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Nikhil Rathi appointed as Chief Executive of UK’s FCA

by | Jun 23, 2020 | , ,

On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).The FCA is the conduct regulator for the UK’s financial markets, over 59,000 financial services firms, and the prudential supervisor for 49,000 firms, setting specific standards for 19,000 firms.

Insurers’ debt remains attractive to investors during COVID-19 uncertainty:S&P

by | Jun 23, 2020 | , , , ,

Following the redemption of about $25 billion of debt between January and May 2020, the sector is set to refinance nearly $140 billion by the end of 2021 ($52 billion between June and December 2020, including about $23 billion of hybrids with upcoming call dates during this period). Half of this is due to hybrids reaching call dates and the remainder is debt coming to maturity. We recognize some insurers have already pre-financed upcoming calls or maturities,” said a S&P analysis. 

IFC mobilises $2B in credit capacity from insurers to expand lending to FIs

by | Jun 23, 2020 | , , ,

AXA XL, Aspen Insurance, Everest Insurance®, Liberty Specialty Markets, Munich Re and Tokio Marine HCC are giving IFC the ability to significantly scale up its lending operations to emerging market financial institutions over the next four years.The initiative will allow IFC to increase its medium- and long-term lending to commercial banks and non-bank financial institutions in emerging markets by up to $5 billion.

Insurers will see take-up of cyber insurance rise following COVID-19,GlobalData

by | Jun 23, 2020 | , , ,

GlobalData analyst, Jazmin Chong, commented: “Cyber insurance uptake has been the most impactful among micro businesses, which saw a 300% increase between 2016 and 2019, reaching 17.8%. This huge increase is due to the very low proportion of micro businesses that held cyber insurance in the past. However, small and medium businesses have also recorded notable rises. More than 50% of medium enterprises now hold cyber insurance, highlighting the growing awareness around the importance of protection against cyber incidents among larger-sized businesses.”

Fidelis, Aon and Marsh develop Marine Cargo Clause aiming to combat modern slavery

by | Jun 23, 2020 | , , ,

“Forced labor in all its forms is an extreme expression of inequality and injustice. The insurance industry is committed to do all it can to prevent association with the abhorrent practices of modern slavery. We sometimes think that slavery is a thing of the past, but it is not – it is real and present in all societies and we want to do our part to root it out,” said Charles Mathias, group executive director & group chief risk officer, Fidelis Insurance.

Companies hit with $1.8 billion cyber losses,six-fold increase in 2020 :Hiscox study

by | Jun 23, 2020 | , , , , ,

The highest recorded cyber loss was $87.9 million from a financial services firm in the UK.More than 6% of total respondents paid a ransom. Their combined losses came to $381 million.However the positive signs are that twice as many firms responded to a breach by adding new security and spending more on employee training.
There has been a shift in the hackers’ behaviour in the last six to 12 months as they focus more on industries such as energy and manufacturing.

Munich Re launches automated underwriting solution in APAC life insurance market

by | Jun 23, 2020 | , ,

“The life insurance industry is evolving and insurers who embrace the latest technologies can reach customers in new and innovative ways, gaining a competitive advantage. This is especially crucial in challenging market environments such as these. With the ability to get up and running quickly, ALLFINANZ SPARK enables firms to ignite the digital underwriting experience faster than ever before, providing  the services they need to reach new customers and new markets.” says Declan O’Neill, Executive Vice-President for Product & Data at Munich Re Automation Solutions.

China’s annual dog-meat fair opens; activists hope for last time

by | Jun 22, 2020 | , , ,

The coronavirus, which is believed to have originated in horseshoe bats before crossing into humans in a market in the city of Wuhan, has forced China to reassess its relationship with animals, and it has vowed to ban the wildlife trade.

In April, Shenzhen became the first city in China to ban the consumption of dogs, with others expected to follow.

India’s COVID-19 tally 4,25,282 with 14,821 fresh cases, death toll rises to 13,699

by | Jun 22, 2020 | , , ,

The country crossed the four lakh-mark on Sunday eight days after recording three lakh COVID-19 cases and has witnessed a surge of 2,34,747 infections from June 1 till 22.India registered over 10,000 cases for the 11th day in a row

The number of recoveries also continued to surge with 2,37,195 patients cured so far, while there were 1,74,387 active cases, according to the updated official figures at 8 am.One patient has migrated

2-day `Connected Claims Europe’ goes virtual,to be held on Aug 18-19

by | Jun 22, 2020 | , ,

All insurance executives can attend the the virtual event for free for the first time..
The next generation of claims is on the horizon, as AI, machine-learning, telematics, IoT and payment solutions are paving the way for the customer experience that will give Amazon and Uber a run for their money. Now is the time to win customers hearts, build your innovation dream team and deliver the definitive digital claims experience for all. The entire industry needs to pull together or risk falling behind.