The after-effects of the failed coup will add further uncertainties to Turkey's already fragile political environment, which has been steadily deteriorating in recent years. Michael Heise, Allianz chief economist, shares his opinion.

AXA, Alibaba and Ant Financial Services have agreed to engage in a global strategic partnership to jointly explore opportunities to distribute AXA's insurance products and services through Alibaba's global ecommerce ecosystem, benefitting the businesses and consumers that transact via Alibaba's marketplaces. The companies will seek to work together to co-innovate and to develop value-added products and services to customers around the world as well as to mutually support each other in developing and exploring new markets and segments.

Following our trading update of July 11-th, 2016 Standard & Poor's has announced that it revised the financial strength rating of the Achmea insurance entities from A+ / negative outlook to A / stable outlook. Achmea took notice of the rating action and respects the independent opinion of the rating agency.

Chubb Limited (NYSE: CB) today announced that Michael Kessler has been appointed Vice President, Chubb Group and Chief Reinsurance Officer.  Currently, Mr. Kessler is Chief Actuary of Chubb Overseas General, the company's international general insurance business.  Mr. Kessler succeeds William O'Farrell, who has served as the company's Chief Reinsurance Officer since 2005 and is leaving Chubb to pursue other business opportunities.

VIG's International Processes and Methods Department has secured quality management certification in accordance with the EN ISO 9001:2015 standard from TUV Austria. The department is headed by Christian Walter, and VIG is now the only insurance company in Austria to have received this quality seal for a department of this kind.

Chubb Limited (NYSE: CB) today reported net income for the quarter ended June 30, 2016, of USD 726 million, or USD 1.54 per share, compared with USD 942 million, or USD 2.86 per share, for the same quarter last year.

Ivana JURCIKOVA has been appointed to the Managing Board of VIG Re starting 1 September 2016. Ms. JURCIKOVA will hold the position of the Chief Financial Officer of VIG Re. The appointment is subject to the approval of the Czech National Bank.

Following the expansion in the CEE Region, FAIRFAX Financial Holdings Limited announced that it has entered into an agreement with ZURICH Insurance Company Ltd to acquire 100% of ZURICH Insurance Company South Africa Limited ("ZICSA"). The transaction is subject to customary closing conditions, including various regulatory approvals, and is expected to close by the end of the fourth quarter of 2016.

Insurer Aviva Canada Inc. has completed the acquisition of Royal Bank of Canada's RBC General Insurance Company. The previously-announced transaction includes a 15-year strategic agreement with RBC Insurance through which AVIVA Canada will provide policy administration and claims services, and RBC Insurance customers will access AVIVA Canada's full suite of property and casualty (P&C) products. RBC Insurance will continue to market and sell these products under the RBC Insurance brand.

QATAR Re today announced the appointments of Andrew SMITH as the Group's Chief Risk Officer, Adam YOUNG as Head of Compliance and Steve TIDD as Chief Operating Officer. These appointments further strengthen QATAR Re's risk and corporate governance and oversight while also enhancing its internal systems, processes and operating efficiency.

Firms need to begin assessing which areas of their business could be affected by the UK vote to leave the EU and begin having discussions with their insurers and risk advisers. Most urgently, this applies to people issues and decisions about project timings, says the recent "Insurance Implications Following the UK Vote to Leave the EU" report by MARSH.

In 2015, average per capita spending on insurance in advanced markets was USD 3,440, down almost 6% from the previous year due primarily to exchange rate movements, says Swiss Re's latest sigma report. Per capita spending on life insurance was USD 1,954 and in non-life it was USD 1,486. Penetration remained at the same level since it is unaffected by exchange rate movements.

VIENNA Insurance Group (VIG) has signed on July 6th the purchase agreement for acquisition of the non-life company AXA Nezivotna Osiguranje a.d.o. Beograd and life company AXA Zivotno Osiguranje a.d.o. Beograd (AXA Serbia). The purchase will increase VIG's market share in Serbia to around 11.5%. The acquisition is subject to approval by the local authorities.

Poland' top insurer PZU expects to increase its share in the property market segment via development of its mutual insurance unit TUW PZUW, CEO Michal Krupinski told reporters on Wednesday, quoted by The Warsaw Voice.

S&P Global Ratings said on July 4th it has affirmed its 'A-' long-term insurer financial strength and counterparty credit ratings on Slovenia-based insurer Pozavarovalnica SAVA d.d. (SAVA Re). The outlook remains stable.

Strengthening domestic demand, ongoing fiscal consolidation, and lower financial system risk has lowered country risk for Slovenian insurers, in S&P's opinion. As a result, the rating agency has positively reassessed Slovenia-based multiline insurer TRIGLAV Group's business risk profile to strong from satisfactory.

ALLIANZ Group announced a binding agreement to acquire a subsidiary of ZURICH Insurance Company in Morocco (ZURICH Assurances Maroc). The purchase price is EUR 244 million. Pending regulatory approvals, the transaction is expected to close end of 2016.

German insurer ALLIANZ SE, the leading global financial services company, announced that it has completed the 51% stake acquisition of PNB Life Insurance Inc., the life insurance subsidiary of Philippine National Bank (PNB).

Marsh & McLennan Companies, Inc. announced that Maria Silvia BASTOS MARQUES has stepped down as a member of its Board of Directors, effective immediately. A board member since early 2015, Ms. MARQUES also served on the Corporate Responsibility and Directors and Governance committees.

NN Group announced that Jan-Hendrik ERASMUS will be appointed Chief Risk Officer (CRO). He joins NN Group as Member of the Management Board as of 1 September 2016. ERASMUS will succeed Doug CALDWELL, who will leave NN Group later this year to pursue his career outside of the company.