Brokers need to up their game and take on a wider risk advisory role in order to meet the growing needs of clients that now expect more from their intermediary partners, according to new report by PwC based on a survey of insurance buyers at multinational organisations.
Rate reductions were again the talking point at this year's Monte Carlo Rendez-vous of the international reinsurance market in Monaco. Despite few signs of a long-awaited market hardening the large reinsurers are confident that they can ride-out the continuing soft market.
Reinsurers that attended the Reinsurance Rendez-vous in Monte Carlo this week have indicated that they are willing to write more casualty business as traditional property catastrophe lines come under pricing pressure.
The Institute of Risk Management (IRM) has revamped its International Diploma in Risk Management to ensure students are better placed to tackle the rapidly changing risk landscape and equipped with the skills needed to meet today's new challenges.
Collaboration between risk managers and information security officers is vital in the fight against cyber risk that is still underestimated by many in top management, concluded a seminar on IT threats organised by a regional branch of AMRAE.
Reinsurers at the Monte Carlo Rendez-vous have indicated an increased appetite for cyber risks but said they will maintain standard cyber exclusions that are widely used in property insurance policies.
New Swiss Association of Insurance and Risk Managers (SIRM) president Sabrina Hartusch wants to increase the association's lobbying power by growing its membership and through intensified dialogue with members.
JLT launches venture in Turkey, FM Global promotes from within to fill top EMEA positions, AIG launches cyber cover for SMEs, JLT Towers Re rebrands as JLT Re, Gallagher appoints new sales director of UK MGAs and Charles Taylor adds to New York business.
German industry has invested heavily in risk management and improved its claims profile over the last 10 to 15 years which means that industry-wide premium rate increases are unjustified, Alexander Mahnke, chairman of the German insurance buyers‘ association DVS claimed at the opening of its annual symposium in Munich.
Risk managers should pay more attention to so-called black swans, according to Edwin Meyer, General Manager Risk and Insurance at global steel company Arcelor Mittal and board member of German insurance risk managers’ association Deutscher Versicherungs-Schutzverband (DVS).
In the week that DVS chairman Alexander Mahnke called for a renewed focus on innovative solutions from the corporate insurance market, both of the world’s biggest reinsurers told Commercial Risk Europe that their recent expansion drives into the German and international corporate market is largely based on their ability to deliver on this very issue.
Reinsurance rates are expected to fall further at renewals in 2015, as reductions spread to Europe and Asia, causing rating agents to take a negative view of the sector.
The growth of alternative capital will affect the length and nature of the insurance cycle, according to Robert de Rose of AM Best. Following a large loss swings in rates will not be as dramatic, nor will they last as long, he predicts.
Leading German insurance buyers believe that the time has come for their colleagues to get to grips with the growing potential of alternative transfer and financing options for their companies’ risk. Although such solutions are not suitable for all and remain a niche risk transfer option, risk managers must at least consider accessing the capital markets via cat bonds, insurance linked securities (ILS) and other means, they add.
Despite a spate of natural catastrophes to hit the German insurance industry, the country’s risk managers face a generally soft market, according to risk and insurance experts interviewed by Commercial Risk Europe. However, a leading broker warns that the price of transferring German property risk is now on the rise.
The Pan-Asia Risk & Insurance Management Association (Parima) is the youngest of the major organisations around the world that aim to develop and serve the risk management profession, but has wasted no time in setting about this task with purpose and vigour in Asia.