Singapore's sovereign wealth fund GIC and the international private equity firm Cinven have completed the acquisition of global specialist insurance and (re)insurance broker, Miller, from Willis Towers Watson, according to a statement issued yesterday.
The German-headquartered reinsurance group Munich Re closed the year 2020 with a profit of EUR1.2bn ($1.46bn) despite the year being marked by high losses due to the COVID-19 pandemic.
French global insurer AXA announced yesterday that its underlying earnings decreased by 34% to EUR4.3bn ($5.2bn), notably hit by COVID-19 related claims and by higher natural catastrophes.
More than half (52%) of financial institutions say they expect to have more gig-based employees in the next three to five years, according to PwC's report, 'Productivity 2021 and beyond: Upskilling the workforce of the future to create a competitive advantage in financial services'.
As society becomes increasingly digital savvy, more and more people are turning to online reviews on rating sites, social media and online forums. This has led to a swell of reputational risk for businesses and organisations as many of these ratings and sites can be easily manipulated.
A new global programme will make compensation available to eligible individuals in 92 low- and middle-income countries without the need to resort to law courts. The programme being implemented by a collaboration of World Health Organization (WHO) and Chubb is the first global vaccine injury compensation mechanism.
Paris headquartered SCOR says that COVID-19 is helping to create the conditions for stronger reinsurance growth along with a positive pricing dynamic, even though the pandemic cost the global reinsurance company EUR640m ($777m) in 2020.
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.