Risk managers watch nervously as Zurich merges Global Corporate with commercial, Hürlimann steps down
European risk and insurance managers are worried about the merger of Zurich's corporate insurance business with its commercial operation amid fears it may lose its identity, according to sources.
Although European boards and CEOs are paying more attention to cyber risk many organisations still appear to underestimate the threat and don't have a full grasp of its potential impact, according to two recent surveys by Lloyd's and Marsh.
The growing popularity of drones will create an insurance market worth $1bn within ten years, according to Allianz Global Corporate & Specialty (AGCS).
Marine insurers face increased volatility going forward as falling premiums combine with a growing number of high value vessels, risk accumulation and technological developments, according to speakers at the annual International Union of Marine Insurance (IUMI) conference in Genoa this week.
London market insurers need to be more careful when handling policyholders' confidential data, according to a leading lawyer.
A risk manager at a leading oil and gas drilling company has called on insurers to stand by their clients and support them through the current tough trading environment.
FM Global creates dedicated cyber risk and underwriting units, Atradius acquires risk info specialist Graydon, Chubb expands cyber risk engineering services in UK and Ireland, Beazley expands aviation team with key hire in France, Fenchurch Law makes three appointments to insurance team, Lloyd's and LMA announce shared modelling deal with Oasis and Verisk Insurance Solutions launches energy insurance operation.
AIR Worldwide estimates that insurable losses from the Louisiana floods in August will range between $8.5bn and $11bn.
Munich Re, SCOR and Swiss Re will continue their aggressive expansion into the large corporate European and global insurance market that will help drive innovation and new product development in key areas such as cyber and supply chain risk, based on evidence gathered at the Rendez-Vous de Septembre meeting in Monte Carlo this week.
JLT Re has warned that the (re)insurance market is in danger from reserve adequacy and believes the industry risks releasing reserves despite accident year experience suggesting redundancies are running dry.
Reinsurers have told customers that they believe the market is stabilising a touch and rate reductions will not be as acute at the end of year renewals. However, the story from this week’s Monte Carlo Rendez-Vous de Septembre sounds remarkably similar to last year with growing capacity and intense competition for business confirmed by brokers.
Risk managers from outside the US can now apply to sit the first online RIMS-Certified Risk Management Professional certification (RIMS-CRMP) exam and gain accreditation.
UK directors and officers may face new liabilities under government plans to tackle corporate fraud.
Insurance buyers can expect new coverages and increased capacity for a range of risks if discussions at the Monte Carlo Rendez-Vous de Septembre are anything to go by and reinsurers live up to their word.
This week saw further rumblings over Brexit, including the prospect of the UK ditching Solvency II and Lloyd's moving some business to continental Europe.
A new report has predicted that motor insurance premiums could reduce by over 40% with the introduction of autonomous vehicles and cause increased volatility in the property and casualty market. The report coincides with media reports this week that a fatal car crash in China involving a Tesla Model S car with autonomous driving capabilities may have been caused by the technology's failure.