Wednesday, 23 July 2014


Ferma's Michel Dennery gives further details on certification plans

Following news last week that Ferma has given the go ahead to its risk manager certification scheme, the federation's vice-president gave further details on the initiative to Commercial Risk Europe.

Rims' Mary Roth named president of Ifrima

The International Federation of Risk and Insurance (Ifrima) has appointed RIMS' executive director Mary Roth as president. She takes over the reins from Ferma board member Carl Leeman.

JLT launches cyber attack simulation tool to grab CEOs attention

JLT has teamed up with Professor Dr Marco Gercke, who works as an adviser to different international organisations, such as NATO, national governments and big corporations, to provide a stress-testing simulator that takes C-suite executives through a custom-made cyber attack.

Plans to reduce pollution threaten French companies

The implementation of mandatory anti-pollution plans in France threatens the survival of companies located near potentially dangerous industrial sites, warns an association of local government officials.

Overcapacity in primary market leading to improved CBI cover says Willis

Overcapacity in the international construction, property & casualty insurance markets in the first half of this year has resulted in general rate reductions of up to 30% for commercial buyers and improved contingent business interruption coverage, according to Willis.

Experience and knowledge of the company crucial for risk managers

Commercial Risk Europe's North American correspondent Regis Coccia recently carried out a survey of leading US risk managers as part of the Global Risk Frontiers project, which appears in the July/August issue of the newspaper. As part of this effort he interviewed Jose Heftye, Senior Director of Global Risk Management at Flextronics Inc, a multinational supply chain solutions company based in San Jose, California.

Multitasking is key for successful risk management

Brigitte Deckers is corporate risk manager of Belgium-based Recticel, the group that produces filling for a range of industrial and domestic applications worldwide. The group has almost 8,000 employees and 100 establishments in 28 countries. Commercial Risk Europe's Tony Dowding interviewed Ms Deckers for this year's European Risk Frontiers Survey and found that she agrees with most who have taken part that risk managers need to be flexible and able to multitask. She also agrees that Ferma's planned European risk management certification is a good thing for the profession.

Corporate round-up

FM Global appoints Lawson as president and Hall as COO, Beazley expands open market property underwriting team, Banco Pactual to purchase Ariel Re and AIR improves US Severe Thunderstorm Model.

Certification for risk managers gets green light as Ferma approves plan

In a milestone for the European risk profession Ferma's general assembly has agreed the framework and funding for the federation's risk manager certification scheme. Ferma aims to start accepting applications from risk managers seeking certification next year.

Ralf Oelssner dies aged 70

Ralf Oelssner, long-standing risk manager of Lufthansa and one of the most prominent figures in the German risk management industry, passed away on 7 July, aged 70.

Criminal liability on the rise in France

French companies are increasingly concerned about the risk of criminal liabilities, a study has revealed.

Cat bond market hits new highs, but corporates stay away

Alternative capital continues to exert pressure on reinsurance markets with record volumes of catastrophe bonds issued in the second quarter and first half of 2014, according to reports from brokers. However, large corporates have not taken advantage of attractive cat bond pricing in large numbers.

Financial and health risks feature on Swiss Re's emerging risks sonar

Deflation and emerging market contagion, cloud computing and e-cigarettes are among the most pressing emerging risks on the horizon, according to reinsurer Swiss Re.

Insured nat cat losses of US$17bn well below half year average: Munich Re

Insured losses from natural catastrophes of US$17bn in the first half of this year are well below the ten-year average of US$25bn, according to figures from Munich Re.

Reinsurance pricing at generational low

The reinsurance market continued to soften at the June and July renewals, pushing prices on some reinsurance programmes to the lowest levels in a generation, according to brokers.

Insurance market M&A

Brokers, analysts and the insurers and reinsurers themselves keep telling everyone that will listen that the international insurance and reinsurance industry is currently over-capitalised. But at the same time corporate risk and insurance managers complain that the industry is barely scratching the surface of its risk transfer needs and that its cost-laden, traditional line of business approach prevents it from meeting their real demands. John Charman, Chairman and CEO of Bermuda-based Endurance Specialty, believes that consolidation is the answer. He is literally prepared to put his money where his mouth is and bought a $30m stake in Endurance when he took the helm last May. He has reorganised and refocused Endurance for further growth and has now made an audacious and contested bid for rival Bermuda insurer Aspen to fast track the process. Commercial Risk Europe Editor Adrian Ladbury investigates what lies behind the proposed deal and what potential implications it has for the wider market.