Monday, 22 December 2014


Jo Willaert named as next Ferma president

Jo Willaert, Corporate Risk Manager for Agfa-Gevaert in Belgium, will become the next Ferma president when Julia Graham steps down in 2015.

Risk managers brace for consolidation as XL confirms bid for Catlin

XL confirmed this week that it is in talks about a possible acquisition of Catlin in a move that would create a combined insurance and reinsurance group with some $12.7bn of gross written premiums based on 2013 numbers.

Buyers and insurers dismayed by TRIA expiration

Buyers and insurers are equally dismayed by the US Congress' failure to renew the Terrorism Risk Insurance Act (TRIA). They say the decision leaves insureds exposed to terrorism risk and threatens the provision of adequate and affordable insurance cover.

Russia emerges as key risk for 2015

Political instability is expected to continue into 2015, with Russia and Nigeria among the countries to watch, as well as high levels of terrorist violence and civil unrest, according to risk consultant Verisk Maplecroft.

$34bn global insured disaster losses well below 10-year average: Swiss Re

There were $34bn insured losses from natural catastrophes and man-made disasters this year, according to preliminary figures from Swiss Re. This is almost half the 10-year average of $64bn and 24% lower than the $45bn recorded in 2013.

Belrim celebrates 40th birthday and announces recruitment drive

The Belgian risk management association Belrim celebrated its 40th birthday last week and announced a recruitment drive to coincide with the milestone.

Next gen risk managers urged to broaden skill set as fastTrack forum announced

Young and future risk professionals will need to develop a much broader set of skills than their predecessors in order to meet the challenges of 21st century business, said the chair of Airmic's fastTrack initiative, Kate Wallin, as the scheme announced details of its first conference for up-and-coming risk managers.

Rising EMEA insolvencies could spark trade credit rate increase in 2015 warns Marsh

Although the trade credit insurance market remains generally soft a growing number of insolvencies and defaults across Europe, Middle East and Africa (EMEA) could see rates rise for many insureds in 2015, according to Marsh

Corporate round-up

AGCS North America and Fireman's Fund name new leadership team, JLT opens credit, political & security risk India hub and Barbican appoints new cyber and tech underwriter.

Insurers failing to make progress on contract efficacy

The UK risk and insurance managers' association Airmic says progress on improving the efficacy of insurance for large commercial buyers is proving too slow, hampering much needed innovation.

Airmic urges UK government to pass Insurance Bill

Giving evidence to a cross-party Special Public Bill Committee in the House of Lords, representatives of the UK risk managers' association this week urged politicians to pass the Insurance Bill that will substantially reform insurance contract law for commercial policies.

German industry and credit insurers feel the effects of Russian sanctions

The sanctions in place as a result of the conflict over Ukraine are having a negative effect on German industry and the country's credit insurers, according to Ralf Meurer, outgoing CEO for Germany, Austria and Switzerland, Euler Hermes and Chairman of the German insurance association's (GDV) commission on credit insurance.

Survey finds banks lack data to support risk management

A new survey by the Economist Intelligence Unit reveals that more than half of risk and compliance executives at retail, commercial and investment banks around the world say they have insufficient data to support robust risk management.

Op risk climbs agenda in EMEA FIs, rates continue to fall: Aon

Operational risk managers at European and Middle Eastern banks and other financial firms are rising in importance compared with their financial risk peers based on the results of a new survey and report from Aon Risk Solutions (ARS).

Outlook for German non-life sector stable as declining competition fuels rate increase: Fitch

Fitch has confirmed its stable rating and sector outlooks for the German non-life insurance market as it churns out continued premium growth, positive results and premium rates increases on the back of falling competition.

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.