France's risk management association has urged the insurance market to focus on innovation and deliver better solutions for business interruption, cyber, political and financial sector risks.
Willis Group, the world's third largest insurance broker, is in talks to acquire a majority stake in specialist London market broker Miller Insurance Services.
Multinational programme compliance in Middle East, Africa and Asia biggest challenge say risk managers
Compliance and adherance to regulations is the greatest challenge when managing a multinational programme with the Middle Eastern, African and Asian emerging markets causing the most concern, according to risk managers that attended ACE's risk forum this month.
The Asian risk management community will be offered education and certification that is aligned with Ferma's planned programme as early as next year if Franck Baron, founding chairman of the Pan Asian Risk and Insurance Management Association (Parima), gets his way.
As concerns about the Ebola outbreak and potential spread of the disease grow, Marsh has released guidance to help UK organisations understand and manage the risk management and insurance implications.
One of the most interesting things to come out of this week's Ferma seminar in Brussels was rising evidence of a realisation among leading risk managers that they need to up their game on a broader political level.
Insurance broker Willis is predicting further softening in the US commercial insurance market in 2015, even if insurers are hit by a mega catastrophe.
Current overcapacity in the risk transfer market, buoyed by an influx of alternative capital, means that reinsurers, insurers and brokers must adapt and develop solutions for emerging risks in order to weather the storm, said experts at the Baden-Baden Reinsurance Symposium this week.
AIR Worldwide this week estimated that insured losses in Bermuda from hurricane Gonzalo will range between $200m and $400m. It also placed insured losses from cyclone Hudhud in India at between $100m and $400m.
New Arabian earthquake model launched to support regional insurance expansion, Argo International launches complimentary legal advice for D&O clients, XL appoints new underwriter to grow M&A insurance offering, RFIB adds to northern European team to build German marine business and Canopius adds to Asia engineering team.
Leading risk professionals in Spain this week warned that financial interest clauses (FICs) cause legal uncertainty in global programmes and urged the market to provide insureds with better advice on the arrangements.
As the Ebola outbreak in west Africa spreads and the death toll rises, the crisis is increasingly causing disruption to trade and businesses in the region with supply chain implications further afield. Risk managers are beginning to ask brokers about the consequences of the outbreak on their business.
Insurers must view alternative capital as an opportunity to meet client demands say industry big hitters
Two leading insurers this week urged their industry to view the influx of alternative capital into the risk transfer market as an opportunity to meet client demands as opposed to a threat to business.
The pan-European Certification project for risk managers currently under development at the Federation of European Risk Management Associations (Ferma) is ‘on target’ for next year and the federation is determined to make sure the results are globally relevant, according to its president Julia Graham.
A new report has revealed that many UK companies are failing to carry out due diligence when they appoint to their C-suite and boards and are therefore placing the reputation and performance of their business at risk.
Commercial Risk Europe’s Ben Norris caught up with Ferma president Julia Graham ahead of the federation’s seminar in Brussels as she heads into her second year in office. She explained Ferma’s 40th anniversary celebration plans, discussed the revamped member survey and accompanying inaugural risk report and gave the latest on big projects such as the federation’s certification scheme and push for diversity in risk management. There was also time to take a look back at the history and future direction of the risk management profession.