Insurance news

• New York softens proposed cyber security rules

  28-12-2016 23:32
  New York regulators have today released a toned-down version of
  a nation-leading set of rules aimed at protecting the private
  information of insurance customers that incorporate many of the
  changes sought by the P&C industry.
  While the regulations would still take effect on 1 March the new
  version includes transitional periods to ease the adjustments
  required of organisations covered by the rules, which include
  insurers as well as banks and other financial services
  companies.
  "It is clear th
  
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• Fairfax launches Africa-focused investment fund

  28-12-2016 23:32
  Fairfax Financial, the insurance investment holding company that
  last week agreed to buy Allied World for $4.85bn, plans to set up
  an investment fund focused on Africa.
  The company has registered for an initial public offering of
  subordinate shares in Fairfax Africa Holdings on the Toronto Stock
  Exchange, saying it has initial capital commitments of $416mn.
  Bloomberg reported the plan is to raise $1bn for the
  fund, which Toronto-based Fairfax likened to its India-focused
  unit, Fairfax India Hold
  
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• Storms in Germany lead to $2.08bn in 2016 damage: GDV

  28-12-2016 21:02
  Heavy weather in Germany led to EUR2bn ($2.08bn) in insured
  property losses this year, according to the German Insurance
  Association, saying the figure excludes auto claims.
  Almost half of the damage, EUR800mn, was attributed to two spring
  storms, Elvira and Friederike, the association said today in a
  statement.
  Still, the total for 2016 was about 20 percent lower than the
  EUR2.4bn average for catastrophe damage in recent years, according
  to the group, also known as GDV. It cited flooding as...
  
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• China Cinda sells 41% of P&C unit to Shenzhen Investment

  28-12-2016 18:27
  China Cinda Asset Management Co has agreed to sell a 41 percent
  interest in Cinda Property & Casualty Insurance Co to Shenzhen
  Investment Holdings Co for 4.22bn renminbi (about $607mn), the
  state-backed seller said today.The transaction resulted from a 22 December public auction of the
  stake through the Beijing Financial Assets Exchange, China Cinda
  said in a statement.Shenzhen Investment placed the highest bid for the shares, which
  had a listing price of 2.45bn renminbi, according to Beijin
  
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• Hannover Re and Scor get India approval for January

  28-12-2016 14:38
  Hannover Re and Scor have both received final approval to set up
  branch offices in India, the companies said in separate
  announcements.
  Local media reports suggested that Munich Re, Swiss Re and life
  reinsurer Reinsurance Group of America had also secured final
  'R3' approval, as the Indian reinsurance market prepares
  for liberalisation.
  The Indian Express reported that Lloyd's has
  'R2' approval, the penultimate stage in the application
  process, with Gen Re one notch down at 'R1'. It also
  reveale
  
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• Blog: Cyber risk in aviation

  28-12-2016 08:00
  
  The cyber threat to planes is bound to raise public fears, but the aviation industry operates in a way that minimises risks.
  
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