The UK insurance industry and buyer representatives have agreed on amendments to the Enterprise Bill that will see insureds across the world entitled to damages for late payment of insurance claims in the UK.
Ferma and insurance industry bodies have welcomed the European Commission's decision yesterday to find Bermuda and the Bermuda Monetary Authority (BMA) fully equivalent with Solvency II.
Peter Hancock, President and CEO of AIG, and his fellow board members are standing firm against rising pressure from activist shareholder Carl Icahn to break up the group into three separate operations. They again stated this week that the plan simply does not make 'financial sense'.
Commercial insurance rates fell across the world and nearly all lines of business in the third quarter of 2015 registering a global composite decline of 4.8% for major coverages, according to Marsh figures.
Enterprise Risk Management (ERM) is maturing within European companies but has a long way to go to become fully established and prove its real value, according to a leading Danish risk manager speaking at Commercial Risk Europe's latest Risk Frontiers event.
Captive owners in Sweden will receive more information early next year on how they will be treated under Solvency II but should not expect detailed guidance from the regulators on how such decisions will be made, risk managers were told at a CRE event this week.
The European Parliament has voted heavily in favour of a plan to issue mandatory country-by-country reporting requirements of profits and taxes for multinationals, introduce a pan-European common consolidated corporate tax base (CCTB) and provide better protection for corporate whistleblower.
Stricter EU environmental laws have seen an increase in the amount of environmental liability insurance purchased by European companies, according to a study from Marsh.
Employee risks are set to become a bigger issue for companies and their risk managers in years to come as the workforce ages, the income protection gap grows and governments scale back welfare provisions, according to Zurich.
Ferma and Parima–the Pan-Asia Risk & Insurance Management Association–have signed a memorandum of understanding (MoU) that will see risk managers in Europe and Asia benefit from a mutual recognition of their associations' respective rimap certifications in both Europe and Asia.
Despite the temptation to constantly change insurers offering ever lower prices in the ongoing soft market, buyers should prioritise the benefits of long-term relationships with risk transfer partners and the added value they can deliver, according to leading risk managers, brokers, insurers and industry experts gathered for CRE's latest Risk Frontiers event.
The Tianjin explosion and huge uncertainty about the level and nature of resultant losses has forced risk managers, brokers and insurers to take a step back and think again about their activities in, and exposure to, the massive Chinese market.
New UK sentencing guidelines are likely to result in larger fines for companies and directors, as well as longer prison sentences, according to law firms.
The Asian commercial insurance market is failing to factor in well-managed risks when pricing cover, which is encouraging the commoditisation of insurance and buyers to simply focus on price rather than risk mitigation, warns Franck Baron, President of the Pan-Asia Risk & Insurance Management Association (Parima).
It is possible to transfer reputational risk to the insurance market but the task is far from easy and there is not much capacity available for buyers, concluded Spanish risk managers, insurers and other transfer professionals at an event in Madrid held by IGREA, the Spanish risk management association.
Risk transfer partners have called on buyers of trade credit insurance to help lobby regulators for more adequate treatment of trade credit insurance and address inequalities with Export Credit Agencies (ECAs).
UK risk and insurance managers face some big challenges and opportunities as boards finally wake up to risk, according to Airmic CEO John Hurrell.