The UK's decision to leave the EU is a seismic political event that will have far reaching consequences for businesses across Europe and lead to an indefinite period of uncertainty with increased risks, experts warn.
Two of the main credit ratings agencies have downgraded the UK's sovereign debt rating, warning that Brexit has significant economic and political implications for both the UK and Europe.
UK-based risk and insurance managers will need to deal with material changes to their companies' risk profiles and strategy, market volatility, regulatory and legal challenges, plus potential upheaval in the insurance market following Brexit, according to Marsh.
The London and European insurance market has urged the UK government to act with speed and decision in its negotiations with the European Union over Brexit to restrict uncertainty.
The UK insurance sector and many international firms that use London as their European base will likely be less affected by the historic Brexit vote than other financial sectors. A mass exodus of firms and premiums from London to continental Europe is not expected overnight.
Airmic is concerned that many UK companies have not made contingency plans for Brexit and said the issue must now become a priority. It has laid out key steps to help risk managers and their firms tackle the UK's withdrawal from the European Union (EU).
Political risk experts warn that Brexit raises the potential for further political upheaval in Europe as discontent spreads.
Fallout from Brexit is likely to cause an uptick in insolvencies over the short term in the UK and across several European countries with close trade and investment ties to the country, according to trade credit insurer Atradius. Outside the UK, firms from Ireland, Belgium and the Netherlands are most at risk, it said.
Ferma has named the first six education bodies to receive accreditation for its professional risk manager certification rimap as the federation moves a step closer to delivering the scheme.
Risk managers and internal auditors will need to forge strong partnerships to ensure their companies are able to deliver on proposed EC country-by-country financial requirements, according to Ferma.
Ferma has elected three new board members from Denmark, the Netherlands and the UK, while re-electing its Swedish member.
The first risk managers have been awarded the RIMS-Certified Risk Management Professional (RIMS-CRMP) certification.
Zurich Global Corporate is looking to roll out its globally aligned multinational insurance wording for property damage and business interruption to 60 countries by the year-end.
Paul O'Neil set for chief underwriting officer role for specialty at AGCS, XL Catlin to launch global M&A business, CICA president to step down next year, Chubb enhances casualty wording for UK and Irish firms and AIG Europe teams with Ascot to deliver high net worth insurance solutions.
The European and UK insurance industry is urging voters to keep the UK in the European Union (EU) when they go to the polls today.
Ferma has unveiled a new strategic vision and mission statement to help deliver what members want and need over the coming years.