Europe
Italian government appoints czar to oversee earthquake reconstruction
The Italian government has appointed a reconstruction czar to oversee rebuilding following last week’s magnitude-6.2 earthquake which struck Italy's Umbria region.
EU motor recalls hit highest point in years, continue to rise
Motor vehicle recalls across the EU have continued to rise, reaching their highest point since at least Q1 2013.
Swiss Re Corporate Solutions launches cyber cover offering
Swiss Re Corporate Solutions has expanded its cyber offering with the launch of market-specific primary insurance product CyberSolutions Germany.
Europe: Bermuda and its Solvency II equivalent meet the highest standards
Bermuda has been granted equivalent status under the Solvency II directive, besides being approved as a qualified jurisdiction by the US National Association of Insurance commissioners.
Fosun's insurance profits fall as revenues more than double in first half
Chinese conglomerate Fosun's insurance division saw mixed fortunes in the first half of 2016.
Europe's insurance market grows despite 'needlessly expensive' Solvency II
Europe’s insurance industry had almost €9800bn invested in bonds, company shares and other assets in 2015, representing a 1.7% increase on the previous year.
Global renewal rates fall for 13th consecutive quarter, says Marsh
Global commercial insurance renewal rates dropped 3.6% in the second quarter of 2016 according to the Marsh Global Insurance Market Index.
Italian earthquake 'will not lead to significant insurance losses'
Though clearly a massive humanitarian impact event, Wednesday’s earthquake in central Italy will not lead to significant losses for insurers, risk modelling firm RMS said.
German non-life premiums to continue rising to offset declining investment yields
German non-life insurers will continue to increase premiums to offset declining yields on their investment portfolios, Fitch Ratings has predicted.
Greenwood takes on international role at CII
Mark Greenwood, the Chartered Insurance Institute's Asia-Pacific regional director, has taken on the new role of international director.
Europe: Aspiro ruling could increase VAT costs for outsourced services
Every so often a case emerges that threatens significant change to the insurance industry. The recent European Court of Justice decision in the case of Aspiro, a Polish claims handing company, has done just that.
Vienna Insurance Group's profit before tax falls by 17.5%
Vienna Insurance Group has seen pre-tax profits fall by 17.5% in the first half of the year.
QBE cancels £31.1m deal with Network Rail
A £31.1m insurance arrangement between QBE and Network Rail was not renewed in the first half of the year because of “unacceptable terms”.
Catastrophes force $31bn global payouts in H1
Insurers paid out $31bn (£23.5bn) in the first half of the year as a result of catastrophes, an increase of 51% over last year.
Europe: French risk landscape sees growing threats
French businesses expect the threat environment to become more difficult to navigate in the near term.
QBE could set up post-Brexit EU entity ‘before 2018’
QBE could set up a legal entity in Europe before the end of next year if a decision over passporting rights has not yet been made.
Admiral increases overseas' car customers by 20% in first half
Admiral's CEO David Stevens has hailed the strength of the business as he unveiled his first results since taking on the top job.
QBE's first half profits fall 46%; Australia and New Zealand CEO exits
Australian giant QBE's 2016 first half after tax global profits declined 46% to $265m (£203m)compared with $488m in the same period last year.
PRIIPs deadlines putting pressure on financial services companies
Nine out of 10 financial services firms say they are concerned by the short deadline they have to produce paperwork for impending EU law on investment products.
Gable Insurance's first decade: seven lessons for start-ups
It is now four weeks since Gable announced it was cutting back its underwriting operations in light of compliance issue with Solvency II.
Brexit will not affect UK Gibraltar business relationship, says Hastings
In light of Hasting’s strong financial results today, chief financial officer Richard Hoskins has said that the group is not concerned about Brexit affecting its growth.
Europe: Measuring the cost of liquidity under Solvency II: fund or deposit?
Liquidity funds have been receiving increased attention from insurance companies. Indeed, some banks in developed markets are reducing their appetite for short-dated funding from non-bank financial institutions.
Zurich has steady first half as Greco restructures
Global general insurance profits and gross written premiums at global giant Zurich were stable in the first half of 2016 compared with the same period last year.
Portevin switches roles and Carter to retire at Allianz's global commercial arm
Senior management shake-up at Allianz Global Corporate and Specialty.