Friday, 29 July 2016

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European terror attacks signal growing risk to certain business sectors

The spate of terror attacks in Europe during the past weeks signals increasing risk for public-facing businesses and will lead to increased security and operational costs, according to Control Risks.

Insurance claim lie may not be fraud rules UK Supreme Court

A decision by the UK's Supreme Court last week ruled that making a lie on an insurance claim that is immaterial to the insured's right to recover is not fraud and should not forfeit the entire claim.

Nat cats dent US and Bermudian insurer profits

Insurers and reinsurers in the US and Bermuda have seen their profits hit by higher natural catastrophe losses this year.

UK Supreme Court bolsters fight against insurance fraud

The UK Supreme Court ruled this week that a fraudulently exaggerated insurance claim can be reopened if new evidence comes to light after settlement.

Global piracy hits 21-year low

Global piracy fell to a 21-year low in the first half of 2016, driven by a reduction of activity in Indonesia and the continued deterrence of Somali pirates, according to latest figures from the International Maritime Bureau (IMB). This good news comes despite a surge in kidnappings off west Africa.

Risk managers welcome FRC's finding that corporate culture key to success

Airmic has welcomed the findings of a Financial Reporting Council (FRC) study that concludes healthy corporate culture delivers long-term, sustainable success and urges business leaders to play a more active role in shaping future conduct.

UK business sets out five priorities for Brexit talks and future EU relationship

The UK's largest business group, the Confederation of British Industry (CBI), has set out five principles that it believes should underpin its country's negotiations and future relationship with the European Union (EU) following the Brexit vote.

Heavy cat losses could see reinsurance market bottom out and ILS funds post loss

Experts predict that the heaviest global catastrophe losses for several years may see the reinsurance market finally find its floor and the insurance-linked securities (ILS) sector start to incur some losses.

ABI calls for compulsory sprinklers at warehouses as payouts rise

The Association of British Insurers (ABI) this week called for sprinklers to be made a legal requirement in all new warehouses larger than 2,000m2, as average payouts for commercial fires break the £25,000 barrier for the first time.

Corporate round-up

Marsh names new US/Canada president while shaking up Asia and Middle East units, Charles Taylor buys medical and travel expert CEGA for up to £29.8m and Cunningham Lindsey appoints new German MD.

Political risk rises in Europe on back of terror incidents and attempted Turkey coup

Political risk is rising in Europe, with terrorist attacks in France and Germany, as well as an attempted coup in Turkey during the past week.

Insurance Europe raises concerns as global insurance capital standard moves a step closer

Moves to create a global risk-based global insurance capital standard came a step closer this week as the International Association of Insurance Supervisors (IAIS) published its Insurance Capital Standard (ICS) document.

Insurance Act implementation marred by inconsistency

With implementation just weeks away, aspects of the UK’s new Insurance Act are likely being overlooked, while the insurance market has been criticised for a lack of consistency.

Companies advised to stay calm despite Brexit uncertainty and volatility

As UK and European growth forecasts are downgraded, economists at two leading insurers are warning that uncertainty and volatility will continue well into next year. However, one expert advises companies not to make any hasty investment decisions.

US and China among 17 countries to receive credit rating downgrade by Coface

Coface has downgraded 17 countries for credit risk, including the world's two largest economies – the US and China. It has also upgraded seven country credit ratings, with many in Europe among that number.

US P&C insurer profits down 26% in Q1

Private US property and casualty (P&C) insurers saw their collective profits fall, premium growth stall and combined ratio deteriorate in the first quarter of this year.


European Risk Management Awards 2016