Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 30 n°78

Posts Tagged ‘insurance’

AIG Names Caroline Krass Senior Vice President and General Counsel, General Insurance, and Deputy General Counsel, AIG

Posted by fidest press agency su giovedì, 8 febbraio 2018

Caroline KrassAmerican International Group, Inc. (NYSE:AIG) today announced that Caroline Krass will join the company as Senior Vice President and General Counsel, General Insurance, and Deputy General Counsel, AIG, effective in March 2018. Ms. Krass previously served as General Counsel for the Central Intelligence Agency (CIA) and is currently a partner in the Washington, D.C. law office of Gibson, Dunn & Crutcher. Ms. Krass will report to Peter Zaffino, Chief Executive Officer, General Insurance, and Lucy Fato, Executive Vice President and General Counsel, AIG. In this role, Ms. Krass will oversee the General Insurance global legal department and serve as a member of the Executive Leadership Team for that business unit. Mr. Zaffino said: “Caroline has a distinguished background in providing counsel on an extensive range of complex legal matters, both domestically and internationally. Her proven expertise in navigating some of the most challenging issues impacting global organizations will be a tremendous asset as we execute on the strategic priorities of General Insurance, position the company for future growth, and strive to better serve our clients.” Ms. Fato commented: “Caroline is an outstanding legal talent, with unique experience across a wide range of issues. Her impressive career in the public and private sectors will be a valuable addition to our world-class legal department, and we look forward to welcoming her to AIG.” Ms. Krass said: “I am excited to be joining Peter and Lucy and the rest of the dynamic leadership team that is being formed at AIG, particularly in General Insurance. Insurance plays a critical role across the globe helping to mitigate and respond to risk, and I look forward to building upon my experience to help position AIG for long-term success at this pivotal time.”Ms. Krass joins AIG from Gibson, Dunn & Crutcher where she is currently Chair of the National Security Practice Group. Previously, Ms. Krass was appointed General Counsel of the CIA by President Obama and served as the agency’s Chief Legal Officer and principal legal advisor to the CIA Director from 2014 to 2017. Prior to her role at the CIA, Ms. Krass was Acting Assistant Attorney General, and before that, Principal Deputy Assistant Attorney General, in the Office of Legal Counsel in the Department of Justice. From 2009 to 2010, she served as Special Assistant to the President for National Security Affairs and Deputy Legal Adviser to the National Security Council. She also served as a senior national security lawyer in the George W. Bush Administration, including as a prosecutor in the U.S. Attorney’s Office for the District of Columbia. Earlier in her career, Ms. Krass worked as an advisor to the General Counsel of the Treasury Department and as an attorney at the State Department.Ms. Krass currently serves as a member of the ABA Standing Committee on Law and National Security, as a member of the Advisory Board of the Georgetown Law Cybersecurity Law Institute, and as an advisor to two elements of the U.S. Intelligence Community. Ms. Krass has been awarded numerous honors for her exceptional contributions to national security while in government. She graduated Phi Beta Kappa from Stanford University with a B.A. in International Relations, and she received her J.D. from Yale Law School.American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange. (photo: caroline krass)

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A.M. Best Affirms Credit Ratings of The West of England Ship Owners Mutual Insurance Association

Posted by fidest press agency su sabato, 13 gennaio 2018

londonLondon. A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of The West of England Ship Owners Mutual Insurance Association (WoE or the Club) (Luxembourg). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect WoE’s balance sheet strength, which A.M. Best categorises as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).WoE’s balance sheet strength is underpinned by risk-adjusted capitalisation being maintained at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Free reserves have grown by an annual compound rate of approximately 12% over the past five policy years (2013-2017), as a result of full retention of net surpluses. The Club’s ability to make additional calls on members provides some financial flexibility. However, making such unbudgeted calls is considered to have a negative impact on the club’s business profile, with calls made only in extreme circumstances.For the year ending February 2017, solid operating results were supported by an underwriting surplus well-above budget expectations, resulting in a combined ratio of 87.2% (2016: 83.6%). Volatility has historically resulted from changes in the market value of equities and foreign exchange movements. A.M. Best expects a small underwriting loss in the year-ending February 2018 and close-to-break even technical results in subsequent periods, in line with the Club’s performance targetThe Club has a niche business profile insuring ship-owners and charterers against third party liability, and benefits from the membership of the International Group of P&I Clubs. WoE has a well-diversified portfolio by type of vessel and a good geographical distribution of tonnage underwritten. Continued negative pressure on premium rates is likely to offset prospective growth derived from new vessels insured.The Club’s risk management capabilities are considered as appropriately aligned with its risk profile. In particular, the risk management framework benefits from the stringent controls introduced as part of Solvency II implementation.

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KBRA Publishes CMBS Research: “The Earthquake Insurance Divide”

Posted by fidest press agency su mercoledì, 3 gennaio 2018

londonLondon. Kroll Bond Rating Agency (KBRA) recently released a research report entitled “The Earthquake Insurance Divide.” In the aftermath of last year’s hurricane season, the topic of earthquake risk appeared to be on the minds of a number of California based CMBS investors. The concerns focused on the potential impact of a seismic event, whether large or small, on assets that may not be adequately insured, if at all.
CMBS, as well as other forms of commercial real estate (CRE) lending, typically require earthquake insurance if a property is located in seismic zone 3 or 4 and the asset’s probable maximum loss (PML) exceeds 20% of the replacement cost of the improvements. While insurance is generally required for these properties, others close to this threshold could still suffer moderate-to-significant damage in an earthquake, but fall under the insurance threshold.In our report, we identified approximately $30.6 billion (1,728 loans) of outstanding private label California conduit collateral securitized between 2010 and Year-to-Date November 2017. We then examined the PML characteristics of the population and provided various observations concerning the volume of loans that may be at higher risk of loss. In addition, we also included PML exposure maps exhibiting collateral that is below the threshold.
What we found was that the proportion of assets with PMLs that were between 18% and 20% is meaningful (10%) when viewed in the aggregate. If we were to expand the range to loans with PMLs from 15% to less than 18%, it would represent a quarter (25%) of the study population.Although the CRE finance industry has drawn a line in the sand with the greater than 20% threshold, transactions with a sizeable proportion of PMLs that are close to 20% may warrant a closer look by the marketplace, as they can pose additional risk to CMBS trusts. Uninsured assets with higher amounts of damage may be more susceptible to borrower defaults and potentially lead to transaction losses.

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A.M. Best Affirms Credit Ratings of Macau Insurance Company Limited

Posted by fidest press agency su lunedì, 4 settembre 2017

macauMacau. A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Macau Insurance Company Limited (MIC) (Macau). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect MIC’s sound risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and stable underwriting performance for fiscal-year 2016. MIC continues to maintain a strong balance sheet, driven by a conservative level of net premium leverage, sound liquidity, a prudent investment strategy and a comprehensive reinsurance program.Offsetting rating factors include MIC’s underwriting profit margin being low in certain lines of business such as motor and employee compensation in a market with increased competition and higher claims inflation. In addition, volatility in revaluations of MIC’s investment properties also has negatively impacted the company’s overall investment performance in the past two years.Positive rating actions could occur if MIC demonstrates consistent and sustained improvement in its business profile and underwriting performance, coupled with a strong level of risk-adjusted capitalization. Negative rating actions could occur if MIC’s operating performance deteriorates, leading to a decline in its risk-adjusted capitalization level.Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

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The ninth edition of the Julio Castelo Matrán International Insurance Award

Posted by fidest press agency su mercoledì, 2 agosto 2017

madridMadrid. Fundación MAPFRE is opening its call for entries for the ninth edition of the Julio Castelo Matrán International Insurance Award. The winner of the biannual award will receive a cash prize of €30,000. The award will be made in recognition of scientific research work or innovation projects of significant importance on matters related to insurance and social protection.This award is open to individuals or institutions that have conducted scientific research work or developed or innovation projects of significant importance, whose results have led to the expansion of insurance activity in society, and contributed to economic stability through insurance and/or social protection.Applications and supporting documentation can be submitted in English, Spanish or Portuguese, up to March 2018, in line with the terms and conditions of the awards, which are available at This award pays tribute to Julio Castelo Matrán, former Chairman and CEO of MAPFRE, one of the driving forces behind the growth and development of the company.

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DIFC, DIEDC and UAE Insurance Authority inaugurate 11th annual World Takaful Conference

Posted by fidest press agency su martedì, 12 aprile 2016

World Takaful Conference1Dubai, UAE. This morning, the 11th annual World Takaful Conference (WTC) played host to powerful keynote addresses to a packed audience of over 300 industry leaders from the Middle East, East Asia, Europe and Africa. Convened by Middle East Global Advisors and in strategic partnership with the Dubai International Financial Centre (DIFC) Authority, WTC is held under the theme “Prudent Practices for Global Growth” and considered to be the world’s most powerful Takaful gathering.The growth of the Takaful industry, exhibiting an impressive double digit growth whilst remaining underdeveloped as compared to the thriving Islamic finance industry, is paramount to strengthening the overall Islamic economy.As such, it was very fitting that the opening keynote was delivered by Abdulla Mohammed Al Awar, Chief Executive Officer, Dubai Islamic Economy Development Centre (DIEDC), who spoke on the linkages between Takaful growth and the overall Islamic economy: “Takaful is a key pillar within the Islamic ecosystem. Although a quantum leap cannot be expected in the Takaful Industry within a year, there have been a lot of strategic developments which will pave way for the growth of Takaful within the Islamic finance landscape.” Following suite was H.E. Ebrahim Obaid Al Zaabi, Director General of the UAE Insurance Authority, who spoke on the UAE regulatory space: “The Insurance Authority of UAE has played a pivotal role in setting out key rules to ensure stability of the insurance industry. Â Adhering to the regulatory requirements – ranging from adjusting the internal systems to appointing internal auditors and actuaries by 2018 – will be challenging for the Insurance and Takaful Industry but will lead to its growth and stability.”Representing the conference’s Strategic Partner, Salmaan Jaffrey, Chief Business Development Officer at the Dubai International Financial Centre (DIFC), spoke on the critical role of the DIFC as a global platform for the ReTakaful industry to service the economies of the Middle East, Africa and South Asian regions. He mentioned, “Today, the Islamic insurance industry has gained wider acceptance and appreciation transcending the boundaries of Muslim-based economies. This growing momentum is expected to continue and expand its reach into emerging markets in the MEASA region. Our goal as a leading financial hub is to create a dynamic Islamic financial system that will support this growth and contribute to the overall development of our economy.
An ideal platform to showcase the vast potential of Takaful and Re-takaful, this year’s World Takaful Conference was a great success. I am confident that our collective efforts to deliberate new solutions and innovations for the long-term development of Islamic insurance will transform the industry into a vibrant and resilient space.”
Dave Matcham, Member of Executive Committee, Islamic Insurance Association of London (IIAL) spoke on London as the gateway to Takaful in the West: “New horizons for the Takaful market lie ahead in the international market space. The establishment of the Islamic Insurance Association of London (IIAL) speaks of a large untapped market for Islamic insurance in the west. Whilst, IIAL is taking steps so that Islamic insurance is recognized in the UK, the main agenda is to work on four points, namely: innovation, talent development, promotion and modernization.” Following the keynote addresses was the launch of the groundbreaking “Finance Forward World Takaful Report 2016”. Produced by Middle East Global Advisors, and with contributions from Takaful Outsource, the report provides a comprehensive overview of the state of the global Takaful market. Sahar Kazranian, Acting CEO of Middle East Global Advisors, shared that the Report is based on expert analysis and feedback from the industry’s leading practitioners: “Our aim is to shed light on the opportunities and challenges that lie ahead for the Takaful market. The Report provides a way forward to addressing various challenges ranging from price wars and pricing regulation, to closing the gap of human capital.”She concluded: “We hope that this proves instrumental in helping the Takaful leader navigate the regulatory, economic, demographical and technological landscape in these uncertain and sometimes volatile economic times.” The WTC audience comprised of high profile guests and dignitaries from Dubai Islamic Economy Development Centre, Dubai International Financial Centre, Islamic Insurance Association of London, Insurance Authority UAE, PwC, Moody’s, EY, Swiss Re, Munich Re, Noor Takaful, Watania, Emirates RE and many more organisations. To find out more about WTC, visit (photo: World Takaful Conference1)

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Ovum: Insurance industry growth to fuel IT investment in 2016

Posted by fidest press agency su giovedì, 11 febbraio 2016

melbourneMelbourne. As premium growth in most markets returned to positive growth during 2015, many insurers have some confidence to seek ways in which they can use IT to grow their business, according to a new report* from global analyst firm Ovum. This confidence however is against a backdrop of accelerating demographic and customer change, which is likely to be another key driver of investment.Ovum believes the global insurance industry is responding to these changing needs. This is demonstrated by the strong expansion in IT spend being seen in 2015 which looks to be continued in 2016. Ovum’s research shows that of the 389 insurance carriers surveyed as part of the ICT Enterprise Insight (ICTEI) program during Q3 of 2015, 62% are planning to grow IT budgets in 2016 and only 11% are looking to cut expenditure. This compares to 47% that grew and 17% that cut IT budgets in 2014/15. When it comes to investment, digital channels remains the top area for insurers. However, the significant majority of insurers will be increasing budgets across a broad range of functional areas with no single activity completely dominating spend. This reflects the complex set of priorities that IT groups are being asked to meet by the wider business, simultaneously addressing revenue growth, operational efficiency and regulatory compliance.
Charles Juniper, principal insurance analyst, Ovum commented: “All regional markets will see growth in IT budgets in 2016, led by insurers in Latin America. Most encouraging is the news that insurance premiums are showing positive growth in Europe – providing insurers in this region with a platform on which to grow their IT capabilities. There is increased focus on operational efficiency across the board, with fraud management and underwriting systems emerging as significant areas of IT investment. ” He concludes: “The insurance industry, particularly in Europe, has had a long struggle to maintain profit margins since the financial crisis. Whilst a lot of the investment we will see is insurers responding to changing market pressures, such as changing customer demographics, there is a big opportunity here for IT innovation in the industry. Investment in Internet of Things (IOT) managed platforms, and investing in analytics at the point of use in particular, look like strong areas in which proactive insurers can achieve strong positive differentiation from competitors.
Ovum is a leading global technology research and advisory firm. Through its 180 analysts worldwide it offers expert analysis and strategic insight across the IT, telecoms, and media industries. Founded in 1985, Ovum has one of the most experienced analyst teams in the industry and is a respected source of guidance for technology business leaders, CIOs, vendors, service providers, and regulators looking for comprehensive, accurate, and insightful market data, research, and consulting. With 23 offices across six continents, Ovum offers a truly global perspective on technology and media markets and provides thousands of clients with insight including workflow tools, forecasts, surveys, market assessments, technology audits, and opinion. Ovum is a division of Informa plc, one of the leading business and academic publishing and event organisers globally, headquartered in London. Informa is quoted on the London Stock Exchange.

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المنتدى الدولي للتمويل الإسلامي يتناول التحديات التنظيمية لتسريع عجلة تطوير قطاع التمويل الإسلامي في أفريقيا

Posted by fidest press agency su martedì, 19 gennaio 2016

منتدى أفريقيا التاريخي يستضيف أهم صانعي السياسات لتوجيه المناقشات بشأن اللوائح التنظيمية التي تحقق إدماج التمويل الإسلامي في النظام المالي وإدراك فرص التمويل الإسلامي
الخرطوم، السودان – 18 يناير 2015: سيكون المنتدى الدولي للتمويل الإسلامي في دورته الثانية المقبلة (المنتدى الدولي للتمويل الإسلامي 2016) بمثابة منصة رئيسية للمناقشات بالغة الأهمية بشأن تطوير تنظيم قطاع التمويل الإسلامي في قارة أفريقيا والرقابة عليه على نحو فعال. ويرى الكثيرون أن هذه المسألة لا غنى عنها للمساعدة على ازدهار قطاع التمويل الإسلامي في أفريقيا ووضع هذا القطاع على قدم المساواة مع قطاع التمويل التقليدي.
وتأوي البلدان الأفريقية نحو ربع السكان المسلمين في العالم، وقد حققت إنجازات مختلفة في الوقت الحالي فيما يتعلق بإعداد إطار قانوني وتنظيمي لتمكين ممارسات الخدمات المصرفية الإسلامية ومنتجاتها ومؤسساتها. ولا يوجد في الوقت الحالي سوى القليل من البلدان التي لديها لوائح تنظيمية تيسّر أنشطة التمويل الإسلامي بشكل كامل. والسودان، وهو البلد المضيف للمنتدى الدولي للتمويل الإسلامي 2016، هو أحد البلدين الوحيدين في العالم اللذين يتوافق نظامهما المصرفي مع الشريعة بشكل كامل.
ووقعت المؤسسة الإسلامية لتنمية القطاع الخاص، وهي ذراع القطاع الخاص التابعة لمجموعة البنك الإسلامي للتنمية، في سبتمبر 2015 اتفاقية مع الهيئة التنظيمية الإقليمية للسوق المالية التابعة للاتحاد الاقتصادي والنقدي لغرب أفريقيا. وتهدف الشراكة إلى حشد موارد الدول الأعضاء في الاتحاد والقطاع الخاص على المدى الطويل، وخاصة المشروعات الصغيرة والمتوسطة. ويشمل أحد أهم مجالات التعاون تبادل المعلومات التي من شأنها المساعدة في إعداد الإطار التنظيمي لمساعدة التمويل الإسلامي على الازدهار في منطقة غرب أفريقيا.
وسلط تقرير صادر عن المؤسسة الإسلامية لتنمية القطاع الخاص في سبتمبر 2015 تحت اسم “التمويل الإسلامي في أفريقيا: مستقبل واعد” الضوء على فرص النمو الهائلة للتمويل الإسلامي في أفريقيا. وتشمل التحديات التنظيمية المحددة في التقرير عدم الاتساق التنظيمي ونقص الوعي والمعرفة المالية من جانب العديد من المستخدمين النهائيين والعملاء ونقص رأس المال البشري المؤهل والحاجة إلى وجود بيئة أعمال تدعم نمو التمويل الإسلامي.
وتعمل أغلب البلدان الأفريقية بنظام مصرفي مزدوج في ظل لوائح تنظيمية مستقلة للخدمات المصرفية الإسلامية. وتشمل البلدان التي أصدرت صكوكاً في عام 2015 جامبيا (230 مليون دولار أمريكي) والسودان (70 مليون دولار أمريكي) والسنغال (210 ملايين دولار أمريكي) ونيجيريا (700 مليون دولار أمريكي) وجنوب أفريقيا (500 مليون دولار أمريكي). وأعلنت عدة بلدان مثل تونس ومصر والمغرب في ذات الوقت اهتمامها بالاستفادة من سوق الصكوك لتمويل البنية التحتية، وهي الآن في طور وضع اللمسات الأخيرة على أطرها القانونية لتشجيع إصدار الصكوك.
ولازال هناك الكثير من العمل أمام افريقيا لتكون على قدم المساواة مع البلدان المتقدمة في التمويل الإسلامي مثل البحرين وماليزيا، وهناك فرصة كبيرة في المنتدى الدولي للتمويل الإسلامي 2016 الذي سيُعقد في شهر فبراير لإجراء مناقشات بشأن أفضل الممارسات للمساعدة في تهيئة المجال في أفريقيا على مستوى القارة والمستوى العالمي.
والمنتدى الدولي للتمويل الإسلامي هو مبادرة مبتكرة من جانب شركة الشرق الأوسط للاستشارات العالمية، وهي منصة لتحليل المعلومات تخدم الأسواق الناشئة، وبنك الخرطوم، وهو أحد أكبر البنوك في أفريقيا والذي أسس مؤخراً بي أو كي انترناشونال في البحرين في إطار جهوده لبناء ممر بين السودان ومجلس التعاون الخليجي.
وسيُعقد المنتدى الدولي للتمويل الإسلامي في يومي 9 و10 فبراير 2016 في فندق روتانا السلام. ولمزيد من التفاصيل بشأن المنتدى، يُرجى زيارة
تم تدشينها في عام 1993، إذ تقوم الشرق الأوسط العالمية للإستشارات بربط الأسواق من خلال تقديم ذكية وتنفيذ الاستراتيجيات. وتعتبر الشرق الأوسط العالمية للاستشارات بوابة ربط ومنصة تقديم تقارير حول الفرص المتوفرة في الأسواق التي تشهد نمو سريع بما في ذلك المغرب، وغرب أندونيسيا في الشرق بالإضافة إلى الشرق المتوسط وشمال أفريقيا، وشرق آسيا. وتفتخر الشرق الأوسط العالمية بوجودها في قلب هذه الأسواق المتنوعة منذ أكثر من 22 عاماً.
للمزيد من المعلومات الرجاء زيارة
نبذة عن المنتدى الدولي للتمويل الإسلامي
المنتدى الدولي للتمويل الإسلامي هو منصة فريدة تجمع الجهات الرائدة العالمية لمناقشة الفرص الهائلة التي يقدمها قطاع التمويل الإسلامي إلى الاقتصادات النامية في القارة الأفريقية. ويهدف المنتدى إلى إقامة جسور بين أفريقيا والأسواق الرئيسية للتمويل الإسلامي للمساعدة في بناء قدرات التمويل الإسلامي في أفريقيا.

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ZURICH: Davos_World Economic Forum

Posted by fidest press agency su sabato, 16 gennaio 2016

Zurich Insurance Group ha contribuito allo sviluppo del “Global Risks Report 2016” a cura del World Economic Forum presentato oggi a Davos, sulle probabilità, il potenziale impatto e le interconnessioni dei rischi globali nel prossimo decennio.Cecilia Reyes, Chief Risk Officer del Zurich Insurance Group, ha dichiarato: “Il cambiamento climatico sta acuendo più rischi che mai in termini di crisi idriche, scarsità di prodotti alimentari, ridotta crescita economica, debole coesione sociale e accresciuti rischi di sicurezza. Nel frattempo, a causa dell’instabilità geopolitica, le imprese stanno affrontando cancellazioni di progetti, revoche di licenze, interruzioni della produzione, danni ai beni aziendali e limitazioni dei movimenti transfrontalieri di capitali. I conflitti politici, a loro volta, rendono ancora più insormontabile la sfida del cambiamento climatico – riducendo i potenziali per una cooperazione politica, nonché deviando risorse, innovazioni e tempo dalla resilienza e prevenzione del cambiamento climatico”.
· Il rischio con il maggior potenziale di impatto nel 2016 è la carenza di interventi atti a mitigare il cambiamento climatico e il rispettivo adattamento. Dalla prima edizione del Report nel 2006, è la prima volta che un rischio ambientale conquista il primo posto in classifica.
· Il fallimento delle politiche di mitigazione e adattamento al cambiamento climatico ha un potenziale negativo maggiore rispetto alle armi di distruzione di massa (2° posto), alle crisi idriche (3° posto), alle migrazioni involontarie su larga scala (4° posto) e ai forti shock dei prezzi delle fonti energetiche (5° posto).
750 esperti hanno valutato 29 diversi rischi globali, esaminando il loro impatto e la loro probabilità di verificarsi nei prossimi dieci anni.Per la prima volta in 11 anni il rapporto presenta un panorama di rischio così diversificato. Nella top five dei rischi con il maggior potenziale di impatto sono rappresentate ben quattro diverse categorie: ambientale, geopolitica, sociale ed economica.

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GCC insurance industry requires regulatory ‘passporting’ to enable scale and profitability

Posted by fidest press agency su giovedì, 14 gennaio 2016

Manama, Kingdom of Bahrain. The conveners of the longest running Insurance platform for the Middle East – the Middle East Insurance Forum (MEIF) – announced that a groundbreaking report on the region’s insurance industry will be launched exclusively at MEIF 2016. Middle East Global Advisors, an intelligence platform serving markets in the Middle East North Africa Southeast Asia (MENASEA) region, joined hands with the Central Bank of Bahrain (CBB) in a preManama, Bahrainss conference to share some of the insights of the much-awaited “Finance Forward Insurance Outlook Report 2016”.The report aims to help leaders in the insurance industry make key strategic decisions and capitalize on emerging opportunities. The host of the press conference, Mr. Abdul Rahman Mohammed Al Baker, Executive Director of Financial Institutions Supervision at the CBB, said: “We are delighted to announce that the 12thannual MEIF will serve a launching platform for such an important industry report. MEIF 2016 is set at an opportune time at the start of the year to really shape the future trajectory of the Middle East’s insurance industry.”Present from Middle East Global Advisors was its Vice-Chairman and CEO, Dr. Sayd Farook, who set the macroeconomic scene for the Finance Forward report: “The financial services industry is facing an uncertain global economy. Low oil prices, rising interest rates, a strong dollar and concerns about emerging market growth will most certainly weigh on financial institutions, banks as well as insurers in the Middle East.”Dr. Farook continued by conveying some of the results from the report’s survey, which is ongoing: “Budget cuts impacting infrastructure spending across the Middle East constitute a major concern for many survey participants, especially given that commercial lines have been buoyed by large projects. In 2014, growth in commercial lines grew just 6.6% (compared to 19.6% for personal lines) which may account for survey respondents’ more optimistic outlook for medium-term premium growth in personal lines.”Dr. Farook added: “Many respondents are looking into online channels, particularly for personal lines, and into expanding outreach to underinsured consumers to support their future growth – especially digital strategies. Yet a major hurdle is the fact that regulations are uneven across the Middle East, and are lacking in some critical areas.”Mr. Al Baker indicated: “The Middle East insurance industry has grown considerably; however, it still lags behind other emerging and frontier markets in the overall penetration. Instead of encouraging competition between insurance companies and takaful operators for a share of a small market, we need the entire sector to find strategies to make the market grow more rapidly to support consolidation and create a more robust capital base.”

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Motor Insurance for Autonomous Vehicles: Paying Premiums Will Shift from Drivers to OEMs

Posted by fidest press agency su martedì, 20 ottobre 2015

AutoveloxLONDON The current system of calculating motor insurance premiums places importance on driver-related factors such as age, gender and driving record. However, the introduction of autonomous vehicles will turn the spotlight on vehicle-related parameters. As the motor insurance business goes through this transformation, the future holds vast potential for novel risk evaluation models. New analysis from Frost & Sullivan, Impact of Automated Vehicles on Motor Insurance Market (, finds that motor insurers will move away from the driver-centric strategy to follow one or a combination of three models as automated vehicles become common:
· product-centric evaluation
· brand-centric evaluation
· system-centric evaluation
For complimentary access to more information on this research, please visit: “Along with higher product liability, the responsibility of insuring the vehicle will shift from vehicle owners to manufacturers,” said Frost & Sullivan Automotive and Transportation Senior Research Analyst Kamalesh Mohanarangam. “Further, all excesses currently covered by the insured will be shared among several stakeholders, such as road-operators and local transport authorities.” As the risk of accidents will fall drastically with the advent of autonomous vehicles, the insurance premium to cover that risk too will drop significantly. Nevertheless, original equipment manufacturers (OEMs) and suppliers will increase insurance spend to cover their share of product liability risk, thereby offsetting the shrinkage in consumer-driven insurance revenues.
With OEMs and tier 1 suppliers looking to ensure fool proof product safety, methods to access risk and certify the product will assume greater importance. The traditional method of underwriting that uses historic data will take a back-seat, paving the way for a new breed of underwriters capable of evaluating driving algorithms and assigning a relevant risk priority number. “Moreover, insurers will develop new products for risks arising out of innovations,” noted Mohanarangam. “For instance, with the digitalisation of automobiles, insurers will provide cyber cover for protection against cyber-attacks and hacks.” In the wake of plummeting premiums, motor insurance will become part of other insurance policies and value-added packages as stakeholders look to new avenues of profit generation in a changing environment.
Impact of Automated Vehicles on Motor Insurance Market (MA70-18) is a Strategic Insight that is part of the Automotive & Transportation Growth Partnership Service program. This research analyses and forecasts the risks and opportunities for the motor insurance industry due to the advent of autonomous vehicles. The study provides a strategic overview of the motor insurance industry and OEM involvement in this space. It also highlights the challenges that participants need to overcome, concluding with expectations on the future of the industry.

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Impact of Driverless Cars on Logistics and Insurance at GIL 2015: Monaco

Posted by fidest press agency su giovedì, 30 luglio 2015

london-centralLONDON Disrupting unsustainable business models is the only way to survive and thrive in the current economy. Many companies are at a crossroad and making the right decisions has become a question of life or death in this marketplace. To help industry leaders identify the way forward and future growth strategies, Frost & Sullivan brings together a global network of visionaries and thought leaders at its annual Growth, Innovation, and Leadership (GIL) conference. GIL 2015 returns for its second edition on the glamorous shores of Monaco on Friday, 23 October. The event at the Monte Carlo Bay Hotel & Resort will feature a mix of Frost & Sullivan experts and distinguished industry visionaries. The impact of new business models and a new world of opportunities that are shaking the marketplace are the key themes of this year’s conference in Monaco. Frost & Sullivan Senior Partner and Head of the Visionary Innovation Group Sarwant Singh will present some of these new business models: “We will look at some interesting case studies, such as the impact of driverless cars on logistics and insurance.” Driverless Cars: A Case Study. Shortage deemed to be the single largest challenge in the sector, the future of people logistics and freight logistics is expected to merge. “Think of it as a model in which DHL or UPS would deliver packages small and large using a combination of personally owned vehicles, commercial fleet and also car-sharing fleet. Needless to say this allows for a rather leaner road traffic that can move people and goods, by increasing the utilization of the seat-space and boot-space as well,” says Partner Sarwant Singh.Autonomous cars come with a larger set of challenges. On one hand, these virtually crash-free vehicles entail little or no risk from a collision perspective, which slashes down insurance premiums, thereby directly impacting the insurance community. On the other hand, it brings to the table a new set of risks that insurers have traditionally not been accustomed to addressing. Reliability of the driving algorithm, use-cases not taken into account by the automaker, robustness of fail-operational mode in the vehicle architecture are way too technical to be assessed by insurers.Vehicle insurance currently follows a driver-centric model, with some amount of the calculation of risk and premium being associated with vehicle- and traffic-related parameters. With the driver getting relegated to the level of an occupant in the future, when the vehicle drives itself, the insurance model also shall change accordingly. This would imply that the drivers need not pay as much of an insurance premium as they do in today’s scenario. In 2013, on average, a typical European vehicle owner paid around €470 on insuring the vehicle. Going forward, with level 4 automated vehicles replacing conventional vehicles, the risk of collision can be reduced by around 70 percent and inclusion of new parameters to assess the risk of vehicle is likely to result in average premium to reduce to €300.
The one-day conference will start at 9 am with a welcome speech by the Senior Partner & Global Head of Growth Consulting Jan E Kristiansen. This year, for the first time ever, a brand new analysis by Frost & Sullivan on opportunities in the Financial Services will be presented. Senior Partner and UK Operations Director Gary Jeffery will unveil the latest Mega Trends of a sector that is a key element of Monaco’s economy.
The congress will also host most stimulating keynote presentations from the following Government and Industry Leaders:
– Mr Jean Castellini, Minister of Finance & Economy of the Principality of Monaco,
– Mr Martin Péronnet, Managing Director of Monaco Telecom, the Principality’s Telecom Operator,
– Mrs Isabelle Hilali, VP Marketing and Strategy of Orange Healthcare,
– Mr David Chalmers, Vice President Presales and Chief Technologist (Enterprise Group, EMEA), Hewlett-Packard Limited
The conference will be preceded on Thursday 22 October, by the presentation of the Frost & Sullivan’s Best Practices Awards to a range of regional and global market players for their superior leadership, technological innovation, customer service, and strategic product development achievements.

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Blueprint for a Cyclical Shock Insurance in the euro area

Posted by fidest press agency su lunedì, 30 settembre 2013

English: Economic and Monetary Union, map en

English: Economic and Monetary Union, map en (Photo credit: Wikipedia)

This study published by Notre Europe – Jacques Delors Institute aims at presenting in detail how a cyclical stabilization insurance fund, as it was proposed in the Padoa-Schioppa Group report, could be a solution to the problem of lacking business cycle convergence in the euro area.
Many positive steps have been made in the last four years so as to reinforce the Economic and Monetary Union’s architecture. Nevertheless, the common currency area appears still incomplete, and several EMU weaknesses put in evidence by the crisis were not addressed yet. Beyond the short term challenges, such as achieving better public and private debt positions, more growth and lower unemployment, decision makers also need to complete the EMU in order to guarantee the long term sustainability of the common currencyIn this study, Henrik Enderlein, Lucas Guttenberg and Jann Spiess outline the technical features of the proposed “Cyclical Shock Insurance” scheme as well as its economic and political implications. The authors also contrast their proposal with some other proposals that are currently discussed to tackle the issue of business cycle convergence, such as an unemployment insurance scheme. Finally, the authors run a simulation on how this scheme would have operated had it been in place during the first fifteen years of EMU and show it would not have generated unbalanced transfers between member states.

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Enstar Group Limited Completes Acquisition of U.S. and Canadian Closed-Life Insurance Operations From HSBC Finance

Posted by fidest press agency su martedì, 2 aprile 2013

Hamilton, Bermuda, (GLOBE NEWSWIRE) — Enstar Group Limited (Nasdaq:ESGR) announced today that one of Enstar’s wholly-owned subsidiaries completed the previously announced acquisition from Household Insurance Group Holding Company of HSBC Insurance Company of Delaware and Household Life Insurance Company of Delaware, as well as its three subsidiary insurers, on March 31, 2013. Household Insurance Group Holding Company is a subsidiary of HSBC Holdings plc.The HSBC companies acquired added approximately $1.4 billion in total cash and investments to Enstar’s balance sheet. As previously disclosed, the base purchase price of $181 million was rolled forward under the terms of the stock purchase agreement based upon changes to the capital and surplus of the acquired entities arising from the operation of the business prior to closing. The amount paid at closing was approximately $155.7 million and was financed in part by a drawing under Enstar’s revolving credit facility.
Enstar, a Bermuda company, acquires and manages insurance and reinsurance companies in run-off and portfolios of insurance and reinsurance business in run-off, and provides management, consultancy and other services to the insurance and reinsurance industry.

Posted in Economia/Economy/finance/business/technology, Estero/world news | Contrassegnato da tag: , , , | 10 Comments »

Over Four Million Brits Consider Fraudulent Home Insurance Claims

Posted by fidest press agency su giovedì, 3 maggio 2012

A home in Louisiana damaged by Hurricane Katrina

A home in Louisiana damaged by Hurricane Katrina (Photo credit: Wikipedia)

Chester, England, (PRNewswire) Britain’s number one comparison site found 4.3 million people with home insurance, (11 per cent), are willing to consider making a false claim on their home insurance. Of these people, four per cent (or 1.5 million) admit they’d consider making a false claim – or had already done so – regardless of the economic climate. Worryingly, almost 780,000 people have already defrauded their home insurer by successfully making a false insurance claim in the last five years.Peter Harrison, insurance expert at MoneySupermarket, said: “It’s extremely concerning to discover so many people are contemplating making a false or exaggerated claim on their home insurance. With recent news the UK has slipped into a double-dip recession, household finances will undoubtedly be stretched, but no matter how tempting, fabricating a claim for a payout is illegal, and you could face being prosecuted as a result.”
Insurance companies take fraud very seriously, no matter how big or small the amount being claimed for. If insurers are suspicious of a claim’s validity it will be investigated with specialist detection processes and anti-fraud technology. Anyone caught and found guilty of insurance fraud would find it extremely difficult to get insurance cover in the future. Previous convictions for insurance fraud must be disclosed on application forms for any type of insurance. Insurance premiums will be much more expensive for someone guilty of making a false claim, and in some cases insurers may not be willing to offer cover at all.
When it comes to fraudulent home insurance claims, there is a North-South divide with people in the North East (15 per cent) and North West (14 per cent) most likely to make a false claim. However, residents in the South East were the least likely to make a claim, with only eight per cent stating they’d be prepared to do so.
In addition, males are more likely to make a fraudulent claim (14 per cent) compared to females (eight per cent). Those under the age of 35 are more likely to act dishonestly, with 21 per cent making, or likely to make, a false claim compared to just 10 per cent of over 45’s.

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Record Fuel Prices Lead Van Drivers to Seek Lower Insurance to Minimise Costs

Posted by fidest press agency su sabato, 21 aprile 2012

Lloyds Building, Lime Street, London, England

Lloyds Building, Lime Street, London, England (Photo credit: Wikipedia)

London (PRNewswire) With average petrol prices rising above 140p per litre and diesel at a record high, van drivers are being stretched to the limit with monthly running costs. Some have been trying to offset the fuel costs by saving on their insurance premiums, visiting price comparison websites such as to look for cheaper van insurance.The average price for petrol has reached 140.2p a litre while diesel has hit a new record of 146.72p. Petrol has increased in price by nearly 8p since the beginning of the year and experts warn that the trend shows no sign of slowing. David Jackson, Director of Insurance Partnerships at said: “While drivers can do little to save on fuel costs, they could potentially look at other ways to reduce the overall cost of driving and offset the fuel price rises. offers a quick and simple way to compare van insurance and could help drivers to find a better deal than they are currently paying. By switching to another provider, van drivers could make significant savings.” Specialising in more than just van insurance, provides customers with an easy way to find the right deal on a wide range of insurance and financial products including home insurance, car insurance, bike insurance, life insurance, pet insurance and credit cards. It also offers comparisons for a range of household utilities including electricity, gas, phone, broadband and digital TV.

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Mother’s Day Treats – Holiday Ideas From Direct Travel Insurance

Posted by fidest press agency su lunedì, 19 marzo 2012

Croydon, England, (PRNewswire)With Mother’s Day fast approaching (it’s 18 March if you haven’t already got it in the diary), what about a fantastic alternative to the usual flowers, chocolates or toiletries?If you’re stuck for the perfect gift, here are some suggestions that will show mum you’re the best son or daughter in the world. Not that she ever doubted you.With cheap travel insurance from the specialists as Direct Travel Insurance, you can save money yet still know that this special lady will benefit from excellent cover and great customer service.Instead of a bouquet of flowers: book a weekend in Jersey, known as the Floral Island, to coincide with the annual June in Bloom flower festival (17 – 24 June 2012). There will be beautiful colours and aromas, fields swaying with lavender, tours of private gardens, wild orchid meadows, St Helier’s flower market and impeccable manor house lawns.Instead of a scented candle: book a spa break. From Tuscan hot springs to Alpine resorts, from a wine-wrap in the Bordeaux region of France to a mud bath in the Canaries, a pampering long weekend spells indulgence and appreciation, big time. Direct Travel Insurance has Europe single-trip travel insurance from just £2.06.Instead of a box of chocs: book a trip to Brussels to taste the best Belgian chocolates moments out of the confectioner’s kitchen, Paris for molten chocolate heaven at Angelina’s tearoom or a cookery course in Spain with lots of emphasis on desserts.Instead of a Sunday drive: book a cruise. Options for a close-to-home trip could include the Scillies to Skye on a round-the-British-Isles cruise, a French vineyards-and-châteaux cruise or a mini-cruise for a long weekend in Amsterdam or Antwerp for relaxation, sightseeing and shopping. Holiday insurance for a cruise protects people and possessions onboard ship and during visits ashore.DTI’s cheapest travel insurance policies are designed for those on a budget, with more options offering higher levels of cover. If the ideas above have whetted your appetite for more travel, annual travel insurance can be a cost-effective choice.

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Surprise Health Care Costs

Posted by fidest press agency su lunedì, 12 marzo 2012

Governor Cuomo knows that the high cost of health insurance and health care are an enormous burden for New Yorkers. Too many people are being hit with unexpected and exorbitant medical expenses because of unanticipated out-of-network health care costs. | These surprise out-of-network medical costs are putting financial strain on New Yorkers across the state. | Governor Cuomo announced an investigation by the Department of Financial Services (DFS) into out-of-network medical costs. DFS also released a report today that finds an overwhelming need for more transparency and better consumer protections. | The report shows that too often the New Yorkers who are trying their best to stay in network are getting stuck with an unexpectedly high bill. We need to reform our system now to protect middle class New Yorkers and those who can least afford these additional burdensome costs. | By working with the insurance companies and medical service providers, we can prevent New Yorkers from being hit with unexpected health care costs. Together, we are making government work for the people again.

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Enstar Group Limited Announces Appointment of Robert V. Deutsch to the Board of Directors of Enstar Holdings (US) Inc.

Posted by fidest press agency su sabato, 25 febbraio 2012

Hamilton, Bermuda, (GLOBE NEWSWIRE) — Enstar Group Limited (Nasdaq:ESGR) announced that Robert V. Deutsch has joined the board of directors of Enstar’s wholly-owned subsidiary, Enstar Holdings (US) Inc., the ultimate parent company of Enstar’s U.S. operations.Mr. Deutsch, 52, is a partner at GCP Capital Partners LLC, where he focuses on insurance-related investments. Mr. Deutsch was the founding Chief Executive Officer of a Bermuda-based specialty insurer, Ironshore Inc., and prior to that he served for five years as Chief Financial Officer of CNA Financial Corporation. Between 1987 and 1999 he was CFO and Chief Actuary, as well as President of the two operating companies, at Executive Risk Inc., a specialist insurer focusing on professional and management liability business. Last month, Mr. Deutsch was appointed to the board of Beazley Furlonge Ltd., the Lloyd’s managing agency that forms part of Beazley plc, as a non-executive director.Enstar Group Limited’s Chief Executive Officer, Dominic Silvester, said: “Bob brings significant insurance experience and insight to Enstar’s recently-expanded operations in the United States which we believe will be of enormous value in the future.”Enstar, a Bermuda company, acquires and manages insurance and reinsurance companies in run-off and portfolios of insurance and reinsurance business in run-off, and provides management, consultancy and other services to the insurance and reinsurance industry.The Enstar Group Limited logo is available at

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Mutual and cooperative insurers

Posted by fidest press agency su sabato, 17 settembre 2011

Brussels, Sixty representatives of mutual insurers from twelve EU Member States and supervisors from Denmark, Germany, Portugal and Spain met to exchange their views on the application of the important principle of proportionality throughout all areas (or pillars) of Solvency II: capital requirements, governance, and reporting and disclosure By far the majority of mutual and cooperative insurers are small or medium-sized undertakings employing thousands of people all over Europe. Taking as a basis Recital 19 of the Solvency II Framework Directive which states that the regime ‘should not be too burdensome for small and medium-sized insurance undertakings’, they reminded supervisors that the mutual model has been around for several centuries, surviving wars and many financial and economic crises. Inappropriate and unproportionate application of the new rules could endanger the model and eventually deprive consumers from the choice of buying their insurance contracts with an undertaking whose business model is based on the mutualist concept of client ownership, sustainability and democratic governance.
Finally, he urged the mutual and cooperative insurance sector to stay mobilised by working with their European association but also with their national ones.
AMICE is the Association of Mutual Insurers and Insurance Cooperatives. Its prime purpose is to ensure that the voice of the mutual and cooperative insurance sector in Europe is heard and that the interests of its members are taken into account in securing a level playing field for all insurers in Europe regardless of their legal form. This sector accounts for one third of the insurance companies in Europe and close to 25% of premiums. With more than 100 direct members and 1,600 indirect members, AMICE speaks for a significant part of the insurance sector.

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