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...Shinichiro Funabiki, chief executive of Mitsui Sumitomo Insurance, told the Financial Times the company had decided to focus its investment plans on the UK because of London’s primacy in analysing complex...
...“The role of reinsurance, particularly offshore reinsurance, is making [it] even harder to regulate an already opaque life insurance sector,” he added....
...Brokers play a key role in the global economy, advising companies on risk and how to manage it, including through insurance....
...Many UK businesses with large pension schemes have offloaded them to life insurance companies....
...It is the latest coup for Lloyd’s, which has also attracted insurance group Aviva back to the market....
...Fast-growing private capital managers such as Apollo have in recent years pushed aggressively to create high-yielding assets for insurance companies....
...Another focus for MS Amlin is to grow its casualty insurance lines, such as policies which provide cover for legal claims against a company’s management team....
...The company expected net cash flow to turn “consistently positive” in the first half of next year....
...Wadhwani began his role in February, but has only started publicly outlining his plans for Prudential in the past week, after the company published half-year results....
...The company says it still has “reinsurance relationships with some non-Russian entities”. The company is part owned by the Italian insurer Generali, but its stake has been “frozen” since the invasion....
...The company said this exposure was “well diversified”. Shares in Prudential fell 6 per cent by late-morning trading in London, against a broadly flat FTSE 100 index....
...Insurance group Prudential’s new business profit rose by about 45 per cent to $3.1bn last year, as its core business in Hong Kong continued to recover from the impact of coronavirus restrictions....
...Under such schemes, governments share losses from natural disasters with the insurance sector, or create structures to pool risk....
...Insurance companies have lifted prices drastically in the past couple of years after spiralling inflation in their claims costs — as items such as car parts and second-hand cars became much more expensive...
...On the regulatory side, the forum said it was considering what it called a “sandbox” idea, where the industry and its regulator, the Bank of England’s Prudential Regulation Authority, could “discuss and...
...Third, a repricing of climate risks has led to a sharp rise in the cost of property catastrophe reinsurance — or insurance for insurance companies....
...Microsoft, which owns Excel, said the company remained a “key technology partner for companies across financial services broadly, and insurance specifically”....
...Prudential’s new business profit growth in this segment has been brisk. Moreover, Chinese investors are using insurance to diversify assets. But caution is warranted....
...The rising cost of home insurance and motor insurance has exacerbated cost-of-living pressures on households....
...Premiums from its general insurance division, which includes car insurance, also grew....
...According to an index from insurance broker Marsh, global commercial insurance rates rose in the final three months of last year, the 25th straight quarter of increases....
...MPs last year blamed regulatory foot-dragging for London losing out on $700mn of insurance-linked securities that went to Singapore....
...The BoE’s Prudential Regulation Authority said on Tuesday that it had imposed the second-largest penalty in its history after HSBC failed to correctly identify customer deposits eligible for protection under...
...Its existing UK operation is the sixth largest in car and home insurance, according to the company....
...“The big question is, can the PE firms be a trusted owner of a life insurance company?” said Isabelle Santenac, global insurance leader at consultancy EY....
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