Thursday, 27 November 2014

 


Marsh agrees principles with major carrier to improve contract efficacy

Marsh has agreed a set of principles with a major carrier to help ensure that UK insurance contracts work more favourably for buyers.

Airmic says Pool Re changes good for buyers

Airmic has welcomed changes to terrorism reinsurer Pool Re that it believes will benefit risk managers despite the reported hike insurers will have to pay the UK government to remain as the facility's ultimate backstop.

UK government plans to ban insurance kidnap and ransom payments

The UK government has moved to ban the reimbursement of terrorist-related kidnap and ransom payments by insurers. The insurance industry has however downplayed the impact of the change on the kidnap and ransom insurance market.

Marsh launches UK terrorism facility

Bowring Marsh, the dedicated specialist international placement broker for Marsh, has launched a UK terrorism insurance facility to offer insurance buyers an alternative to Pool Re. Marsh says the new facility can also complement the offering of Pool Re and be tailored to individual company needs.

Survey suggest firms underestimating impact of new FRC risk guidance and code

A survey commissioned by the Institute and Faculty of Actuaries (IFoA) finds that companies are yet to fully get to grips with the Financial Reporting Council's (FRC) revised Corporate Governance Code and new guidance on risk management and internal control. The majority of firms believe the two documents will have little or no impact on their risk management approach.

Healthy rate reductions for the majority of risks says Marsh UK

UK risk managers can typically expect to see rate reductions of up to 10% at forthcoming renewals as insurers post healthy results and competition remains fierce, according to Tim Pritchard, Head of Corporate Placement at Marsh UK & Ireland.

BSI publishes new resilience standard

The British Standards Institution (BSI) has published a new standard to help organisations build resilience.

Corporate round-up

China Re gets approval for standalone Lloyd's syndicate, New sales executive for AXA Corporate Solutions Germany, Aon appoints Lindqvist as head of power in Nordic region, Cooper Gay creates Latin America energy practice and Argo International appoints Georgia Tsiakki as head of risk management.

Concessions welcomed by buyers as Pool Re votes in favour of new arrangements

Members of the UK terrorism reinsurer Pool Re have today voted in favour of a new retrocession arrangement following last minute concessions by its government over potential changes to the pool’s structure.

Solvency II to bolster not hinder captives says Nordic expert

The spotlight placed on captives under Solvency II will likely lead to the vehicles becoming more important risk management tools that garner increased attention from boards and top management on risk, according to a leading expert speaking at Commercial Risk Europe's latest Risk Frontiers seminar.

Regulatory risk threatens European power supply

The delivery of secure and affordable power across Europe is under threat because regulatory uncertainty is reducing investment in infrastructure, according to new research by Marsh.

New guidance from FRC is a shot in the arm for risk management

Experts have welcomed new guidance from the Financial Reporting Council (FRC) on risk management, internal control and related financial and business reporting that forms part of the updated UK Corporate Governance Code (the code) as a major boost for risk management.

Big growth in transactional risk market: Marsh

The use of transactional risk insurance to mitigate risk in mergers and acquisitions is on the rise, according to new figures from Marsh.

EC moves to stop spread of avian influenza

The European Commission this week adopted emergency measures to help contain an outbreak of avian influenza in Holland, the UK and Germany.

Open networks create huge cyber vulnerabilities for power sector warns Marsh

Open networks in the digital age have created huge cyber vulnerabilities for the power industry, Marsh warned this week as it released a survey showing that nearly three quarters (72%) of European power industry professionals are concerned about cyber risk.

Managing risk in the extended enterprise

Following the publication of the Institute of Risk Management’s (IRM) Extended Enterprise: Managing Risk In Complex 21st Century Organisations report, Commercial Risk Europe spoke to Richard Anderson, the institute’s chairman and principal consultant at AndersonRisk, for his take on its key findings and recommendations.