Omnibus II, a key enabler of the plans for European re/insurance regulation under Solvency II has passed a major hurdle today with a yes vote from the European Commissioner.
After two years of negotiations, The Lloyd’s Market Association (LMA) has said it has ended over two years of negotiations and finally reached an agreement over the insurance of troops and equipment by the United Nations.
The decision to increase the liability limits under the Limitation of Liability for Maritime Claims Convention 1996 (LLMC) has been backed by the association which represents the world’s shipowners.
On the eve of the 10th anniversary of the attacks on the World Trade Center, a leading lawyer has said those events are responsible for changing the reinsurance market dramatically.
The President and CEO of OIL Insurance said the mutual has changed fundamentally drawing on the lessons learned from the devastating hurricanes of 2005 and 2008.
The insurance industry must meet the growing challenge of the systemic risk for the benefit of both the underwriters and their clients delegates were told on the opening day of the Seminar.
Underwriters at the International Union of Marine Insurance (IUMI) annual conference in Zurich have been told they face a sanctions nightmare over Iran as the European member states look to implement the latest round of sanctions.
The National Association of Insurance Commissioners' (NAIC) has agreed the proposed bill which will look to modernise the way in which reinsurance is regulated in the world’s biggest risk market
A leading political risk analyst has warned that global underwriters could be dragged into the front line of the United States’ ongoing dispute with Iran over its nuclear ambitions.
Changes to the Chinese insurance laws which come into force last week will force insurers and reinsurers to revisit their terms and conditions as the protection for policyholders continues to tighten
Underwriters have been told they face a bill of up to £11 billion in compensation arising from asbestos-related claims in the UK alone over the next 40 years, although there are fears that the figure will continue to rise.
The London market has been warned that it faces the threat of a renewed wave of regulation as the fallout from the collapse of the global financial services markets continues.
With less then two years to go before the planned implementation calls have been made for the European Commission which is master minding Solvency II to create a more streamlined process for the international models.
There are growing hopes that a new bill which would create a federal licence for reinsurers in the United States will gather support after it was proposed by Kansas Democrat Congressman Dennis Moore.
As the debate continues over the timeline for implementation of Solvency II consultancy firms KPMG has said the run-off sector should be pleased with new concessions in the scheme
London may be the home of the modern insurance industry but 2011 find its markets in a state of flux with regulatory and industry challenges galore not to mention some debate over bribery thrown in.
A M Best has issued a new report in the impact of Solvency II on the captive market and said it believed that that owners will look to pump more capital into the captives when solvency Ii is implemented in18 months.
In what was almost its last act before it was replaced by the European Insurance and Occupational Pensions Authority (EIOPA, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS), warned reinsurers face a number of challenges in the coming year on the back of falling rating levels and the highest level of insured losses in a decade
The decision by the European Court of Justice to ban the use of gender in the underwriting process while not unexpected will cause a rethink for the direct and reinsurance markets both in nonlife and life classes.
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