Buffett to score victory for reinsurers predicts Swiss Re chair
The proposals of regulators to designate reinsurers as “systematically important” and hit them with tougher regulations and capital reserve requirements will not happen. That’s according to the chairman of Swiss Re, Walter Kielholz, who told the Financial Times: “I think nothing will come out of it this year and then it will fade away.” Kielholz highlighted the impact of Warren Buffett’s connections to the US financial and political decision makers for keeping the regulators’ wolves from the reinsurance industry’s door. Although there has been a denial from Buffett’s people that the
Berkshire Hathaway boss has lobbied politicians on the matter he has spoken out against tougher regulations saying that if reinsurers are deemed ‘too big to fail’ then so should firms such as Apple and Walmart.
New type of insurance could be offered to Uber drivers
Rule changes could come into effect in Canada which would allow a new type of insurance coverage for Uber drivers. The Globe and Mail reports that the Insurance Bureau of Canada is pushing provinces to make the changes in a three page document which calls for minimum insurance requirements and the types of activity that is covered. The provinces are considering their next move on Uber with traditional taxi operators concerned about the disruptor being able to operate with fewer rules. Uber is currently working with regulators and
Intact Financial Corp. to create a bespoke auto insurance product for ride-sharing services.
EPIC, Alliant in strategic alliance
San Francisco-based EPIC Insurance Brokers and Consultants has announced a mutually beneficial transaction of certain books of business to Alliant Insurance Services, including the customers of David Alvarado and a group of employees who came to EPIC in 2009 through the acquisition of VRT Insurance Services. EPIC co-founder John Hahn described the deal as a “win-win” for all parties.
UAE insurance sector set to outperform economy
The insurance industry in the United Arab Emirates is set to be a shining light in the financial services sector this year. The country’s Insurance Authority expects premiums to grow by 15 per cent this year with gains across the insurance spectrum. The market has seen significant competition in recent years and a report from PricewaterhouseCoopers in 2014 highlighted the potential for growth with penetration at just 0.3 per cent for life insurance and 1.1 per cent for non-life.
