News – Page 114
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NewsVaccination delay could cost EU economy 90 bln euros - Allianz study
The EU faces a potential 90 billion euro ($108.19 billion) hit to its economy this year unless it catches up with the pace of COVID-19 vaccinations in other regions, a study showed on Wednesday.
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NewsCyber insurers see ‘strong growth’ for coverage after spate of online scams amid lockdown
Despite this, insurers must have adequate capacity to cover evolving cyber fraud
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NewsAM Best: UK Commercial Property Insurers Looking Beyond Difficult 2020
Disputes around non-damage business interruption (BI) cover, which made 2020 a difficult year for U.K. commercial property insurers, should subside in 2021.
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NewsInsurer AIG pays $12 million fine in NY pension transfer probe
The settlement is the second in a probe by the New York State Department of Financial Services (NYDFS) into an industry in which life insurers take over corporate pension plans.
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NewsInsurance systems are like a costly pre-Covid lease you can’t get out of - Stubben Edge
Chris Kenning, chief executive of Stubben Edge, on how to avoid getting locked into legacy systems that prevent an insurance business from meeting the demands of the modern market
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NewsIUA appoints Zurich commercial head as new chairman
The International Underwriting Association (IUA) has appointed head of commercial insurance at Zurich UK, Robert Kuchinski as its new chairman.
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NewsIrish regulator fines commercial retail broker €41,385 for overcharging customers
The broker’s fine also covers the fact that it issued unclear communications regarding fees
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NewsThree trends driving the growth of parametric insurance in 2021 – FloodFlash
FloodFlash’s chief executive, Adam Rimmer tells Insurance Times about the three trends driving the growth of parametric insurance
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People & OpinionAXA XL names Sylvie Gleises as Head of Client Management, APAC & Europe
She will develop AXA XL’s client strategy and oversee its implementation across the region
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People & OpinionAXIS Re names Katie Partington Howarth as Chief Underwriting Officer
Based in Bermuda, she will be a member of the Reinsurance Leadership Team, reporting to AXIS Re CEO Steve Arora.
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NewsGenerali may subscribe to rival Cattolica’s cash call
Italian insurer Generali will look at the terms of capital increase plans of smaller rival Cattolica and will likely subscribe to it but only pro-rata, its Chief Executive Officer Philippe Donnet told la Repubblica on Friday. The company will achieve its 2021 financial targets and will be able to pay ...
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People & OpinionMS Amlin Underwriting appoints chief risk officer
Speciality Lloyd’s (re)insurer MS Amlin Underwriting (MS AUL) has appointed Vishal Desai as its new chief risk officer, subject to regulatory approval.
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NewsFCA fair pricing report will ‘reduce profitability’ for insurers – Fitch Ratings
Furthermore, the home insurance market will be more affected than motor insurance as around ‘80% of premiums comes from renewal business’
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NewsAllianz Partners teams up with Irish insurtech for post-pandemic travel insurance platform roll out
Allianz Partners has teamed up with Irish insurtech Blink. The partnership will oversee the mass roll out of Blink’s travel disruption insurance platform in the UK.
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NewsOneglobal opens office in Bermuda
Craig Douglas has been appointed as executive director, and will report to Mike Reynolds, group chief executive officer, while Kilian Whelan will join the business as chief operating officer.
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NewsCentral Bank of UAE begins procedures to execute Insurance Authority merger
Merger to transform Central Bank into one of the top 10 central banks globally
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NewsTrõv partners with NIG underwritten electric car rental service for London fleet proposition
The partnership will see the two firms manage risk more effectively for electric cars
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NewsAllianz gets approval to set up insurance asset management firm in China
Allianz said on Thursday it had obtained regulatory approval to set up China’s first wholly foreign-owned insurance asset management company, as the German insurer steps up expansion in the world’s second-biggest economy. The greenlight from the China Banking and Insurance Regulatory Commission (CBIRC) comes a month after the signing of ...
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NewsOUTLOOK 2021: Regulatory challenges abound for U.S. insurers as Biden takes over, pandemic rages
Insurers will also have to prepare for a year of heightened scrutiny on market conduct and consumer protection from states this year.
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NewsInsurers face ‘mind-blowingly’ large loss if Olympics cancelled
Insurers are facing a $2-3 billion loss if the Tokyo Olympics are cancelled this year, amounting to the largest ever claim in the global event cancellation market, brokers say.
