The International Association of Insurance Supervisors has adopted the insurance capital standard, the first comprehensive global capital standard for insurance supervision.
Regulation
The London insurance market is abuzz following the launch of a trio of UK government consultations, with the moves heralded as a significant step forward for the industry.
The increase in the Ogden rate to 0.5 percent from minus 0.25 percent will be credit positive for insurers writing bodily injury-exposed business such as motor third-party liability, according to Moody's.
New York's insurance regulator has moved to block a personal disaster insurance product due to its parametric-like characteristics, Parametric Insurer can reveal, while the state's governor is set to review a bill that would authorise specific types of parametric insurance.
Fortegra has been handed approval by the Prudential Regulation Authority (PRA) to establish Fortegra Insurance Company UK, its new subsidiary in the United Kingdom.
Motor premiums in England and Wales are set to fall by an average of 5 percent per policyholder following a government review of the personal injury discount rate (PIDR), according to projections by PwC, which is expected to intensify competition in the motor insurance market.
The CrowdStrike outage in July will prompt insurers to review cyber policy wordings and coverage for systemic or supply chain incidents at upcoming renewals, according DAC Beachcroft.
UK insurers were found to face “significant” liquidity needs under the Bank of England’s system-wide exploratory scenario exercise, although it recognised that lessons have been learned from recent stresses.
Long-serving Corporation executive Peter Montanaro has justified the proposed changes to the Lloyd’s misconduct rules despite fears they are an “overzealous” reaction to a recent humbling defeat by a former Atrium underwriter.
Zurich’s Alison Martin has called for greater trust from regulators in the ability of insurers to understand the risks on their own balance sheets, while also warning that greater policy intervention is needed to ensure that the industry does not become “the climate change police”.
Lloyd's CEO John Neal has warned that question marks remain over underwriting practices in specialty lines, at a time when boards are increasingly focusing on insurance amid growing concerns around the risks posed by technology, geopolitics and climate.
The Australian Parliament has passed a suite of reforms aimed at bolstering the nation’s cyber defence and resilience, as well as advancing initiatives under its Cyber Security Strategy.
The UK’s Financial Conduct Authority is “incompetent at best, dishonest at worst”, according to a report by an influential group of MPs and Lords which called for a major overhaul of the financial sector watchdog.
The National Association of Insurance Commissioners (NAIC) has elected its 2025 officers, including North Dakota insurance commissioner Jon Godfread as president, at its fall national meeting in Denver, Colorado.
Proposals by the European Insurance and Occupational Pensions Authority (Eiopa) to introduce capital surcharges on fossil fuel-related assets will not have an impact on European insurers' credit ratings, Fitch Ratings has said.
