Wednesday, 28 September 2016

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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.

Cyber moves up board agenda but gaps in knowledge and risk management remain

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.

AGCS sees $1bn drone insurance market within a decade

The growing popularity of drones will create an insurance market worth $1bn within ten years, according to Allianz Global Corporate & Specialty (AGCS).

Marine premiums fall, volatility increases

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 insurers warned to do more to protect confidential client information

London market insurers need to be more careful when handling policyholders' confidential data, according to a leading lawyer.

Insurers must support energy clients through tough market says risk manager

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.

Corporate round-up

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.

Insurable losses from Louisiana floods up to €11bn: AIR

AIR Worldwide estimates that insurable losses from the Louisiana floods in August will range between $8.5bn and $11bn.

Reinsurers continue drive into primary market as rates expected to leap 20% by 2019

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.

Insurance market running into danger over reserves, warns JLT Re

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 hopeful that soft market is tapering off

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.

RIMS takes certification scheme online to develop international appeal

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 to get tough on executive fraud as new Bill proposed

UK directors and officers may face new liabilities under government plans to tackle corporate fraud.

Insurance industry forced to innovate amid promise of new coverages

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.

SII under review as UK government and insurers plan for Brexit

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.

Motor premiums to fall over 40% with driverless vehicles: Aon

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.


European Risk Management Awards 2016