Regulation
Consultation poses questions over premium liability
A Law Commission review of the rules governing who is liable for the payment of premium to insurers could change the current dynamic between insurers and insurance brokers, according to a law firm.
Guernsey doubles new insurer licences
The Guernsey Financial Services Commission licensed 72 international insurers during 2011 - a 53% increase from the 47 approved during 2010.
Reinsurance trade groups warn against protectionist regulation
A coalition of reinsurance trade groups has pointed to the record 2011 global insured natural catastrophe losses as a warning sign as to why protectionist reinsurance regulation will backfire in jurisdictions that try to impose limits on global risk…
Middle East Guest Blog: Firm Foundations
In earlier articles I have written that 2012 will be the year of reckoning following the 2008 financial crisis. Insurance is such that it takes time to unfold. Cyclicality is often blamed for the industry’s woes; and even more so in the Middle East…
Biba welcomes Treasury report calling for fresh regulation outlook
The British Insurance Brokers’ Association has been among the first trade bodies to welcome today’s publication of a Treasury Committee report into the Financial Conduct Authority.
Solvency II compliance challenges remain
European insurers have identified reliance on third parties for data, sophisticated risk modelling requirements and obtaining sufficiently detailed fund data among the challenges to be overcome in order for them to achieve Solvency II compliance.
Russian liability law pushes up insurance costs
Stringent new legislation on the management and insurance of plants dealing in hazardous materials in Russia could have far-reaching consequences for companies operating in the region, according to Marsh.
Fitch Ratings gives referral fee ban its seal of approval
Fitch Ratings has approved measures to ban UK motor insurers from receiving any type of referral fees, saying represents a more meaningful step towards combating the rise in fraudulent claims.
Medical and legal professions bite back at report response
Medical and legal experts have hit back at industry criticism following the Transport Select Committee’s cost of motor insurance report, claiming that comments made in the aftermath of the report question the “integrity” of doctors.
Reliance on third parties for data Solvency II challenge
Reliance on third parties for data, sophisticated risk modelling requirements and obtaining sufficiently detailed fund data were top of a list of challenges identified by European insurers in order for them to meet Solvency II requirements.
FSA recruit to help Capita clients prepare for twin peak regulation
A former Financial Services Authority boss is to use his knowledge of regulatory reform to help clients of Capita Commercial Insurance Services prepare for change.
Philippines non-life market expected to consolidate in wake of new capital requirements
The local Philippine's insurance representative body has noted that some local non-life insurers may have challenges meeting the government's new paid up capital requirements.
Roundtable - Analytics: the true value of quality data
As investment in analytics increases, Post gathered a group of experts to debate the rise in the use of data in all areas of the insurance industry.
Post magazine – 12 January 2012
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
Names protest group calls for Lloyd's meeting over Equity censure
A Names protest group that was burdened with losses from Equity Syndicate’s 2007 account is seeking a meeting with the Lloyd’s Enforcement Board to discuss the findings of its investigation.
Cyber threat poses huge global risks
Fiscal problems, global connectivity and demographic shifts pose the biggest risks in the next few years, according to the World Economic forum’s 2012 Global Risks report.
Kiln CEO joins Lloyd's Franchise Board
CEO of Lloyd’s insurer Kiln, Charles Franks has been named as a non-executive director of the Lloyd’s Franchise Board.
China's "cash before cover" regulation introduces ambiguity
Regulations designed to enhance cash flow for Chinese insurers will introduce ambiguity into the market and could lead to reduced policy coverage, according to Marsh China.
ATE insurer Elite enters solicitors' PI market in dramatic u-turn
Legal expenses provider and after-the-event insurer Elite Insurance Company will be entering the solicitors’ professional indemnity insurance market this year in a dramatic u-turn to its position last year.
Elite opens offices in France and Italy
Specialist legal and after-the-event insurer Elite is expanding its footprint in Europe by opening two new offices.
Chinese insurance sector faces "deeply-rooted problems" according to chief regulator
The head of China's Insurance Regulatory Commission has issued a stark warning to the country's insurance sector, despite robust premium growth in 2011.
PM health and safety war does not go far enough, says Garwyn CEO
Liability loss adjuster Garwyn has stated Prime Minister David Cameron’s attack on health and safety does not tackle the compensation culture.
Korean regulator: saturated home market means local insurers must look overseas
South Korea’s six non-life insurance companies saw their earnings in overseas markets drop by 52.2% on a year-on-year basis, it has been reported.
Ironshore launches new environmental products for Europe
Dublin-based insurer Ironshore Europe has launched a suite of environmental products for the European market.