Issuing “catastrophe bonds” and setting up public-private partnerships could help plug the “insurance gap” to better cover damage from climate change, a discussion paper from the European Central Bank and European Union insurance regulators said on Monday. Only a quarter …
Pension funds across the European Union would lose billions of euros from their investments in polluting industries without action to mitigate the impact of climate change, the bloc’s first stress test of its kind showed on Tuesday. The European Insurance …
LONDON – Insurers could face European climate stress tests as soon as 2023, the head of the EU’s insurance regulator said at the Reuters Future of Insurance Europe conference on Thursday. The insurance industry faces exposure to climate change risk …
The European Union’s capital rules for insurers need changing to reflect low interest rates and provide stronger intervention powers like banning dividends to preserve solvency during market shocks, the bloc’s insurance watchdog said on Thursday. The EU is reviewing its …
Insurers in the European Union are confronted with risks on several fronts that are intensified by the COVID-19 pandemic, and could face lengthy legal battles from claims relating to lockdowns, the bloc’s insurance watchdog said on Thursday. Insurers and reinsurers …
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 …
National governments must help provide insurance cover for future lockdowns, the industry’s European Union regulator said on Monday, as the private sector cannot afford to provide such broad coverage on its own. Countries have introduced lockdowns to fight the coronavirus …
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, …
The European regulator has urged re/insurers to temporarily suspect dividend distributions and share buybacks aimed at remunerating shareholders, given the level of uncertainties connected to the impact of the COVID-19 crisis. The European Insurance and Occupational Pensions Authority (EIOPA) said …
Insurance companies should take measures to preserve their capital position and be prudent about dividend and bonus payments as the coronavirus outbreak disrupts households and businesses, the European insurance watchdog said. “Insurers are likely to face progressively difficult conditions in …
