Insurance news – week commencing 12/12/21

week commencing 12/12/21:

Pets at Luther Towers shared their Xmas tune preferences this week – yes, their tastes are as cheesy as their owners’! But we have kept our eye on the news while taking Covid tests!

China increases foreign investment

The CBIRC has proposed a scrapping of the limits on foreign ownership of insurance asset management companies. The current 25 percent cap on foreign ownership would be removed to encourage greater investment. External-link. [Asia Insurance Review]

Insolvency looms large

An AGCS report said that government intervention reduced insolvencies during the pandemic, but removal of this support is a concern for the D&O market. It also found the market was stabilising after a few of years of hardening. External-link. [Commercial Risk]

Disastrous global losses

Extreme weather and natural disasters have resulted in annual insured losses of $105 billion, according to Swiss Re. Hurricane Ida and winter storm Uri were the two costliest events of the year. External-link. [Asia Insurance Review]

Sea change for marine insurers

Signatories to the marine insurance Poseidon Principles will monitor and report the environmental performance of their hull & machinery portfolios as part of work to decarbonise the shipping industry. External-link. [Splash24]

EU toughens environmental sentences

The European Commission has proposed that member countries’ courts be able to fine companies five percent of their annual revenue if they cause serious environmental damage. External-link. [Bloomberg]

Insurers must step up

A report from ClimateWise has found that a “step change” in underwriting mechanisms to support net zero is required. The report also argued that more collaboration and standardisation of ESG reporting is necessary. External-link. [ITIJ]

Generali shakes off criticism

Generali’s largest shareholder has criticised the insurer for lacking ambition. However, chief executive Philippe Donnet said he was focused on the interests of all shareholders as he launched its new three-year strategy. External-link. [ReinsuranceNews]

Record M&A activity

Research from Howden M&A has found that a record number of M&A claims notifications in 2021 is the result of unprecedented corporate activity, and is expected to increase in 2022. External-link. [Insurance Business]

Ear for a tune

The charity Guide Dogs did a survey of 1,000 owners to see what their pet’s favourite Christmas song was. Wham’s Last Christmas came out top, with Mariah Carey’s Christmas classic also scoring well. External-link. [The Guardian]

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