Tuesday, 21 October 2014

 


Concerns raised over financial interest clause legality: risk managers demand advice

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.

Risk managers turn attention to Ebola threat as disruption grows

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.

Ferma certification programme remains ‘on target’: Graham

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.

Reputation risk heightened by 'untouchable' C-suite and board members

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.

Doubts over whether staff health and life policies will respond to Ebola

There are doubts as to whether staff health and life insurance policies taken out by their organisations would cover the Ebola infection, experts told a group of risk professionals in Madrid. They experts also said it is unlikely that the Ebola outbreak will have any real effect on insurance and reinsurance markets because its range remains restricted to countries with low levels of insurance penetration.

Reinsurers target corporate specialty lines for growth

Under intense pressure in their core markets, reinsurers are looking to increase their direct insurance and specialty operations, although the large corporate sector is unlikely to remain overly attractive for now because of soft market conditions.

German non-life insurers not blown off course by tough 2013: AM Best

German non-life insurers have remained resilient despite a tough 2013 when they suffered heavy nat cat losses, according to a new report by AM Best.

Brokers launch BI cover for Ebola/pandemics predominantly aimed at hospitals

Miller Insurance Services and William Gallagher Associates (WGA), a US retail insurance broker, have this week launched a pandemic business interruption (BI) cover that responds to loss of income and diminished revenues following quarantine of medical facilities and health professionals for US-based insureds. It hopes to bring the cover to other markets shortly.

Corporate round-up

MAPFRE ASISTENCIA opens new offices in France, JLT Specialty appoints new head of Cyber, Technology & Media E&O team in London, Ecclesiastical appoints Mark Matthews as risk management director and Arthur J Gallagher's reinsurance broking team transfers to Capsicum Re.

African insurers stepping up to international standards says leading broker

As a result of the introduction of sweeping reforms within the African insurance industry its key players are now able to provide high quality cover for multinational businesses, according to the leader of one of the continent's largest insurers.

Global capital standards and protectionism a threat to business and cost of insurance: ABIR

Brad Kading, President of the Association of Bermuda Insurers and Reinsurers (ABIR), has warned that international insurance regulatory standards and country-specific protectionist measures are likely to drive up the cost of risk transfer and pose a threat to global business.

Tick box compliance no solution to supply chain management says IRM report

Increased compliance and a tick box approach to supply chain risk management will not prevent supply chain scandals and can actually increase the vulnerability of workers in the extended enterprise, according to a major new report by the Institute of Risk Management (IRM) launched today.

Chris Fischer Hirs appointed new CEO of AGCS

Allianz Global Corporate & Specialty (AGCS) has named Chris Fischer Hirs as its new CEO. He replaces Axel Theis who has been appointed to Allianz's board of management.

Airmic urges action from IAIS to ease compliance woes

CEO of Airmic, John Hurrell, has called on international regulators to help end the confusion over compliance on multinational insurance programmes faced by risk and insurance managers around the world.

New kid on the block aiming to develop risk management in Asia

The Pan-Asia Risk & Insurance Management Association (Parima) is the youngest of the major organisations around the world that aim to develop and serve the risk management profession, but has wasted no time in setting about this task with purpose and vigour in Asia.