Content

News

IFRS 17 "ripe for judicial review", says UK peer

Sharon Bowles continues to attack UKEB/FRC over secret discussions and audit reforms

Eiopa warns insurers to better prepare for physical climate risks

The authority has assessed property insurers' exposure to climate change

Chinese life solvency falls in Q1 despite use of transitional rules

Sales to weaken in 2022 as pandemic lockdowns persist

Scor to end coverage for new oil field projects by 2023

However, climate activists slam Scor's restrictions for failing to cover gas

Lloyd's chief actuary: inflation is the biggest issue in capital setting

Emma Stewart stressed holding too much capital is "not the answer"

Audit actuaries need to be more sceptical, says FRC

Regulator finds cases where some audit actuaries "were not as effective as they needed to be"

Eiopa issues rare warning to Slovakia's regulator over Solvency II breach

NBS given formal recommendation to improve its supervision of one insurer

Russian investment impairments send Generali's quarterly earnings down 9%

Exposures span equity stakes to fixed income to index-linked products

Beazley puts cyber risk management at core of profitable growth

Client services to play a crucial role in cyber underwriting growth

Balance is key for AI supervision in insurance, says BaFin

Frank Grund says additional requirements are only appropriate if there are additional risks

"Much work" remains on UK Solvency II reform, warns Amanda Blanc

Aviva says material issues remain in improving matching adjustment

Allianz GI barred from US after "massive fraudulent" Structured Alpha scheme

Asset manager transfers $120bn assets to Voya IM, pays $6bn in fraud case

Insurers behind the curve on climate resiliency

Capgemini says only 8% surveyed insurers on course to achieve climate resiliency

European insurers say more work is needed on EU Data Act

The act would set out common rules on the use of data generated by connected devices

Insurance Asset Risk EMEA conference registration open

In-person event in London will tackle hot topics including inflation, rising rates and sustainability

UK officially approves IFRS 17

UKEB raises broader concerns with annuity profits recognition and calls for a more in-depth review

Disclose IFRS 17 impacts mid-year, Esma urges insurers

The authority published its disclosure recommendations for EU insurers

Abrupt interest rate hikes could hurt insurers

Moody's spells out how a steep and rapid rise in rates may affect insurers

Government trade insurance schemes cost Coface €160m in 2021

Cost was €103m in Q4 alone, SFCR shows

CRO Forum highlights IoT risks insurers must monitor

Aside from cybersecurity risk, insurers must also consider strategic and reputational risks

Allianz plans complete exit from Russia, says CFO

While climate change poses insurability doubts for Australia

Ukraine's insurers urge regulatory "Marshall plan" to survive war

Proposals include IFRS 17 delay and softening regulatory requirements

GFIA ends Russian insurers' membership

Decision comes two months after Insurance Europe ended its partnership with Russian insurers

Ping An lends insurer's eye to Chinese ESG disclosure standards

International standards "difficult to match" with China's market

Manulife warns of 10% earnings hit from IFRS transition in 2022

CSM adoption will lead to a 20% decrease in equity, Canadian insurer says

Allianz's natcat costs in Q1 hit decade high

But operating profits grew 11% for asset management, year on year

UK insurers stalling on IFRS 17 disclosure

Grant Thornton analysis of 2021 reports finds little information beyond project progress

Bermudian insurers remain deficient in climate modelling

Majority of insurers not using vendor cat models for climate projections, the BMA finds

Ex-Hiscox chief Bronek Masojada flags four top reinsurance trends

Re/insurers should be change-makers rather than wave-surfers

Aviva CEO responds to sexist remarks

Amanda Blanc said the more senior the role she has taken, "the more overt the unacceptable behaviour"

Analysis

A troublesome transition

Under pressure to stop underwriting fossil fuels, insurers are having to balance the loss of profitable business with developing new products and avoiding reputational risks, as David Walker reports

Insurers go back to basics in biodiversity underwriting push

The loss of the biodiversity has been identified as one of the world's most severe risks, but insurers are only just beginning to get to grips with it. Paul Walsh reports

Hot property! Australia faces up to un-insurability threat

Record costs of recurring natural catastrophes risk turning property re/insurance in Australia into a niche product for low-risk homes, finds David Walker

Sarah Williams cultivates new risk strategy at Guardian Life

Sarah Williams found a new job and a new hobby during the pandemic. Now chief risk officer at Guardian Life - and a keen gardener - she is planning to make both flourish, as she explains Ronan McCaughey

Insurers happy with UK's Solvency II plans, but capital savings remain uncertain

The government has grabbed positive headlines with its proposals to reform Solvency II, but the industry is cautious about the how they will pan out. Cintia Cheong reports

The US climate split

The knives are out on what US insurers need reveal about their climate-related exposures. Sarfraz Thind reports

Insurers begin long countdown to net zero

Some of the world's biggest insurers have joined the Net-Zero Insurance Alliance. Thomas Cox examines the challenges facing the insurance group, and how it can help tackle climate risk

PIC's Giles Fairhead: traditional risks are colliding with global events

Paul Walsh sits down with PIC's CRO Giles Fairhead to reflect on today's heightened risk environment, the post-pandemic work culture and two crucial regulatory reforms for the UK's pension insurers

C-Ross Phase II: risk-based capital with social characteristics

The overhaul of China's prudential rules has introduced adjustments that allow regulatory influence over how insurers underwrite and invest - with the objective of producing a social good, as David Walker reports

Kick-off for Spain's life consolidation sector

On the eve of MedVida's first acquisition of a legacy life book, chief financial officer Guy Horton speaks to David Walker about pioneering a market in Iberia