Friday, 21 October 2016

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AIG pulls out of CEE local business and much of Latin America: Remains committed to multinationals

AIG is selling its businesses in central and eastern Europe (CEE) and much of Latin America to Fairfax Financial Holdings Ltd in a deal that will see the US giant stop writing local business in these territories, but it still plans to provide full access to these markets for multinational clients via a network partnership with the Canada-based insurer.

Brokerslink completes stock offering to form independent global broker

Brokerslink has transformed itself into a global broking firm with an international network that is a serious alternative to the established global firms following the successful completion of its private stock offering, according to its CEO Jose Manuel Fonseca.

$7.3bn of London company premium at risk from Brexit: IUA

New figures show that the London company market's premium income fell by 3.5% last year and suggest that $7.3bn of that amount is at risk from Brexit.

French insurers call for hard line on Brexit and relocation of EIOPA to Paris

The French insurance association has urged European authorities to take a hard line with the UK during Brexit negotiations and wants the European Insurance and Occupational Pensions Authority (EIOPA) to move to Paris after the process is finished.

France raises insurance levy to bolster terror compensation fund

The rise of terrorist attacks in France has led its government and insurers to increase the levy on insurance by 37% to bolster a nation-wide compensation facility.

Space insurers avoid SpaceX loss but changing tech causing concern

The catastrophic failure of a SpaceX Falcon 9 rocket in September is not expected to change rates in the soft space insurance market, despite being a sizable loss. However, the introduction of new technologies and private launch vehicles could see the cost of insurance increase in coming years, according to underwriters.

Swiss Re Corporate Solutions buys large risk portfolio in Brazil

Swiss Re Corporate Solutions will become one of the biggest primary insurers in Brazil after closing a deal to acquire the portfolio of large risks belonging to the country's largest insurance group.

Marsh warns of new risks from electronic marine trading

The rise of electronic trading documents in the maritime industry is reducing the risk of fraud but throwing up new cyber risks threats potentially leading to gaps in insurance coverage, according to a new report from Marsh.

Corporate round-up

Marsh names new head of UK public sector practice, WBN adds two associate members, Markel adds to Scandinavian team and Aon delivers new Icelandic earthquake model.

Clarity delivered on new non-financial reporting rules as Ferma urges use of ERM

The EC has provided greater clarity on non-binding guidelines for the EU's Non-Financial Reporting Directive as its 6 December deadline for transposition into national legislation nears.

Insured loss for Hurricane Matthew up to $8.8bn: AIR

Insured losses from Hurricane Matthew will range between $2.2bn and $8.8bn, according to estimates by AIR Worldwide.

Record Talk Talk fine points to higher penalties for data breaches

The record UK data breach fine for Talk Talk earlier this month sends a warning to corporates ahead of incoming tougher rules and higher penalties under EU data protection laws.

Shortlist announced for European Risk Management Awards

The shortlist for the inaugural European Risk Management Awards' Excellence in Customer Services categories has been announced following deliberation by the judging panel at last week's Ferma Seminar.

Number of RIMS members buying standalone cyber cover up 27%: survey

The percentage of RIMS members buying standalone cyber insurance has jumped by 29% over the past year with the number of firms transferring the risk to a third party up 10%, according to a new survey.

Cyber shoots up agenda for banks as risk approach reassessed, concludes IIF/EY survey

Cyber security, money laundering and sanctions have rapidly risen up the risk agenda for banks, according to a new survey and report from the Institute of International Finance (IIF) and Ernst & Young (EY).

Appeal court says not every accident has to be the fault of another

Risk managers will note with interest that the UK's Court of Appeal has ruled that local authorities and occupiers of land should not be responsible and financially liable for all individuals injured while lawfully visiting their premises.


European Risk Management Awards 2016