Europe
IASB revised exposure draft is "major milestone" for insurers
The publication of the International Accounting Standards Board’s revised exposure draft marks major milestone toward global reporting consistency for insurers, according to consultancies PwC and Ernst & Young.
EU collective redress mechanisms open to abuse says Ferma
The collective redress mechanisms recommended by the European Commission could be an open door for abuse according to market insiders.
Liberty Mutual Europe to lead new aviation consortium
Liberty Mutual Insurance Europe is forming a consortium to underwrite Aviation Insurance in a leading capacity, on behalf of itself, Ace Global Markets and Hiscox.
Willis urges policyholders to keep terrorism cover up-to-date
James Hill, divisional director, financial solutions, Asia at Willis has warned the broker is still finding companies with out of date terrorism/sabotage policies.
Dwindling reserves could put pressure on profitability says Moody's
The pace of reserve releases for non-life European insurers will continue to slow into 2013 as the effects of the general market downturn from 2005-09 continue to play out, according to Moody's.
Good disclosure practices alone are not enough says Ferma
Public disclosure of a company's social issues is good, but by itself does not show that the risks are under control, the Federation of European Risk Management Associations has warned.
Coface downgrades Eurozone GDP after Germany concerns
Economists at cred insurer Coface, are downgrading their GDP growth forecast for the Eurozone, reflecting concern about Germany, the largest EU economy.
Post magazine - 20 June 2013
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
Indian trade union calls for Insurance Bill to be scrapped
Members of the All India Insurance Corporation Employees Association called for the government to withdraw the controversial Insurance Bill at their annual conference this week.
LTG report could lead to further Solvency II delays says KPMG
Global Consultancy firm KPMG has cast doubt on whether the recommendations from Eiopa’s long-term guarantees assessment impact study will satisfy all parties and stave of further delays in the Solvency II schedule.
AGCS reveals Russian ambitions with new appointment
Allianz Global Corporate & Specialty’s head of underwriting co-ordination in growth markets, Philip Gronemeyer, is to become country manager for Russia.
Top 5 European stories
The top five European stories on www.insuranceinsight.com over the past seven days.
Now health appoints Jørgensen as non exec
International health insurance provider, Now Health International has appointed Per Bay Jørgensen as a non-executive director from July 2013.
Axa to invest €10bn in infrastructure debt
France-based insurer Axa plans to invest €10bn in the infrastructure debt market over the next five years as part of its credit diversification strategy.
Turkey unrest may not be covered under terrorism policies warns Willis
The on-going unrest in Turkey is leading businesses to consider their insurance options, but selecting the right kind of cover is crucial, according to Andrew van den Born, executive director in Willis’ political and trade credit risks division.
Talanx expects under €250m losses from European floods
German insurance giant Talanx has estimated its net loss from flood claims in Germany and neighboring countries at less than €250m.
Balva told to appoint liquidator following FCMC investigation
Latvia’s Financial and Capital Markets Commission has withdrawn all operating licences for insurer Balva and issued a winding up order for the Riga-based firm.
Balva ordered to wind up operations by regulator
Latvia’s Financial and Capital Markets Commission has withdrawn all operating licences for insurer Balva and issued a winding up order for the Riga-based firm.
Market Moves: Recruitment race back in top gear with big moves for Towergate, Bluefin and more
After a muted couple of weeks, the recruitment conveyor belt went into overdrive with an array of high-profile appointments and departures. Major moves included Towergate losing its network division acquisition director to rival Bluefin, two days before…
Allianz's UK CEO in US move
Andrew Torrance is to take over as chief executive of Allianz’s US-based Fireman’s Fund Insurance Company after a decade as CEO of Allianz UK.
Dutch insurance association rues "missed opportunity" on flood cover
The Dutch Association of Insurers has issued a stark warning on flood cover, after the Consumer & Market authority declared its proposed flood solution "violated competition law".
International: Lost in the long grass
Will the final form of Solvency II – designed to harmonise capital adequacy across the continent – look anything like it was initially intended? And when, if ever, will it emerge?
Eiopa advises policymakers to scrap counter-cyclical premium in LGT report
The European Insurance and Occupational Pensions Authority has published the findings of the Long-Term Guarantee Assessment it conducted as part of political discussions on finalisation of the Omnibus II Directive.
View From the Top: CSR not just the icing on the cake
Corporate Social Responsibility is a phrase which has become increasingly heard in the boardroom over the past decade. Whole sections of annual reports outline to investors what CSR activities firms are undertaking and some companies have set up CSR…