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Insurance giant Allianz warns of rising insolvencies in 2025

Law360, London: Company bosses and their insurers could face increased claims next year from a predicted rise in corporate insolvencies and class actions, Allianz warned on 5 December 2024.

IAIS adopts global insurance capital standard

The International Association of Insurance Supervisors (IAIS) has adopted the Insurance Capital Standard (ICS), a detailed global capital framework for internationally active insurance groups (IAIGs). It will serve as a group-wide prescribed capital requirement, which is a solvency control level below which supervisors will intervene on group capital adequacy grounds. The IAIS has also finalised a targeted update of its Insurance Core Principles (ICPs) and certain related standards in its Common Framework for the supervision of internationally active insurance groups (ComFrame).

FSB publishes inaugural list of insurers subject to resolution planning standards

The Financial Stability Board (FSB) has published its first list of insurers reported by FSB member authorities as being subject to resolution planning standards consistent with the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions. The FSB say that in the coming year, it will work on promoting consistency in the scope of application of resolution planning standards for insurers.

Insurance & Reinsurance weekly highlights—5 December 2024

This week's edition of Insurance & Reinsurance weekly highlights includes: EIOPA consults on proposed natural catastrophes awareness tool; Government revises UK personal injury compensation rate; Severity of cyber risk 'widely underestimated' in UK; MHCLG consults on permitted insurance fees for landlords and freeholders; PRA modification by consent for Solvency II firms with US-parented groups; EIOPA publishes second round of consultations on Solvency II review implementation; IAIS and FSI release joint note examining parametric insurance for natural catastrophe risks; IAIS releases 2024 Global Insurance Market Report; cases and decisions; key dates for your diary; and other news highlights reported over the past week.

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