Ferma vows to fight on as Parliament votes to exclude large risks from mandatory broker pay disclosure
Ferma is concerned by news that the European Parliament has backed European Commission proposals to exclude large risks from mandatory EU-wide broker remuneration disclosure requirements. However, the federation said it will continue to press for changes to these rules.
Alliance Global Corporate and Specialty (AGCS), the corporate risk unit of Allianz Group, reported a healthy increase in profit for 2013, helped by fewer major catastrophes and the insurer's focus on technical underwriting, AGCS Chief Executive Axel Theis told CRE this week.
Forthcoming updates to both ISO 31000 and its accompanying Guide 73 will likely take the form of a simple 'cut and polish' but more drastic amendments, such as writing a new document in the language of multinational companies and governments, are on the table, Kevin Knight, chair of the ISO working group that produced the ISO 31000, told Commercial Risk Europe.
UK insurer RSA Insurance Group Plc has confirmed that it remains committed to the large corporate sector, although measures to stabilise the business are likely to see the group reduce its international footprint, with its presence in Europe and Asia under review.
Hannover-based industrial insurer HDI-Gerling Industrie Versicherung has introduced a new geo-information system that will help the company in risk analysis and loss prevention at any location in the world. HDI-Gerling's clients can also use the system to analyse their supply chain and plants' nat cat exposure.
In its preliminary results Jardine Lloyd Thompson Group this week reported that total revenues were up 11% to £979.2m last year with growth of 7% to £723.9m in its Risk and Insurance division. Profit before tax was up 13% at group level.
Andrew Kendrick, President of ACE European Group, has called on insurers to better service clients by investing in emerging risk solutions, supporting international growth, placing buyers at the heart of business decisions, making better use of data and maintaining underwriting discipline.
Portugal's insurance market posted a 20% increase in premiums during 2013, reverting two years of sharp decline, but non-life insurance lines continued to slide, reflecting the still fragile state of the country's economy.
Ferma will this year publish its first European Risk and Insurance Management Report–incorporating the results of its 2014 Benchmarking Survey–to act as a reference for risk and insurance managers across Europe and the basis for reporting to senior management.
ACE launches improved EMEA business travel product, Mark Parker appointed Head of Mining and Metals in Aon's Global Broking Centre, ACE names Edwin Schleich as Energy Manager for continental Europe, Guy Carp promotes Massimo Reina to CEO of continental Europe and MENA and Marsh completes acquisition of Scotland's Central Insurance Services.
The International Underwriting Association (IUA) has published best practice energy claims guidelines to ensure members' clients receive better service in the event of loss.
Fitch believes that losses from the floods and storms this winter will be 'manageable' for UK non-life insurers and have limited impact on the sector's earnings. Its comments support those made by S&P last week.
Swiss Re Corporate Solutions has reported a near 30% increase in premiums for 2013 as the company continues to target growth in the corporate insurance market.
Despite a competitive environment and a number of major casualty and construction claims in 2013, AXA Corporate Solutions posted slightly higher growth in both profits and revenue for the full year.
Global demand for transactional risk insurance that covers mergers and acquisitions (M&As) has grown by 155% over the last three years, driven by an increased breadth of cover, falling rates and reduced caps on seller warranty limits, according to Marsh.
The stance being taken by reinsurers in the run-up to renewals is usually a good indication of what might be in store for underlying insureds. As such the Baden-Baden reinsurance meeting, held towards the end of October, is usually considered a bellwether for European corporations thinking about how much their own big risk programmes are going to cost.