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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....
...Many UK businesses with large pension schemes have offloaded them to life insurance companies....
...Fast-growing private capital managers such as Apollo have in recent years pushed aggressively to create higher earning assets for insurance companies....
...They previously had unlimited liability for risks, which led to huge financial losses after a surge of asbestos claims in the 1990s....
...The chief executive of Aon, one of the world’s largest insurance brokers, has called for better modelling of climate risks, saying conditions in the property insurance market were “stressed” after a surge...
...The so-called pensions lifeboat takes over the assets and liabilities of failed companies’ pension schemes....
...performance data shared with the Financial Times....
...Savings products contribute the majority of sales in Hong Kong, the company said on Wednesday....
...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....
...“All actors need to move,” she told the Financial Times....
...Third, a repricing of climate risks has led to a sharp rise in the cost of property catastrophe reinsurance — or insurance for insurance companies....
...Lloyd’s boss John Neal told the Financial Times that the incident had the potential to produce the largest marine insurance claim in history, topping the crash of the cruise ship Costa Concordia in 2012,...
...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...
...The flood maps that Fema uses to set premiums for its federally underwritten National Flood Insurance Program — which is how most Americans get flood insurance — are outdated....
...Cocini has been co-head of Bank of America’s global financial institutions group, which will continue to be led globally by Gary Howe, and in Emea by James Gill....
...Microsoft, which owns Excel, said the company remained a “key technology partner for companies across financial services broadly, and insurance specifically”....
...“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....
...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...
...Analysts at Bank of America said the deal should not worsen the outlook for capital returns at Aviva....
...the Financial Services Compensation Scheme between 2015 and 2022....
...The rising cost of home insurance and motor insurance has exacerbated cost-of-living pressures on households....
...This is a test of the government’s commitment to support financial services. Lloyd’s may not get the attention its near-quarter share of City GDP deserves....
...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....
...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....
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