Insurance Europe News

FERMA Criticizes Cyber Insurance Guidelines Proposed by Int’l Standards Organization

The Federation of European Risk Management Associations (FERMA) is concerned about proposed cyber insurance guidelines being developed by the International Organization for Standardization (ISO), calling them “premature” and “inappropriate.” The proposed standard, ISO/IEC 27102, encompasses information security management guidelines for …

New Global Insurance Accounting Rule Could Be Delayed One Year

A global standards body has proposed a one-year delay to implementing its new accounting rule aimed at increasing visibility in how insurers earn money, after the industry said it needed more time to prepare for such a sweeping change. A …

Global Insurers Face High Compliance Costs with New Accounting Rules

Insurers in over 100 countries face a “once in a lifetime” accounting change from January 2021 with the introduction of a uniform international book-keeping standard, details of which will be published on Thursday. Twenty years in the works, the new …

S&P and Fitch Chop Britain’s ‘AAA’ Rating After Brexit Vote

Britain suffered further blows to its economic standing on Monday as two top ratings agencies downgraded its sovereign credit score, judging last week’s vote to leave the European Union would hurt its economy. Standard & Poor’s stripped Britain of its …

Re/Insurance Business Leaders Begin to Comment on Post-Brexit World

The UK joined the European Union in January 1973, and yesterday, the UK public voted to leave. After 43 years of marriage, the divorce proceedings will soon begin. No one knows how long it will take for the UK to …

Survey Concludes Europe’s Regulators ‘Gold-Plating’ New Insurer Capital Rules

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 …

EU, U.S. Insurance Organizations Call for ‘Full Inclusion’ in the TTIP

The American Insurance Association (AIA), Insurance Europe, and the American Council of Life Insurers (ACLI) have jointly issued a bulletin that reiterates their support “for the full inclusion of insurance in the Transatlantic Trade and Investment Partnership (TTIP).” The three …

UK Insurers Call for Collective Action to Address Climate Change

Lloyd’s of London and other UK insurers called for collective action to address climate change on Thursday, after a report from the UK regulator this week highlighted risks to their industry from global warming. In an open letter to Bank …

European Insurance Industry Figures Find ‘Stability & Growth’ from 2003-2012

Despite the economic upheavals the European insurance industry has maintained a path of stability and growth, even through times of crisis, according to figures released by Insurance Europe, the European insurance and reinsurance federation. The figures, which included data collected …

European Insurance Federation Opposes Compulsory Environmental Liability

“An EU-wide compulsory environmental liability insurance system would not benefit customers and so should not be introduced,” according to Insurance Europe, the European insurance and reinsurance federation. The federation consists of 34 members, representing Europe’s national insurance associations. It includes …