Friday, 06 May 2016

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Insurers' Q1 profits hurt by market volatility

First quarter results of many commercial insurers and reinsurers in recent weeks suggest a tough year ahead with some companies already warning they may not meet their 2016 targets.

Former Solvency II rapporteur Skinner jailed for fraud

Ex-member of the European Parliament and former Solvency II advocate Peter Skinner has been jailed for four years after being found guilty of expenses fraud.

Risk managers urged to play bigger M&A role

Risk managers should be more involved with mergers and acquisitions (M&A), helping to mitigate risks and arrange related insurance, according to brokers and underwriters.

Enterprise Act and damages for late payment receive Royal Assent

Insureds will be entitled to damages for late payment of claims under UK law as the Enterprise Act has received Royal Assent.

ISO to deliver new anti-bribery standard

A new standard for managing anti-bribery programmes is in the pipeline as corporate corruption climbs the risk agenda.

FM Global clients set for premium credit of $465m

Clients of mutual commercial property insurer FM Global will collectively receive a $465m premium credit due to the firm's latest strong operational and financial results.

We can be heroes: risk managers want the power to shine

Risk managers in France and Portugal taking part in our European Risk Frontiers survey would, above all else, like to be able to smash down the barriers that prevent their colleagues from grasping the merits and potential of risk management

Corporate round-up

XL Catlin promotes Emmanuelle Martin to claims manager France, Abbey Sturrock joins Marsh's public agency political risk group and XL Catlin creates global A&H unit.

Japanese insurers will comfortably absorb $3.5bn earthquake losses say analysts

Japanese non-life insurers will suffer losses up to JPY320bn ($2.9bn) from the recent earthquakes that hit Kyushu island last month but credit ratings agencies Fitch and AM Best both agree that the Japanese non-life insurance sector should be able to comfortably absorb the losses.

ELD implementation varies 'significantly' with 'patchwork' of remediation, concludes EC

A European Commission (EC) review of the Environmental Liability Directive (ELD) has concluded that its implementation still varies significantly between European Union (EU) member states and is resulting in a patchwork of environmental remediation.

Airmic debates BEPS implications for captives

Following a meeting of its captive special interest group last week, the UK risk management association Airmic looks increasingly likely to enter the growing debate on the taxation of captive insurers.

ILS market perfectly placed to deliver cyber solutions: BNY Mellon

Investment management firm BNY Mellon believes that the insurance-linked securities (ILS) market is well placed to deliver cyber risk transfer solutions. In particular, the company thinks London could become the global ILS cyber hub.

Time to stop viewing cyber threats as ‘voodoo magic’

The time has come for risk managers and their boards to fully get to grips with cyber risks and stop complaining that the subject is simply too hard for them to get their heads around, participants at a webinar were told.

Survey reveals lack of confidence in anti-corruption measures

There is a worrying loss of confidence in companies' anti-corruption programmes and doubts about just how thoroughly suppliers and partners are checked, according to a recently published global anti-corruption survey.

Toys and clothing top list of dangerous products in EC, with China the main source

The latest European Commission (EC) analysis of dangerous non-food products recalled and withdrawn from market in Europe finds that toys and clothing top the list for 2015 and that China is the biggest source of the problem.

Dangers off west Africa but global piracy falls in Q1

There has been a downturn in global piracy during the first quarter of this year but violent attacks off the west African coast rose, according to latest figures from the International Maritime Bureau (IMB).