The takaful model carries considerable franchise risk, as takaful insurers are exposed to franchise reputation and going-concern risk in the event of non-compliance with Shariah law, says Moody's Investors Service in a report entitled "Characteristics of takaful insurers".
Internet of things (IoT) devices are posing an increasingly high risk of cyber attack to industrial and manufacturing businesses according to a new report released by Lloyd's in partnership with cyber analytics firm CyberCube and reinsurance broker Guy Carpenter.
Lloyd's has announced the results of its 2020 annual culture survey, which is designed to track the market's collective progress towards a more inclusive environment and identify areas that need specific attention and action to drive culture change.
Willis Towers Watson and Liberty Specialty Markets have together launched Reputational Crisis Insurance - a new solution that enables organisations to transfer the financial risk associated with certain types of reputational crises in addition to providing access to a range of non-insurance capabilities.
Most IT executives are quite satisfied with the way their organisation manages cybersecurity risk, but nonetheless expect renewed investment this year (2021) according to a new survey report from access management company OneLogin.
Fitch Ratings considers climate change and its impact on natural catastrophe losses to be one of the most important environmental, social, governance (ESG) risks for non-life and composite insurers, and reinsurers. Nevertheless, climate change has a minimal impact on most insurance ratings within Fitch's portfolio.
What is the potential of the global takaful sector? What is the annual gross written contribution of the takaful market in 2020, and what is the projection in the next three years?
With the COVID-19 outbreak, life insurers across the globe have witnessed an acceleration of a digitally enabled model of distribution. V. Viswanand, Deputy Managing Director, Max Life Insurance, shares in this article how life insurers can transform into a new-age digital hybrid sales distribution model post COVID-19.
Swiss Re has reported a Group net loss of $878m for 2020. Excluding $3.9bn of COVID-19-related claims and reserves (pre-tax) for the year, Swiss Re's net income was $2.2bn, a material increase from $727m in 2019, the global reinsurance giant says in a statement.
Acquisitions and divestitures were key factors in changes to AM Best's annual rankings of the world's top 25 insurers, as divestitures led to the biggest ranking change by non-banking assets and acquisitions played a role in the ranking by net premiums written.