China is considering easing the 50% ownership cap on overseas life insurers buying domestic companies in the biggest shakeup of the industry in almost two decades.

French insurer Axa said revenues crossed the €100bn (£84bn, $105bn) mark for the first time in the company’s history as chief executive Thomas Buberl distanced himself from a bid for Generali’s German life insurance business.

Insurance companies looking for shelter from the stormy winds of macroeconomic uncertainty swirling around the Eurozone are starting to fear that their carefully constructed and risk-matched portfolios are uncomfortably vulnerable.

This week, Willis Re reported that insured losses from natural catastrophes reached $39.5bn last year -the highest since 2012.

Insurers and asset managers struggling to see how Brexit will impact them found the way ahead becoming just a little clearer over the last week.

This week, Insurance Europe highlighted Solvency II issues which need to be addressed, and Clyde & Co commented on the UK Government's Brexit White Paper, which provided some comfort to the insurance industry.