Innovation debate hots up as JLT launches intangible package
As pressure from risk managers across Europe for the insurance industry to react faster, bolder and with more imagination to their rapidly evolving risks rises to boiling point, one broker at least has made a timely effort to bridge the so-called ‘innovation deficit’ with a new intangible and cyber exposure offering.
New Risk Framework proves every cloud has a risky lining
The anticipated adoption of cloud computing by business could be hampered by a failure to properly understand and address the risks involved. This is the view of a consortium of risk, insurance, legal and technology advisers led by insurance broker Marsh, known as the Cloud Risk Forum, which has designed a framework it hopes will help businesses to more accurately assess and model the risks they face when moving to the cloud.
Guernsey made right decision to avoid ‘disproportionate demands’ of SII—Aon
Guernsey’s decision not to apply for equivalence under Solvency II is having a positive impact on its status as the leading European offshore captive destination because the capital adequacy regime still does not reflect the needs of, and proportionate risk posed by, captives, according to Aon.
UK business expects cyber attacks to increase despite government plans
Despite the launch of the UK government’s Cyber Security Strategy last November, 85% of business surveyed by IT security firm BAE Systems Detica believes there will be an escalation in cyber attacks over the next few years. Confidence in preventing attacks has actually fallen over the last two years, the survey shows, but Detica believes vulnerability is still underestimated.
French Mediator drug scandal reaches court with insurers keeping close watch
A high profile liability trial involving French pharmaceutical company Servier began this week in Paris closely watched by the general public and an interested insurance market.
Corporate round-up
ACE launches global mapping tool to help clients evaluate catastrophe and supply chain exposures, Guernsey Finance to appoint Le Poidevin as CEO from July, DUAL Group to open Singapore branch, QBE offers new e-trading Professional Indemnity Combined product to SMEs and Miller appoints Prashant Amatya as Head of Audit.
Sustainable policies boost risk management at financial firms says think tank
The integration of sustainable Corporate Social Responsibility (CSR) policies with risk management strategies can boost the ability of financial firms to manage operational risk, according to a French think tank.
Risk transfer industry must better prepare for intangible asset losses—JLT
JLT has warned that risk managers at global communications, technology and media firms and their risk transfer partners must better understand the risks and potential losses associated with intangible assets.
Cat bond market issued record $1.3bn in Q1 but upward pressure on pricing
The first quarter of 2012 was the most active on record for the global catastrophe bond market with $1.34bn of risk capital issued through eight transactions, according to figures from GC securities, a division of MMC Securities Corp.
IOR elects new council members and include first international representative
The Institute of Operational Risk (IOR) has elected three new council members, including, for the first time, a director from outside of Great Britain.
Time to ‘end the deadlock’ on CBI says DVS commitee
The 2011 floods that hit Thailand had enormous repercussions and led to heated debates in Germany and the rest of Europe between insurers and reinsurers over contingent business interruption. The discussion resurfaced during this year’s annual meeting of the German risk managers’ association Deutscher Versicherungs-Schutzverband (DVS). But unlike other occasions, some progress in the debate could be felt.
German risk managers unhappy with cyber products on offer
Cyber cover leaves a lot to be desired, say German risk managers, with the development of standalone policies not universally popular. “The trend towards standalone policies in the German market is not ideal,” remarked one risk manager from a German wholesale group at a Lloyd's cyber risk conference in Frankfurt yesterday.
EC concerned by rise of protectionism in Latin America
The European Commission has expressed concerns about the rise of protectionism in Latin America, after Spanish companies had assets expropriated by the governments of Argentina and Bolivia.
IGREA launches good practice guide to help avoid claims conflict in Spain
IGREA, the Spanish risk management association, has decided to try and smooth out the claims process, or at least help all parties involved speak the same language, through the introduction of a new claims guide.
Risk professionals must adapt out of date approaches to maintain progress
The world is rapidly changing and old approaches to risk management may no longer be appropriate, Steve Fowler, Chief Executive of the Institute of Risk Management (IRM) told delegates at his organisation’s annual conference last month. Risk professionals must therefore adapt and embrace new techniques in order to remain relevant and continue their march up the corporate ladder.
