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News

Helvetia acquires majority stake in Spain's Caser for €780m

The Swiss insurer will issue hybrid bonds and equities to finance the purchase

FCA promotes Christopher Woolard to interim CEO

Woolard will replace Andrew Bailey who will become governor of the Bank of England in March

Insurance claims from Australia's catastrophic summer pass A$2bn

Hail losses reach half the size of bushfire losses

Aon and Brit back 'climate-friendly' data standard

The initiative aims to help insurers develop products around climate change

Share practical insights at InsuranceERM's IFRS 17 conference

The second IFRS 17 conference will take place in London on 13 February

New Zealand life insurers face heavy criticism

The insurance regulator highlighted the sector's declining aggregate solvency ratio and high costs

Bank sale pushes Gjensidige to record profits

Norwegian insurer still "actively scoping" for acquisitions

India postpones implementation of IFRS 17 equivalent: reports

Effective date will be decided after the standard is finalised, says Irdai

Nat cats in 2019 hit insurers for $71bn - Aon

The estimate is a notable increase on earlier predictions from Swiss Re and Munich Re

Scor appoints Chantal Bond as head of actuarial, Apac

Bond was highly commended in last year's InsuranceERM awards

Hong Kong's PICC P&C predicts net profit jump up to 60%

PICC P&C renews ceding arrangement with PICC Re amid positive outlook for region's reinsurers

Axis expects nat cat losses of $140m in Q4 2019

Typhoon Hagibis the main contributor to losses

Insurtech weekly: MMV; Insurify; Slice; Clara Analytics; State Farm Ventures

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

Chaucer promotes James Wright to chief risk officer

Wright succeeds Penny Shaw who will leave Chaucer Group

Australian hailstorms cost insurers A$320m

Insurance Council adds hail damage to nationwide fires as second concurrent catastrophe

AAE publishes paper on professional judgement by actuaries

The paper includes a self-assessment questionnaire to help actuaries

China Life expects net profit to rocket in 2019

Investment returns have driven the surge

Pool Re's terrorism knowledge hub appoints risk chief

Chris Medhurst-Cocksworth has previously held positions in the British armed forces and Marsh

German insurers slam regulatory 'stranglehold' on economy

GDV chief economist Klaus Wiener calls for a principles-based system

Australia bushfire insured losses edge A$1.5bn

General insurers promise to pass on savings from a bushfire clean-up plan

US policymakers backwards in embracing insurer climate models

Insurance has key role in educating on climate change, say industry participants in New York

Motor insurer Hastings warns of profit fall

The UK firm has been impacted by rising claims costs

Beijing to abolish foreign ownership cap for US life & health insurers

Chubb welcomes deal terms while deal document might have let slip China Re US expansion plans

Moody's predicts "materially" lower 2020 solvency for German life firms

Effects of falling rates will outweigh cuts in policy bonuses, rating agency says

Thai life insurer signs up FIS for IFRS 17

It marks the vendor's second IFRS 17 collaboration with a Thai insurer in the past two months

Don't touch risk-free rate curve in Solvency II review, Insurance Europe urges

CROs, CFOs and Insurance Europe disappointed by several proposals from Eiopa's consultation

Bank of England publishes 2020 Libor transition plan

Sterling Libor will "cease to exist" after 2021

Denmark's Gefion ordered not to expand its scope of business

Danish regulator warns Gefion has "serious liquidity problems"

Ultimate Risk Solutions to work with MSG Global

Risk modelling software vendor ties up with global IT service firm

India approves 33 insurtech proposals for regulatory sandbox

Ventures belonging to Bupa, Allianz and AIG will use the insurtechs

Analysis

China's coronavirus outbreak could hit insurers severely

Insurance experts talk to Ronan McCaughey about the mortality, operational and economic losses the deadly virus poses for the re/insurance industry

Zurich's Peter Giger: denser regulation is creating more pressure

Peter Giger began his third spell with Zurich last September after taking over as its group chief risk officer (CRO). He talks to Paul Walsh about the regulatory pressures the Swiss insurer is facing, and the differences between his current and previous roles

Flood, climate, capital: NAIC president Ray Farmer's agenda for 2020

Ray Farmer is the new president of the National Association of Insurance Commissioners. In this Q&A with Sarfraz Thind, he talks about flood coverage, international regulation and how he intends to raise climate awareness

Three emerging risks for the 2020s

Andrew Smith, chief risk officer at Qatar Re, discusses three less-discussed risks for insurers that are set to emerge over the next decade

Politics and sluggish innovation become bugbears for risk chiefs

InsuranceERM surveyed eight senior risk officers to assess the highs and lows of 2019 as well as what they are hoping for in the next 12 months. Paul Walsh examines the key findings

Hong Kong insurers eye Greater Bay Area opportunities

Hong Kong fancies itself as the risk management hub of the Greater Bay Area, thanks to a young but dynamic regulator and its technological knowhow. Vincent Huck reports from the Asian Insurance Forum

IFRS 17: twists and turns in the home straight

Cintia Cheong examines stakeholders' preliminary views of the IASB's redeliberations and previews the final stages of development of the insurance contracts accounting standard

Making scenario planning meaningful, effective and manageable

An expert panel at InsuranceERM's Regulation & Risk Management conference on 3 December in London shared their advice on stress and scenario planning, an activity that has become increasingly important for risk teams as they play a greater role in business strategy

Zurich's Eugenie Molyneux: diversity is key for today's CROs

Eugenie Molyneux, chief risk officer for commercial insurance at Zurich, tells Cintia Cheong about the firm's approach to climate change and why diversity is important for the modern risk manager.

Eiopa's Gabriel Bernardino: climate disclosures will become mandatory

Gabriel Bernardino, chair of the European Insurance and Occupational Pensions Authority (Eiopa) joined InsuranceERM's Insurance Risk and Capital EMEA conference earlier this month. In a Q&A with Christopher Cundy, he answered questions about climate change, the Solvency II review and conduct risk