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Google, Apple stare at over $50 mn fine for in-app billing irregularities
The Korea Communications commission has decided to impose a fine of...
Fears about Amazon and Microsoft cloud computing dominance trigger UK probe
The UK communications regulator Ofcom said Thursday that its year...
Global cat insured losses from natural and man-made catastrophes fell 40% to $ 56 bn in 2018: Swiss Re
Climate change is leading to more frequent and more severe secondary peril events, which manifest in different ways: more local flooding, torrential rains,prolonged drought, severe wildfires and other extreme weather events. Together, secondary perils are estimated to comprise more than 50% of this year’s global insured losses from natural catastrophes, demonstrating once again the very significant impact these events can inflict on societies.
MS Amlin confirms exit from domestic UK P&C classes
Tom Clementi, CEO of MS Amlin Underwriting Limited, commented: “The decision to place these classes into run-off will enable us to focus on our core markets and ensure we are best placed to serve our clients going forward. The decision aligns with the new underwriting strategy we outlined on 30th September and the steps we have taken to remediate the business since then. We are committed to supporting both our customers and our people through this process.”
Cigna to sell unit to New York Life Insurance in $6.3 billion deal
Similar divestitures have been announced by other health insurers including Aetna Inc, which said in 2017 it would sell its U.S. group life and disability unit for $1.45 billion to Hartford Financial Services Group.
Climate change has a significant impact on the liabilities of non-life insurers and reinsurers:EIOPA
Regarding climate risk, insurers and pension funds can play a key role in the transition towards a low carbon economy as major institutional investors, but this transformation carries significant investment risks as well. It is therefore crucial that both insurers and pension funds actively incorporate climate change risks in their own risk management frameworks.
Financial Action Task Force cautions financial institutions on dealings with North Korea
The FATF remains concerned by theNorth Korea’s failure to address the significant deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime and the serious threats they pose to the integrity of the international financial system. The FATF urges the DPRK to immediately and meaningfully address its AML/CFT deficiencies.
Irish plane lessor seeks $185M from Boeing for 737 MAX-related losses
Timaero Ireland Ltd. cited design flaws in Boeing’s best-selling aircraft, which has been grounded for nine months, and said the private company has been affected by the planemaker’s breach of contract.
UK Financial Services sector remains resilient ahead of Brexit: Research
Britain’s financial sector wants the EU to grant at least some form of basic access to the bloc after the transition ends, though more than 300 banks, insurers and asset managers have opened hubs in the bloc in case this does not happen.
Boeing to halt production of the risky 737 Max from January
After the two crashes, prosecutors, regulators and two congressional committees are investigating whether Boeing overlooked safety risks and played down the need for pilot training in its effort to design, produce and certify the plane as quickly as possible.
Fiat Chrysler-PSA’s 46-bn merger deal creates world’s 4th largest carmaker
The deal will give Peugeot-maker PSA a long-sought presence in North America and should help Fiat gain ground in developing low-emission technology, where it’s lagged rivals. Yet the company will still be heavily reliant on Europe’s saturated auto market, and poorly positioned in China, the world’s largest country for car sales
Regulator weighs halting Japan Post Insurance sales – Nikkei
Japan Post is conducting an internal investigation after discovering thousands of cases of improper sales. Once the probe is concluded, Japan Post Insurance has said it will consider imposing punishments such as disqualifying insurance agents who violated the law or internal rules.