French reinsurer SCOR announced that its Chairman & CEO Denis Kessler will receive 30% less in his annual variable compensation for 2019, which is equal to €325,260 (US$354,333). In addition, the company has decided to cancel its 2019 dividend. Kessler’s …
Italy’s biggest insurer Generali on Friday said it would pay its 2019 dividend in two tranches, confirming a total payout of 0.96 euros per share, citing its strong capital position. The announcement flies in the face of calls by industry …
British insurers canceled more than 1 billion pounds ($1.2 billion) of dividends on Wednesday, in moves welcomed by the Bank of England which had cautioned the sector about the risk of heavy costs from the spread of the coronavirus. Aviva, …
Pennsylvania Gov. Tom Wolf on Thursday ordered his administration to start working on regulations to bring Pennsylvania into the Regional Greenhouse Gas Initiative. The initiative is a nine-state consortium that sets prices and limits on greenhouse gas emissions from power …
The European Union needs a common pension product because existing long-term savings offerings are too complex and costly, the region’s industry regulator said. “There are too many products and people don’t really understand them,” Gabriel Bernardino, chairman of EIOPA, the …
European insurers, whose profits are being eroded by Mario Draghi’s* quantitative easing program, face a stress test headache that risks requiring them to set aside more capital, further hurting their ability to make money. The timing of the regulator’s “stress …
Domestic regulators are increasingly “gold-plating” new European insurance capital rules by adding their own more stringent requirements, according to a survey of insurance trade associations. Two-thirds of national trade insurance bodies surveyed by Insurance Europe, the umbrella group for the …
The European Union is preparing reduced capital requirements for insurers in a bid to spur investment in long-term infrastructure projects. The European Commission, the EU’s executive arm, is considering amending insurance rules known as the Solvency II Delegated Act to …
Capital charges for insurers in the European Union could be cut to encourage lending for long-term projects and help boost the flagging economy, the bloc’s executive body said in a high profile policy shift. The European Commission has written to …
The European Insurance and Occupational Pensions Authority (EIOPA) has published its Final Report on draft Guidelines for Own Risk and Solvency Assessment (ORSA), which “underlines the purposes of the ORSA,” and provides “additional details on how the guidelines are to …
