Regulation
FSA kept budget spending down, annual report reveals
The Financial Services Authority deliberately underspent on its annual budget as it was “very conscious of the need to control costs, particularly given the difficult environment that firms are operating in”.
European insurers remain well capitalised, says Eiopa
The majority of European insurers are well capitalised in terms of current Solvency regulations, although Solvency capital ratios are starting to decrease slightly, according to the European Insurance and Occupational Pensions Authority.
Top five Asian news stories
The top five Asian stories from www.insuranceinsight.com over the past seven days.
Oil markets blasé as sanctions force Iran's Asian buyers to cease imports
Iran's Asian oil buyers look set to halt imports when EU sanctions come in on 1 July, with potential repercussions for the global oil market.
German regulator seeks insurance supervisor head
Bafin, the German financial regulator, is seeking a new head of insurance supervision.
UK ABI backs government decision to omit industry from Equality Act
The Association of British Insurers has thrown its support behind a Home Office announcement that imminent discrimination laws will not apply to the insurance industry.
German financial watchdog on the hunt for new insurance head
Germany's financial regulator Bafin is seeking a new head of insurance supervision following Gabriele Hahn's move to a new role after only 18 months in the job.
Nordic insurers will need bigger investment adjustments under Solvency II
Nordic insurers will need to make bigger adjustments to investment portfolios because of the likely requirements of Solvency II, according to Fitch.
Nordic insurers urged to make bigger adjustments to investment portfolios
Nordic insurers need to make bigger adjustments to their investment portfolios because of the likely requirements of Solvency II.
Cost Advocates recruits Woolley
Cost Advocates has appointed solicitor and costs litigation specialist Emilie Woolley as costs solicitor.
Indian shippers to stop handling Iranian oil if government can't agree cover
Indian state-owned refiners look set to halt oil imports of 173 000 barrels a day from Iran, unless the government permits them to use insurance and freight arranged by Tehran.
Japan approves insurance for tankers carring Iranian oil
Japan's cabinet has approved a bill to provide sovereign insurance to tanker operators that import Iranian oil before European Union sanctions come into force.
Property rebuilding costs continue to slow
The annual rise in the UK's index of house rebuilding costs is continuing to slow down, according to the Building Cost Information Service of the Royal Institute of Chartered Surveyors.
Barnier "hopeful" of political agreement on Solvency II
Despite "rapid progress" being made, Solvency II may not apply from 1 January 2014 if political consensus is not reached in the next few weeks, according to Michel Barnier.
Member governments renew catastrophe insurance policy with Caribbean risk pool
All 16 member governments of the Caribbean Catastrophe Risk Insurance Facility will renew their hurricane and earthquake insurance for 2012 to 2013.
Gable reports 37% profit growth amid unstable market conditions
Gable has reported a 37% rise in pre-tax profit to £3.7m in the year ending 31 December 2011.
Apil applauds investigation into motor insurers' "grubby practices"
The Association of Personal Injury Lawyers has claimed that motor insurers have "finally been caught with their hands in the cookie jar" following the Office of Fair Trading decision to refer the sector to the Competition Commission.
Strong growth prospects for Nordic life market
Growth prospects for the Nordic life insurance markets remain strong, but insurers will have to assess the viability of selling contracts with investment guarantees due to high capital charges under Solvency II, according to Fitch.
Polish high court upholds Link4 judgment
Poland's highest court has upheld an earlier ruling that an advert for Polish motor insurer Link4 had caused offence to some parties but dismissed claims that it had misled customers.
Travelers considering India market entry
US-based Travelers Group is believed to be in talks with Indian farm equipment maker Mahindra & Mahindra regarding a bid to enter the country's fast growing general insurance market.
Lift protectionist regulations or lose foreign firms, China warned
A fifth of firms investing in China may shift future investment to other economies as a result of protectionist regulations, according to a survey by the European Chamber of Commerce in China.
Top 10 news stories
The top 10 stories from www.insuranceinsight.com last week.
CCV wins chartered status
Cullum Capital Ventures has attained the status of chartered broker.
A third of general insurers to re-price products in run-up to Solvency II
Increasing numbers of insurers plan to re-price and reorganise their product mix in response to the introduction of Solvency II regulations, according to a Deloitte Survey.