Insurance companies are struggling to gain a foothold in Africa, where populations tend to favour community insurance schemes called tontines. These are often informal agreements between trusted friends and family members. EURACTIV France reports.
New, stricter capital rules for Europe's insurers could spur takeovers and consolidation next year among the region's 5,000 insurers, after recent stress tests showed nearly one in seven would fail them, analysts and industry executives said.
European Commissioner Michel Barnier proposed today (3 July) new rules to dismantle shoddy practices amongst investment and insurance brokers in the financial sector, another building block in the EU's implementation of the global financial regulatory reform agreed by the G20.
The European Union is edging closer to a final deal to streamline regulation in the EU insurance sector and make the bloc's multi-trillion market safer and more efficient, said EU officials yesterday (25 March).
The European Parliament plenary has resoundingly backed the calls made by its Committee of Inquiry into Equitable Life for the UK government to compensate victims of the company's near-collapse and for wide-ranging changes to be made in the drafting and implementation of EU financial services legislation.
A special European Parliament inquiry committee urged the UK to compensate victims of the Equitable Life scandal, which incurred major financial losses for more than a million people. MEPs also said that the EU should put the necessary regulation in place to prevent such cases in the future.
The European Parliament is to set up a special committee of enquiry into Equitable Life, the UK-based insurance company whose near-collapse in 2000 led to major financial losses for millions of policy-holders in the UK and other EU countries.
The insurance and investment industry has woken up to the implications of climate change over the past few years, recognising the huge impact it could have on the world financial market. This article looks at the pressing issues, the reaction of the EU and what is being done.