A systemic event and the threat it could pose to insurers’ portfolios is not the million dollar question, but perhaps the billion dollar question, according to Norman Niami, immediate past chairperson and member of The American Academy of Actuaries. “It’s …
The Grange Pub in Cardiff is a typical modern British tavern. A short stroll from the city centre, it’s busy most days of the week. Weekends are packed, especially for Sunday lunch. In March 2020 all that stopped. Government lockdown …
Lloyd’s insurers must exclude state-backed cyber-attacks in standalone (or affirmative) cyber policies if they reach a catastrophic threshold, according to a Lloyd’s market bulletin issued this week. However, the exclusion would include liability for losses arising from both war- and …
A housing market downturn in Canada is among the biggest risks facing the financial system this year, the country’s financial regulator said on Thursday, adding it plans to review the existing home loan stress test and expand its application to …
Rapid action is needed to update how cross-border financial services are scrutinized and consumers protected as the sector becomes digitalized with “Big Tech” playing an increased role, European Union regulators said on Monday. People are turning to social media and …
The Cambridge Centre for Risk Studies (CCRS) at the University of Cambridge Judge Business School is launching a new research consortium that aims to find ways to protect society against future systemic risks. Funding will be provided by an international …
Climate change, the rapid growth of “stablecoins” and financial innovations that led to frenzied trading of GameStop Corp shares early this year are threats to the U.S. financial system that merit closer scrutiny, a Treasury Department-led regulatory panel said on …
Pool Re, Britain’s leading terrorism reinsurer, announced the launch of “Re:New,” an advisory group that will explore how to protect the UK economy from systemic risks. Re:New will unite experts from insurance, government, industry, academia and beyond to explore how …
Most of the world’s largest insurers are failing to adequately address systemic risks such as climate change and biodiversity loss, but a group of five U.S. insurers are some of those that rank the lowest, according to report published by …
MILAN – Europe’s insurance industry doesn’t have the capacity to deal with the systemic risk of a pandemic and more protection needs to be put in place through private-public partnerships, the head of Italian insurer Generali said on Thursday. Speaking …
