Thursday, 24 April 2014

 


Zurich identifies seven cyber risks that threaten systemic shock

Those charged with cyber risk management must bolster their organisation's defences to avoid a potential global systemic shock on a par with the 2008 financial crisis, Zurich warned in a report this week.

Ferma launches 2014 benchmark survey

Ferma has this week launched its 2014 Risk and Insurance Management Benchmarking Survey in partnership with its national association members in 20 European countries.

Studies add further weight to US terror backstop renewal

Recent weeks have seen a cluster of reports giving further ammunition to the campaign to renew the Terrorism Risk Insurance Act (TRIA), the legislation that provides state-backed terrorism cover in the US.

UK government told to streamline asbestos claims

The UK government needs to review the processes and costs involved in the handling of mesothelioma claims that fall outside the recently introduced insurer-funded scheme for those who cannot trace their former employers' insurers, according to a leading lawyer.

Piracy falls to lowest levels since 2007

Piracy on the world's seas is at its lowest first-quarter level since 2007 but the threat remains, the International Chamber of Commerce's International Maritime Bureau (IMB) said today.

Zurich plans expansion in China and refocuses in Malaysia

Switzerland-based Zurich Insurance said this week that it is to take a more aggressive stance in China, opening a new office in Shanghai and actively looking for acquisitions in the country.

Corporate round-up

Tokio Marine Europe appoints new chief underwriting officer and AIR Worldwide appoints Guin as executive vice president.

Most UK law firms secured PII cover despite tough market conditions

Despite difficult market conditions and the closing of the Assigned Risk Pool (ARP) the vast majority of English and Welsh solicitors were able to renew their Professional Indemnity Insurance (PII) at last October's renewals, according to a survey by the Law Society.

Risk disclosure demands rise as European Parliament adopts new directive

The European risk management community was given a potentially significant boost this week as the European Parliament adopted the directive on disclosure of non-financial and diversity information.

TRIA takes encouraging first steps towards renewal

The future of US government-backed terrorism insurance looks more positive after legislation extending the Terrorism Risk Insurance Act (TRIA) was introduced into the Senate last week. However, insurers have expressed concerns over plans to increase their exposures under the legislation.

Aspen rejects Endurance bid based on 'red herring objections': Charman

Endurance Chairman and Chief Executive John Charman stated this week that Aspen's 'summary rejection' of the $3.2bn bid made for the company by fellow Bermuda insurer Endurance Specialty is based on a 'series of unsubstantiated red herring objections'.

Heightened political risk hits the Brics

Political risk has increased in leading emerging markets, most notably in the so-called Brics countries that have prospered in the post-crisis global economy and represent a large share of worldwide output, according to Aon.

AMRAE delivers its latest evaluation of risk management software

AMRAE has launched the 2014 edition of its annual risk management software survey that takes a broad look at the products and services on offer to its members and the wider risk management community.

Aviation market to soften despite underwriting loss: Aon

Despite higher claims than premium in the aviation market last year the price of cover is set to continue to fall, Aon said this week.

Malta open for reinsurance special purpose vehicles business

Becoming the first European member state to establish reinsurance special purpose vehicle (SPV) regulation and attract related investment is a key target for Malta, delegates at a recent seminar at Bloomberg's London offices were told.

A job well done–Robert Benmosche, AIG

Following the financial crisis of 2008, AIG received a $182bn loan from the US government and taxpayers to save its business, which had been severely damaged by a foray into the credit default swap business and the global economic meltdown. Four years later, in December 2012, AIG announced that it had repaid its entire debt, plus a positive return of more than $22bn, to the US government.This restructuring and repayment was led by AIG president and chief executive officer, Robert Benmosche.