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News

Lloyd's suspends two passholders over inappropriate behaviour

Widespread allegations of inappropriate behaviour at Lloyd’s have emerged in recent months

PIC seals £5.8bn of pension business in H1

The specialist insurer said it has been a record-breaking first half for new business

CRO Forum highlights blockchain technology's limitations

The forum says a mature blockchain-based insurance solution has yet to be identified

AIR updates New Zealand earthquake model

The model incorporates scientific research after the 2010-2011 Canterbury earthquake sequence

Regulation is discouraging talent from joining insurance industry

Experts stressed focusing on innovation is crucial to attracting the next generation

IFRS 17 consultation expected on 26 June

Proposed amendments are narrow but provide meaningful changes, says IASB

Oasis LMF rolls out cat modelling package

The Wave aims to create more openness and interoperability

UK insurers to participate in climate stress tests in 2021

Bank of England governor Mark Carney has set deadline for UK financial institutions

Tokio Marine Kiln Insurance to be placed in run-off

Tokio Marine Group shifts focus to Lloyd’s business

Insurers face plethora of unknown risks, warns Pool Re chief

Julian Enoizi was speaking at the Cambridge Risk Summit

Traditional risk management "no longer sufficient" for financial institutions

Alessandra Mongiardino called for firms to take a contemporary approach

Generali Italia ties up with Google

The partnership starts in Italy and will be extended worldwide

UK insurers want greater flexibility for IFRS 17 transition

Huw Evans outlines ABI’s initiatives

Axa CRO to take on investment role

Responsibilities shift as new CFO announced

AIG combines reinsurance operations to form AIG Re

AIG Re includes Validus Re, AlphaCat and Talbot Treaty

PRA tells life actuaries: focus on model drift and proxy modelling

UK regulator outlines initiatives in the next 12 months

Sompo International deploys AIR's casualty analytics platform

The re/insurer said the platform helps to identify accumulations of exposures

Saga reveals fixed-term policy uptake amid crackdown on loyalty charges

The over-50s insurer pledged in April to offer three-year fixed insurance policies

UK insurers face climate and cyber quiz in annual stress tests

The Prudential Regulation Authority has sent a letter to the largest life and general insurers

Royal London hires CEO from Standard Life Aberdeen UK

Barry O'Dwyer to replace Phil Loney in September

EU creates landmark criteria for sustainable activities

Taxonomy defines economic activities that can be considered sustainable

Rates spike in marine insurance market after Hormuz attacks

Lloyd’s Joint War Committee gives go-ahead for additional premiums in area

Aegon UK chooses Legerity for IFRS 17 implementation

Legerity also opens Hong Kong office and hires Asia-Pacific head

Nasdaq ModEx signs CoreLogic to provide US earthquake model

Third US cat model on Nasdaq’s multi-vendor cat platform

Oasis LMF added to Fractal insurance platform

The Fractal platform supports re/insurance views of risk and can integrate vendor models

Insurtech weekly: Liberty Mutual, Sapiens, Policy Expert, Kovrr

InsuranceERM rounds up the latest developments in the fast-moving world of insurtech

Perils acquires Canada's CatIQ

CatIQ provides catastrophe loss and exposure information on the Canadian market

Insurers gain little in ComFrame consultation response

IAIS does not yield to claims of prescriptive and burdensome framework for international insurers

Länsförsäkringar criticises "sluggish" law-making to combat climate change

Who pays to bolster Sweden's cities from natcats remains unclear, insurance giant argues

Athene co-founder announces retirement

Sean Brennan to oversee Athene’s flow reinsurance business, in addition to PRT role

Analysis

"The mummy track or the director track?"

Steps to increase equality and diversity in the financial services industry are under way, but as witnesses at a recent UK parliamentary meeting observed, there is still much to be done. Paul Walsh reports

Ireland's insurers zero in on operational resilience

Operational resilience is fast becoming the watchword for Ireland's re/insurance market and the country's insurance regulator. Ronan McCaughey explains

Figuring out profit emergence under IFRS 9 and IFRS 17

Gavin Conn and Steven Morrison examine how the choice of liability discount rate affects the expected profit emergence and earnings volatility under IFRS 9 and IFRS 17

Regulatory doubts holding back advanced modelling

US regulators are ill-equipped to oversee predictive models and may be slowing the adoption of new technologies, says a study by the Society of Actuaries. Sarfraz Thind reports

2019 Atlantic hurricane season: facing the eye of the storm

Forecasters are predicting a relatively average Atlantic hurricane season, but emerging risks could impact losses in unexpected ways. Paul Walsh and Sarfraz Thind report

Why South Korea leads the way on IFRS 17

South Korea has pioneered the adoption of the new accounting standard for insurance contracts, as well as coping with preparations for a new capital standard at the same time. Martin Sarjeant explains how

NAIC forum: technology, data science and Brexit

The NAIC's international meeting this month proved a lively affair. Beyond the regulatory dissection, participants had a lot to say on issues ranging from technology to Brexit. Sarfraz Thind reports

Setting the record straight on ICS 2.0

Paul Walsh speaks to Victoria Saporta, IAIS executive committee chair, to discuss the outlook for the global insurance capital standard (ICS)

Credit insurers shelter from the crossfire in trade wars

The health of the trade credit insurance sector is linked to a thriving global economy, so how does a trade war between the two biggest nations affect the business? David Walker reports

GDPR - 365 days later

Insurers were vocal about the challenges they faced from the EU's General Data Protection Regulation's (GDPR) implementation last May. Ahead of its one year anniversary, Paul Walsh considers the lessons learned, the ongoing challenges and what the future holds