Bob Stein sat down with Otto Thoresen, Director General of the Association of British Insurers, for an in-depth discussion on Solvency II.
Solvency II has been under development for many years and now may finally be moving toward adoption. Initiated before the recent financial crisis, its original objective was to bring consistency to the way financial regulation works across all of Europe, and to create a system of standards that each country would use.
According to Mr. Thoresen, because of the financial crisis, there is now pressure from the G-20 for a more standardized approach to monitoring the financial market. Regulators appear to be uncomfortable with the lack of control they have over internal models and assumptions, which firms have control over. Because of this, Mr. Thoresen says we are apt to see more intervention from regulators.
He also notes that there is now a stronger focus on Risk Management by the financial services industry than in the past, all the way up to the boardroom. Solvency II will be implemented at some point, but according to Mr. Thoresen, a bigger threat to the industry will be the new regulatory environment where everyone is financially constrained. The industry is going to have to ensure that it remains relevant.
For more on global insurance regulation, visit the EY website or the WRIN.tv the On Demand Library.
In highlights from A.M. Best's First Monday series, Associate Director Jeff Yeung reports from Hong Kong on the Association of Southeast Asian nations, a region of the world where economic growth is spurring growth in the insurance market. Watch more
Comments(0) 28 Jul 2014
Monday Morning Headlines: Aspen to double aviation war insurance rates; Impact Forecasting global natural disasters caused $22B in losses; FSOC facing greater scrutiny; Federated National aims to boost Fla. homeowners through JV; Travelers focuses on client retention. Watch more
27 Jul 2014
Week in Review Featuring: Monday Morning Headlines-7-year TRIA reauthorization, NAIC launches educational initiative, Texas hailstorm losses; BoA, AIG settle RMBS suits for $650M; Exciting changes affecting Inland Marine; IIS Regulator panel highlights; A.M. Best on impairments. Watch more
Comments(0) 25 Jul 2014
It’s time for another WRIN.tv Rewind. We are in the midst of the 2014 Hurricane Season, and while most forecasters are predicting a below to normal season this year, Dr. Tim Doggett at AIR Worldwide, reminded us that activity forecasts have been somewhat dependable, but predictions on the number of storms have not. Watch more
Comments(0) 24 Jul 2014
In a recent report, A.M. Best reported that impairments among U.S. property/casualty carriers declined sharply in 2013. Watch more
Comments(0) 23 Jul 2014
“Regulation” was a important topic at the 2014 International Insurance Society (IIS) in London. World Risk and Insurance presents highlights of key discussions on Regulation, courtesy of the IIS. Watch more
Comments(0) 22 Jul 2014
Recent economic figures show a decline in US GDP, and issues in the Middle East are driving fuel prices up. WRIN.tv speaks with Kevin O’Brien, President and CEO of the Inland Marine Underwriters Association who discusses the recent developments in the inland marine business. Watch more
Comments(0) 21 Jul 2014
Monday Morning Headlines: Senate passes 7-year TRIA reauthorization; NAIC educational initiative supporting state-based regulation;Texas hailstorm losses expected to reach $400M; BofA, AIG settle RMBS suits; ABRY Partners to sell majority stake in York Risk Services. Watch more
Comments(0) 20 Jul 2014
Week in Review features Monday Morning Headlines- TRIA reauthorization update; House Speaker sues President over ACA; Cat losses below expectations; BTG acquires Ariel Re; Travelers sues NFL: AIMU president with Ocean marine update; Highlights from IIS Seminar; HRH Prince Charles; WRIN.tv Rewind. Watch more
Comments(0) 19 Jul 2014
It’s time for anotherWRIN.tv Rewind, where we look back at highlights from WRIN.tv over the first six months of 2014. Here, Chris Williams, the Fiduciary Product Lead at Travelers, warned that employers don’t understand their exposures under the ACA. Watch more
Comments(0) 17 Jul 2014
His Royal Highness, The Prince of Wales addressed the International Insurance Society Annual Seminar in London. He expressed his concern over climate change and challenged insurance industry to add their voice and talent to the renewal of the United Nations Hyogo Framework. Watch more
Comments(0) 16 Jul 2014
The 50th Annual International Insurance Society (IIS) Seminar in London drew hundreds of insurance executives from across the industry and around the world. WRIN.tv presents highlights from the IIS Seminar’s Global Insurance Leadership Panel. Watch more
Comments(0) 15 Jul 2014
WRIN.tv speaks with John Miklus, president of the American Institute of Marine Underwriters (AIMU) to discuss issues affecting the Ocean Marine market, including the global economy, the Panama Canal Expansion project, TRIA reauthorization, technology and the future. Watch more
Comments(0) 14 Jul 2014
Monday Morning Headlines: Business coalition presses Congress on TRIA reauthorization, Boehner to sue Obama over ACA employer mandate, Munich Re reports below average Cat losses for 1st half of 2014, BTG Pactual acquires Ariel Re, and Travelers sues NFL. Watch more
Comments(0) 13 Jul 2014
Throughout July, we will Rewind some highlights from this year’s more popular reports. In our second WRIN.tv Rewind the President of Marsh International joined us to explain the downward trend in global insurance pricing. Watch more
Comments(0) 10 Jul 2014
In part two of our discussion with Dr. Bob Hartwig, President of the Insurance Information Institute, he discusses US politics, government legislation, and insurance regulation. Watch more
Comments(0) 09 Jul 2014
Arthur was the first named storm of the 2014 Hurricane Season. According to AIR Worldwide, Arthur made landfall near Cape Lookout in North Carolina as a Category 2 hurricane, before veering offshore to the north. WRIN.tv spoke with Dr. Tim Doggett, to get an update on the storm and what damages it has caused. Watch more
Comments(0) 08 Jul 2014
IWRIN.tv spoke with Dr. Bob Hartwig, president of the Insurance Information Institute to help explain the current economic picture and the outlook for 2015. Watch more
Comments(0) 07 Jul 2014
Monday Morning Headlines: Supreme Court rules some firms can opt out of contraception rule; US success for Lloyd's underwriters; AmTrust growing workers comp market share; Aspen Insurance and Endurance Specialty continued sparring; Progressive increases Ad spending. Watch more
Comments(0) 06 Jul 2014
Week in Review features Monday Morning Headlines – Fitch expects US P&C U/W profit, Republican lawmakers criticize FSOC; NAIC may reject global capital rules, Valdius acquires Western World Insurance, M&A Insurance, Ty Sagalow on Bitcoins, ACORD Tech Talk, WRIN.tv Rewind. Watch more
Comments(0) 03 Jul 2014
WRIN.tv speaks with Dr. Richard Tol during the recent European Insurance Forum about climate change, and its impact on the insurance. According to Dr Tol, “One of the startling facts about climate change is that there are very few facts about climate change." Watch more
Comments(0) 02 Jul 2014
Technology and the web are having a dramatic impact on the way business is conducted in the insurance industry. In this first edition, of ACORD’s “Tech Talk”, host Mark Westin discusses responsive web design with Pete Teresi, ACORD Vice President of Standards and Technology. Watch more
Comments(0) 01 Jul 2014
In this edition of “What’s New in Insurance…”, Ty Sagalow, President of Innovation Insurance Group, explains the growing legitimacy of Bitcoins, and risks associated with the peer-to-peer payment system. Watch more
Comments(0) 30 Jun 2014
Monday Morning Headlines: Fitch expects US P&C underwriting profit; FSO criticized for lack of transparency; NAIC may reject global capital rules for insurers, Validus acquires Western World; High demand for M&A insurance; and more. Watch more
Comments(0) 29 Jun 2014
Week in Review features Monday Morning Headlines – TRIA reauthorization, Healthcare.gov, Allstate losses for May, Ironshore files IPO as does Trupanion; CONNecting with Conning on insurers investment strategies, NRRA on Risk Retention Modernization Act status; Highlights from AIRMIC Conference. Watch more
Comments(0) 27 Jun 2014
AIRMIC, the UK risk managers’ association, held its annual conference at The ICC in Birmingham. The 3-day program included diverse workshops, speeches, a large exhibition hall and networking opportunities. Watch more
Comments(0) 26 Jun 2014
During a recent First Monday report, A.M. Best ‘s Asha Attoh-Okine, Managing Senior Analyst of ILS, assesses the rapid growth in catastrophe bonds, the growing acceptance of indemnity triggers, and the emergence of cat bonds for new perils. Watch more
Comments(0) 25 Jun 2014
In Part 2 of WRIN.tv’s interview with Robert “Skip” Myers, he addresses the challenges that remain in passing, and implementing the Risk Retention Modernization Act being considered in Congress. Watch more
Comments(0) 24 Jun 2014
WRIN.tv speaks with Conning’s Joe Mayo,Head of Credit Research, and Marcus McGregor Director and Master Limited Partner (MLP) strategist and product manager, about insurance investment strategies in a challenging environment. Watch more
Comments(0) 23 Jun 2014
Monday Morning Headlines: Congressman Neugebauer wants TRIA eliminated; Obama administration ignored health site's red flags; Allstate est. $440 million in pretax losses for May; Ironshore files IPO as does pet insurer Trupanion; and more. Watch more
Comments(0) 22 Jun 2014
Week in Review features Monday Morning Headlines – TRIA reauthorization, NAMIC, AIG, Hartford and more; NRRA on Risk Retention Modernization Act; Rick Betterely on IP Insurance; A.M. Best on Life/Health sector; PCI on Hurricane preparedness. Watch more
Comments(0) 21 Jun 2014
Economic conditions have not changed much over the past couple of years and it’s taken its toll on the US Life-Health market. First Monday correspondent Meg Green spoke with A.M. Best AVP Thomas Rosendale about the US Life-Health segment. Watch more
Comments(0) 19 Jun 2014
NOAA and other agencies have predicted below-average activity for the 2014 Hurricane Season, but no one should take that for granted. WRIN.tv speaks with Marguerite Tortorello, SVP of Public Affairs at PCI, about steps the industry is taking to be prepared and mitigate losses. Watch more
Comments(0) 18 Jun 2014
Congress is considering expansion of the Liability Risk Retention Act of 1986, which would allow Risk Retention Groups (RRGs) to underwrite all commercial lines, except workers comp. Currently the law limits RRGs to writing liability coverage. Watch more
Comments(0) 17 Jun 2014
In Part two of WRIN.tv’s discussion with Rick Betterley on the current state of the Intellectual Property (IP) and Media Liability insurance markets, he discusses why many are not buying IP coverage, and where the market for both products is heading in the future Watch more
Comments(0) 16 Jun 2014
Monday Morning Headlines: House to release 5-year TRIA reauthorization bill; NAMAIC cautioned FIO against imposing affordability-related regs on auto insurers; U.S. P&C industry underwriting profit; Two major insurers announced changes at the top; and more. Watch more
Comments(0) 15 Jun 2014
The reinsurance market has experienced quite a lot of change in recent years. Here Jon Guy, editorial director of reinsurance magazine discusses the big stories in reinsurance for the past year Watch more
13 Jan 2014
Lloyd's settles with Michael Jackson's estate; EIOPA’s new stress test; Record Losses in Canada; Allianz Risk Barometer; UN’s IPCC says Climate Warming is “Unequivocal." Watch more
20 Jan 2014
The World Economic Forum reconvenes in Davos, Switzerland this week. Prior to the meeting, the World Economic Forum released its Global Risk Report, with results from this year’s Risk Perception Survey. Watch more
21 Jan 2014
A.M. Best Senior Financial Analyst Andrew Colannino discusses the U.S. commercial P&C sector... and the outlook is "negative" Watch more
PwC’s Annual Global CEO Survey, Accenture’s Global Research- customers would purchase insurance from organizations other than carriers; Barclays under scrutiny; RSA; and Tower Group Chairman resigns. Watch more
10 Feb 2014
EY Global Insurance Regulatory Series with EY Global Advisory Partner Rick Marx, Jon Guy from Reinsurance magazine, Joint Industry Forum with David Sampson in two part interview, A.M.Best Outook for U.S. P&C and Personal Lines sectors Watch more
19 Jan 2014
Escalating claims fuelled by ongoing economic problems and slow job recovery is driving today’s EPLI Market. As a result, companies are experiencing increased rates and high deductibles not seen in other lines. Watch more
06 Feb 2014
Here Vice President Rich Attanasio reviews the U.S. personal lines sector in 2014 and A.M. Best’s “stable” outlook Watch more
17 Jan 2014
The major reinsurance brokers reported double-digit declines in pricing at 1-1 renewals. Here Vice President Robert DeRose reviews the global reinsurance sector. Watch more
Improving economic indicators have helped Life and Annuity companies. Watch more
22 Jan 2014
WRIN.tv Global Roundup; WEF Global Risk Report; EY Global Regulatory Series with Hank Watkins president of Lloyd's North America, & RAA president Frank Nutter; 2-part interview with Robert Rusbuldt, A.M.Best Outook - Global Reinsurance, U.S. Life and Annuity and Health sectors. Watch more
26 Jan 2014
WRIN.tv’s New Product Spotlight features Berkshire Hathaway new D&O policy, Cigna ProtecN'GO', AXA commissin flex Landlord policy, Hyundai Marine & Fire Four Evils Insurance, and MMD Insurance Services Cannabis Coverage products. Watch more
17 Feb 2014
As the Affordable Care Act is implemented across the U.S., a clearer picture is emerging regarding its impact on Health insurers. Watch more
23 Jan 2014
Highlights from panel discussions at Joint Industry Forum, Secretary General of The Geneva Association, ICMIF Chief Executive, NAMIC President/CEO, EY Global Insurance Regulatory Series on technology & Profitability, and PLUS D&O Symposium. Watch more
02 Feb 2014
The Oasis Loss Modeling Framework launched its independent catastrophe model, which promises to deliver more transparency, flexibility and cost reduction. Watch more
03 Feb 2014
CEO of Dublin International Insurance Management Association comments on “25 at 25” initiative commemorating DIMA’s 25th Anniversary and “seismic shifts” theme at European Insurance Forum (15-16 May). Watch more
02 Apr 2014
Economic conditions can help lift results among insurance companies, or make for difficult headwinds. As we head into 2014, several questions about the U.S. economy remain unanswered, Watch more
13 Feb 2014
In the second part of our discussion with Sandy Elsass, Chairman of the National Risk Retention Association (NRRA), Mr. Elsass discusses the rollout of the Affordable Care Act and how it is affecting RRGs; and about the debate at the NAIC and outlook for 2014. Watch more
05 Feb 2014
WRIN.tv speaks with Sandy Elsass, Chairman of the National Risk Retention Association about the top issues that affected RRGs in 2013. Watch more
04 Feb 2014
Highlights from PLUS D&O Symposium, Rick Betterley Reports on EPLI, Two-part interview with NRRA Chairman, PCI Sr. Director on legislative and regulatory challenges, Willis NA, Lloyd's on Oasis Loss Modeling Framework Watch more
09 Feb 2014
Global Roundup featuring PwC CEO Survey, Accenture Research on the changing insurance customer buying habits, Barclays, RSA and the Tower Group; A.M. Best "optimistic" about U.S. economy; and a 2-part discussion on the proposed changes to FASB. Watch more
16 Feb 2014
Booz Allen Hamilton- White Paper on Enterprise Security Strategies; Deloitte’s Cyber Risk Services practice on the growing gap between security investment and effectiveness; IRC on the Affordable Care Act; Aon Risk Solutions; and BMI identifies attractive growth markets for insurance. Watch more
24 Feb 2014
Marsh’s U.S. Insurance Market Report is discussed in Part 2 ofthis two-part interview with David Batchelor, President of Marsh’s International division. Watch more
26 Feb 2014
In the U.S., some 175,000 children will be diagnosed with cancer in 2014. In fact, more children die each year of cancer than any other childhood disease. Even with these staggering figures, childhood cancers receive just 4% of the U.S. federal funding dedicated to cancer research. Watch more
20 Feb 2014
In this edition of First Monday, A.M. Best AVP Sally Rosen discusses trends in impairments over the past several years, the impact of tightened financial standards and capital requirements, increased competition, and open enrollment in healthcare exchanges. Watch more
18 Feb 2014
Oasis Loss Modelling Framework unveiled a significant development in the modelling of natural catastrophes it promises to promote the creation of internal models, support reinsurance negotiation and regulatory compliance, and cost reduction.
In this edition of the EY Global Insurance Regulatory Series, host Bob Stein is joined by EY partner Jennifer Weiner and SCOR’s Jerry de St. Paer for a discussion on the proposed FASB standards and the implications for insurance contracts.
WRIN.tv’s Global Roundup features UK’s “pension revolution”, a bigger ACA bailout for US health insurers, CPPIB’s acquisition of Wilton Re, Marsh on Energy cyber-risk, and Ethisphere’s most ethical companies.
Marsh’s Global Insurance Market - Quarterly Briefing indicates that insurance pricing is generally down in all regions except the U.S. In Part 1 of this two-part interview, David Batchelor, President of Marsh’s International division, explains trends in property, casualty and financial lines.
2014 PLUS President Chris Duca, who is also a specialty lines executive with R-T Specialty Group, discusses the major topics at the 2014 PLUS D&O Symposium, which drew over 1,100 registrants from 13 countries to New York
WRIN.tv spoke with Tom Johansmeyer from Property Claim Services (PCS) about the state of the CAT bond market during the recent SIFMA Insurance and Risk Linked Securities Conference in New York. According to Mr Johansmeyer, the 2013 issuance year was "interesting" on several levels.
Featuring growing European flood risk, Validus Re vs. IRS on excise tax, Warren Buffet’s Letter to Shareholders; ELTO inquiries and Singapore’s Risk Management Framework.
New Product Spotlight featuring Berkshire Hathaway, CIGNA, AXA, Hyundai Marine & Fire, & MMD Ins. Services; A.M. Best on U.S. Health Insurers and HMOs; Ty Sagalow on the Oasis Loss Modeling Framework; and NAMIC’s CEO Chuck Chamness on his involvement with St. Baldricks.
A.M. Best VP Robert DeRose discusses how the current economic environment and low interest rates have attracted capital to the reinsurance market. With capacity plentiful and reinsurance prices down, A.M. Best maintains a “stable” outlook for 2014.
In this edition of First Monday, host John Weber welcomes Jeff Yeung, an Associate Director at A.M. Best in Hong Kong, to discuss how strong economic fundamentals and changes in regulation in Malaysia will affect the non-life insurance sector going forward.
Global Roundup: Booz Allen Hamilton looks at the roles of the CRO and Chief Info. Security Officer, Deloitte on cyber risk programs, IRC warns P&C industry; Aon, BMI; Marsh’s David Batchelor on outlook for US insurance rates; and A.M. Best First Monday on Malaysia.
In the wake of recent hi-profile cyber crimes, Ty Sagalow, president of Innovation Insurance Group, provides insight on the magnitude of the risk, and how retailers and the insurance industry might best manage the growing exposure.
In highlights from A.M. Best’s First Monday series, host John Weber welcomes Andrew Colannino and Rich Attanasio, vice presidents at A.M. Best, to discuss the recent shifts in the property-casualty market.
The Securities Industry and Financial Markets Association (SIFMA) held its annual Insurance and Risk Linked Securities (IRLS) Conference in NY this week. WRIN.tv caught up with our newest contributor, Steve Evans, owner and editor of Artemis,
At the recent SIFMA conference in New York, WRIN.tv spoke with Rob Newbold, SVP of Business Development and Client Services for AIR in the Americas, about recent trends in modeling for the ILS space and the impact it is having on the market.