Insurers must adapt to the changing needs of business and develop solutions that support business strategy rather than simply focusing on physical operations, Airmic urged this week.
A survey of US insurance professionals suggests that the main reason organisations aren't taking out standalone cyber insurance is because they don't believe they need the extra cover as opposed to it not meeting their needs.
The cost of cybercrime continues to rise for companies in France and Germany with energy, financial services, utility and technology organisations experiencing higher costs than media, hospitality and retail firms, according to the Ponemon Institute's Cost Of Cyber Crime Global Report.
This recent stress testing of European banks points to an improving risk profile for the sector. This should have positive implications for financial institutions' insurance rates and coverage–in particularly their directors and officers, according to Marsh.
European risk managers can expect more meetings with their tax departments because the European Commission has called upon member states to take a tougher stance on VAT evasion and deliver stronger enforcement at national level.
Worldwide marine piracy has fallen again during the first nine months of this year from its peak in 2011, according to the latest report from the International Chamber of Commerce (ICC) International Maritime Bureau (IMB). However, it warns that small tanker hijacks by armed gangs are escalating in Southeast Asia.
The basic capital requirements (BCR) for global systemically important insurers (G-SIIs) announced last week by the International Association of Insurance Supervisors (IAIS) are relatively low, said Fitch. As a result insurers with traditional business models will likely face little increase in total capital requirements but those with non-traditional operations could face much larger rises, added the rating agency.
Swiss Re Corporate Solutions opens office in Frankfurt, XL names Eric Zandvliet as senior political risk and trade credit underwriter, Julian Barker joins ANV Syndicate 1861 Political Risk & Violence team, Cunningham Lindsey names Simon How as global specialty markets director, Aon Benfield extends US property fac offering with new Houston branch and senior appointments and Brunel Professional Risk opens Manchester, England office.
ACE Ltd announced yesterday that it has received all regulatory approvals needed to close its acquisition of the large corporate property and casualty business of Brazilian insurer Itaú Seguros from Itaú Unibanco.
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.
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.