Friday, 31 July 2015

 


Cyber risk, nat cats and regs top 'Banana Skins' for non-life insurers

Cyber risk is the number one risk facing the non-life insurance industry over the next few years followed by nat cats and regulation, according to the Centre for the Study of Financial Innovation's (CSFI) and PwC's Insurance Banana Skin 2015 survey.

Human rights benchmarking system launched to drive 'race to the top'

A group of leading corporate investment and interest groups have launched a consultation process to help create a corporate human rights benchmarking system that will rank the top 500 globally listed companies on their human rights policy, process and performance.

IUA warns that global tax reforms could hinder transfer options

The International Underwriting Association (IUA) has warned that 'sweeping' reforms to tax systems around the world and increased cooperation between authorities will have 'profound' implications for the insurance industry and its customers.

Aviation rates keep falling despite losses

Despite high profile losses in 2014 and the first half of 2015 the aviation insurance market continues to soften. However, some observers now question the sustainability of current premium rate decreases.

ILS market heading down the risk transfer chain reports Willis

The prospect of serious risk transfer deals being made between corporate risk managers and the capital markets through Insurance-Linked Securities (ILS) appears to be nudging ever closer based on a recent report from Willis' capital markets operation.

Below average cyclones in Western North Pacific Basin predicts Guy Carp

The Guy Carpenter Asia-Pacific Climate Impact Centre (GCACIC) forecasts far fewer tropical cyclones and landfalls in the Western North Pacific Basin than average in 2015 as El Niño conditions take hold.

Inclusion@Lloyd's festival to promote diversity in insurance industry

The Corporation of Lloyd's, IUA, LIIBA, and LMA have announced a new insurance market-wide festival to promote diversity and inclusion in the sector.

Corporate round-up

Vinay Mistry set for CRO role at The Channel Managing Agency, Damian Ely appointed CEO of Charles Taylor Adjusting, Beazley launches UK and European media team, Arthur J Gallagher expands into Colombia and FM Global develops new fire sprinkler solution.

Large M&A deals to continue as shift in insurance landscape takes hold: AM Best

The new round of M&A activity in the insurance sector points to a 'long-term shift' in the industry's operating environment as large companies look to merge in order to better serve the needs of their clients and attract the interest of capital markets while gaining leverage with reinsurers and brokers, according to AM Best.

Upfront work needed to arrest rising claims disputes says Richard Ward

There is an increased tendency for corporate insurance claims to be challenged with most disputes arising from a lack of understanding over what is covered by policies, according to Richard Ward, Chairman of loss adjusting firm Cunningham Lindsey.

Risk management and insurance needed as food recalls soar: Swiss Re

The number of food recalls per year in the US has almost doubled since 2002 and food contamination cost the US health authorities a massive $15.6bn in 2013, according to a new report by Swiss Re.

AIG survey finds boards need to up game over cyber risk

New research by AIG in the UK suggests that boards need to play a greater role in managing cyber risks.

AGCS warns aviation insurers storing up troubles

Aviation insurers may be storing up problems for the future as falling premium prices caused by overcapacity in the market rather than improvements in risk management fail to keep up with growing exposures, warns Allianz Global Corporate & Specialty (AGCS).

Insureds urged to review policies as Greek crisis rumbles on

Rating agent AM Best says that eurozone insurers remain 'robust' as the Greek debt crisis continues, but law firm CMS London is advising clients to urgently review their policies.

RIMS says risk management-backed remote working policies essential

RIMS has warned that companies face risks from employees working out of the office and recommended risk managers help their organisations develop a remote working policy.

Half year nat cats losses well below average: Munich Re

Total and insured losses from natural catastrophes in the first half of 2015 were once again well below the 30-year average, according to latest figures from Munich Re.

Financial firms turn to op risk cover as traditional solutions lose appeal

Large financial institutions are turning to operational risk insurance as traditional products fail to adequately cover increasing regulatory and technological threats.