China releases draft rules on insurers’ sales of perpetual bonds

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China’s top financial regulators have issued draft rules governing the issuance of perpetual bonds by insurers in the world’s second largest insurance market.

The rules, issued by the People’s Bank of China and the China Banking and Insurance Regulatory Commission, seek to protect investors and improve the capital replenishment and resilience to risk of insurance firms operating in China, Reuters reported. The rules also state that insurance holding firms are prohibited from issuing such perpetual bonds.

Since 2015, Chinese insurers have been allowed to sell bonds as a way to raise capital and strengthen their reserves. With solvency

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COP26 underscores insurance industry’s role in tackling climate change

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During the conference, 190 countries agreed to the Glasgow Climate Pact at COP26 to “phase down” coal, deemed the biggest industrial source of greenhouse gas emissions, and develop stronger climate plans in 2022.

The conference also finalised the most contentious elements of the Paris Agreement rulebook, including what the international rules should be for trading emissions reductions, known as Article 6.

COP26 allowed insurers to showcase their expertise in weather and climate modelling and risk management to help those most at risk from climate change build resilience.

According to S&P Global, insurers own nearly 10% of the world’s invested assets,

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Swiss Re, Baidu to work together on autonomous vehicles

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Swiss Re and Chinese technology heavyweight Baidu have formed a partnership that will see the former provide its insurance and risk management expertise to the latter’s autonomous driving business.

The partnership will advance risk management research and insurance protection for autonomous vehicles. This, the companies said, is an important step forward in building a comprehensive network of mobility services.

The first product of this partnership is coverage for Baidu’s Apollo Valet Parking technology, which automates the parking process. The two firms will continue to work together and conduct risk management research and insurance innovation for autonomous driving computing

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Dame Inga Beale to become part of board at Willis Towers Watson

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Aside from Lloyd’s, Beale’s credentials also include roles at Canopius, Zurich, Converium, GE Insurance Solutions, and Prudential. A retired senior executive, Hammond’s experience spans years spent at Lockton, Jardine Lloyd Thompson, and Marsh.

Swanback, an Accenture alum, is currently product and platform president at Western Union. As for Chima, she’s a seasoned chief information officer presently connected to Boeing Employees’ Credit Union.

“We welcome the appointment of Ms Beale, Ms Chima, Mr Hammond, and Ms Swanback to the board,” said Mark Wills, portfolio manager at Elliott Investment Management L.P., which is one of WTW’s biggest investors. “We believe these four

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