London insurance market could be heading for trouble
A group of insurance industry heavyweights are warning of job losses in the London insurance market, if they UK votes to leave the EU.
The International Underwriting Association of London, Lloyds, and Richard Brindle, group chief executive officer of Fidelis have expressed concern that ‘Brexit’ could also affect business.
The group says that insurers who remain in the UK would face regulation from the EU even after Brexit but they (and the UK government) would have no say in how the rules were formed. Cross-border trade deals would also need to be negotiated.
Brindle says: “London has centuries of insurance history, and remains the world’s leading insurance market, largely because it is outward-facing. It attracts foreign investment because companies in Britain can access the EU and the global market through a single operation. Brexit would jeopardize our leading position, and bring no advantage from any perspective, whether regulatory, economically or for our reputation. It’s highly likely that if we were starting a business post a Brexit vote, we would be headquartered elsewhere in the EU.”
Asian insurer sells for $1.4 billion
Hong Kong’s Dah Sing Financial Holdings is to sell its life insurance business for $1.4 billion. Subject to regulatory and shareholder approval, the unit will be sold to Fujian Thai Hot Investment Company with the deal expected to close in the fourth quarter.
The Hong Kong market is seeing increased demand from mainland China for insurance coverage and the acquisition by Thai Hot was fiercely contested by others keen to get a foothold in the growing insurance market.
Chubb expands cyberbullying coverage to Canadian homeowners
Chubb has expanded its cyberbullying coverage to its Canadian Masterpiece Family Protection policy.
"Technology is an integral part of our daily lives. It connects us and facilitates communication," said Paul Johnstone, Senior Vice President, Chubb Personal Risk Services Canada. "But technology can also be a gateway to risk. Cyberbullying, including online threats and harassment, can create reputational damage and cause financial loss and emotional harm.
The coverage will provide up to C$60,000 in compensation to clients and family members for expenses related to harassment and intimidation committed via personal computers, telephones or mobile devices.
