Banks, insurers and asset managers in the European Union would only be allowed to sell funds and other products across the bloc if they could prove to regulators they offer value for money, draft proposals seen by Reuters showed. The …
Executives will face bonus cuts if the companies they run fail to hit climate transition targets, under a new European Union proposal that greatly expands the range of levers regulators can draw on to meet terms of the Paris Agreement. …
The Kremlin warned on Wednesday that the outlook for extending a deal beyond May 18 that allows the safe wartime export of grain and fertilizer from several Ukrainian Black Sea ports was not great as Russia’s own such exports still …
Australia’s northwest region, home to the world’s largest iron ore export hub, was bracing on Thursday for the area’s most powerful tropical cyclone in a decade, as a major port closed and residents rushed to stock up on essential supplies. …
Germany’s ruling coalition presented a scaled-back plan to decriminalize personal use of cannabis in Europe’s largest economy. The proposal would allow adults to possess as much as 25 grams (0.9 ounce) of marijuana and join nonprofit “social clubs” to purchase …
Assicurazioni Generali SpA is close to selling its Deutschland Pensionskasse AG unit to a German firm controlled by Chinese conglomerate Fosun International Ltd, as the Italian insurer reviews its life operations in a bid to improve profitability. Generali is preparing …
The initial insured losses for the recent floods in the North Island of New Zealand are estimated at NZ$1.65 billion ($1.02 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. Losses incurred so far in …
Lloyd’s reported an interim full-year 2022 loss before tax of £800 million ($947.6 million) as a result of investment losses of approximately £3 billion ($3.6 billion). This compares to a profit of £2.3 billion ($2.7 billion) and investment income of …
Full-year 2022 financial results, reported by a handful of international groups that write reinsurance, show mixed results in a market full of challenges—ranging from inflation to the Ukraine war to growing losses from natural catastrophes. A wrap-up of these 2022 …
The most challenging January reinsurance renewals in nearly two decades saw global property catastrophe rate increases of 25% to 60% with loss-affected clients seeing even higher prices, according to John Doyle, president and chief executive officer of Marsh McLennan Cos. …