European Union (EU)
Solvency II safeguards mean no need for EU rule change
The safeguards provided by Solvency II mean that a new EU framework on recovery and resolution for insurers is not required, according to Insurance Europe.
The NRC: From Russia with tough love
The Russian Federation has launched a state-backed reinsurer that will take a hefty slice of outward reinsurance contracts and is raising fears that the London market could lose out.
Government opens consultation on Insurance Distribution Directive
The government has opened a consultation on the transposition of the insurance distribution directive.
Solvency II driving demand for reinsurance
January renewals show that Solvency II will increase demand for reinsurance products as European insurers attempt to strengthen their capital position through risk transfers, according to Fitch Ratings.
What UK sanctions may look like post-Brexit
2016 was a momentous year that heralded a series of political developments with far-reaching consequences for international trade. Speculation and uncertainty abound about what Brexit means for international trade and sanctions.
Brexit whitepaper confirms UK will negotiate for financial free trade
The government’s Brexit whitepaper has reaffirmed Theresa May’s promise to negotiate the freest possible trade in financial services between the UK and the European Union.
Government publishes bill to trigger Article 50
The government’s bill to trigger Article 50 and exit the European Union has been published today with a Parliamentary debate scheduled to take place on Tuesday of next week.
Legal Update: D&O liability, data protection and the avoiding of bogles
Scots worldwide are preparing to celebrate the works of poet Robert Burns. Two lines from his famous poem Tam o'Shanter will be spoken at many events: "Gathering her brows like gathering storm, nursing her wrath to keep it warm".
Industry reacts to Prime Minister's Brexit speech
The industry considers the impact of leaving the Single Market.
UK to leave single market, Prime Minister confirms
Theresa May has confirmed that the UK will be leaving the single market, but will negotiate for a free trade agreement for financial services.
Half of industry expects economy to deteriorate this year
Nearly half of those working in the insurance sector expect the economy to deteriorate this year.
Men paying more than women for car insurance despite EU gender directive
Men are paying on average £101 more for car insurance than women, despite EU rules banning insurers from taking gender into account when calculating premiums.
Europe: Falling foul of the defamation minefield
The availability of defamation cover in the US has driven the market in Europe, but claims are moving from libel to privacy.
JLT will not wait for Article 50 to begin Brexit restructure
JLT is already introducing contingency plans for post-Brexit operations, said deputy CEO Mark Drummond-Brady.
IUA says Brexit representation is the London market priority for 2017
The strong representation of London insurers’ views on Brexit is a priority for 2017, according to the International Underwriting Association.
Insurers hold up under ‘extreme’ EU stress tests
Insurers have held up under “very severe” circumstances as part of a Europe-wide market stress test.
Lloyd's to unveil plans for EU move in the new year
Lloyd’s of London will create an office somewhere within the European Union in a move to divert some of its operations to the continent as a result of the UK's Brexit vote.
US and EU bilateral agreement on reinsurance should eliminate competitive disadvantage
Negotiations between the US and EU surrounding a bilateral agreement on reinsurance has been reiterated.
European insurers concerned with EU services card proposal
Members of the European insurance sector have expressed concern on plans to introduce an EU services card.
Brexit will not affect HDI Global's UK presence
Brexit will have no impact on HDI Global’s presence in the UK market, the company's chairman said.
Insurers meet with ministers to discuss Brexit strategy
Insurers and other financial services bosses met with senior ministers to discuss the country's Brexit strategy.
IUA: Single market access is key Brexit concern
The London insurance market must maintain access to the single market following Brexit negotiations, the International Underwriting Association has warned.
Irish regulator boosts staffing levels ahead of predicted post-Brexit insurer exodus
The Central Bank of Ireland, which acts as the country’s insurance regulator, has increased staff levels by over 25% ahead of an expected influx of UK insurers post-Brexit.
Munich Re eyes up Iran entry
Munich Re is considering plans to provide its insurance services to Iran following sanctions relief at the beginning of the year, according to Iranian news broadcaster Press TV.