse Centrale de Réassurance (CCR) saw its 2016 net income decline to EUR141 million (USD154 million) and its combined ratio weaken to 89.9 percent, as flooding in May-June saw its natural catastrophe France claims expenses increase by over EUR400 million (USD436 million). “The 2016 results, marked by a high level of...
MetLife Inc plans to invest USD1 billion in an efficiency program through 2019 that will eventually reduce annual operating costs by around USD800 million, the insurer has said. The investments will go toward technology improvements, chief executive Steven Kandarian wrote in his annual letter to shareholders, but did not provide...
The frequency of M&A insurance claims is rising as large deals prove risky and the average payout on the most severe category of claims tops USD20 million, according to an American International Group, Inc. (AIG) study of its representation and warranty (R&W) claims. The M&A claims study, now in its...
Companies across the world are not backing up their rhetoric on compliance with the appropriate level of resources and prioritisation, says a research report from Control Risks. The annual report of international business attitudes to compliance risk is based on a survey of senior executives responsible for compliance at 1,000...
By taking control of their data, establishing a team and developing plausible business interruption (BI) figures before losses occur, risk managers can do much to lessen the confusion and frustration common to these claims process, according to the RIMS Business Interruption Survey 2017. Key findings from the recently published survey...
A new study from Conning found that reinsurance companies are under pressure from all angles alternative, with the capital markets, captives and government-sponsored entities all taking risk that was once their domain. The study looks at how buying trends have shifted in the soft reinsurance market and discusses the dynamics...
Specialist insurance and reinsurance market, Lloyd’s has announced it will be setting up a new European insurance company to be located in Brussels. Lloyd’s chief executive, Inga Beale, said that the intention is for the company to be ready to write business for the 1 January 2019 renewal season, subject...
Lloyd’s Market Association (LMA) has warned insurers and reinsurers will have to self-assess compliance with competition law in areas of pooling underwriting capacity and market-data collection after the announcement of the European Commission of the Insurance Block Exemption Regulation (IBER) lapse on 31 March, according to a press release. “The...
French reinsurance company SCOR is interested in making an entry into the Iranian market, Mehr news agency has reported. Chief executive of SCOR, Victor Peignet at a meeting with Abdolnaser Hemmati, head of Central Insurance of Iran (CII), the industry’s regulator in Tehran underlined his company’s interest for insurance cooperation...
UK based insurer Aviva PLC is looking to sell Friends Provident International Ltd. (FPI), its unit that serves high-net-worth clients in Asia and the Middle East, in a deal that could fetch up to USD750 million, according to close sources. Aviva’s sale of Friends Provident International comes less than two...
