Tokio Marine announced yesterday that its Lloyd's business Kiln and London-based Tokio Marine Europe operation are to merge into a new combined international insurance company.
New research by ACE suggests that EMEA companies lack the time, focus and resource to keep pace with emerging risks.
The UK-based Chartered Insurance Institute (CII) has failed in its bid to secure chartered recognition for risk managers.
French companies are still benefiting from a soft insurance market, particularly if they have carried out risk mitigation measures as insurers increasingly focus on risk selection, according to the latest state of the market report by AMRAE.
Despite weak premium growth and low investment returns, insurers' underwriting results have been improving, especially in Europe, according to Swiss Re data. This is set to maintain favourable pricing conditions for buyers.
Airmic has launched research into insurance efficacy to be published as a guide in the summer of 2014 and will next month launch fastTrack to help less experienced risk managers develop their skills.
JLT acquires South African employee benefits broker, ACE launches enhanced export liability cover in continental Europe, AGCS makes financial lines appointments with cyber focus and AIG in Europe extends real time, cross-border broker trading platform.
The quietest US Atlantic hurricane season in decades will help deliver double-digit reductions in related catastrophe reinsurance pricing at the key 2014 renewals, Fitch Ratings said this week. But prices in regions hit harder by nat cats, including wind storms and flooding in Europe, Canada and Australia, are likely to rise, it added.
This year's gathering of Australasian risk managers at the GRC (Governance, Risk and Compliance) Conference in Melbourne represented a watershed moment for the Risk Management Institution of Australasia (RMIA) as it fleshed out plans to reposition itself over the coming year and refocus on its core job of developing the field of enterprise risk management for the benefit of members.
In what will be music to the ears of risk and insurance professionals worldwide, Jason Disborough, Managing Director - Global at Aon Risk Solutions Australia, used the stage at this year's GRC Conference to state that risk management is proven to add value, detail the cost benefit of risk retention vehicles and suggest that an influx of convergent capital is unlikely to see the soft commercial insurance market harden anytime soon.
Explaining to boards that risk management and risk financing is fundamentally about protecting share price is key to ensuring they better engage with risk professionals, according to a panel of experts at the 2nd GRC Conference. Risk and insurance managers must also explain everything they do through the prism of an organisation's risk appetite and understand what drives individual board members, they added.
Australian government agencies could better monitor emerging threats and changes to the risk landscape, Ian McPhee, Auditor-General for Australia, told delegates at the 2nd GRC Conference.
In his keynote speech at the 2nd GRC Conference, Dr Ernesto Sirolli, Chairman of The Sirolli Institute, said risk professionals must develop empathetic listening skills, not technical knowhow, to release the full potential of their colleagues and become a cherished business facilitator.
Non-executive director Sandra Birkensleigh had a clear message for risk professionals when communicating with their board – keep things simple and ensure you understand its values, function and style.
A leading broker has heralded the influx of alternative capital flowing into the risk transfer market as a 'wonderful opportunity' for corporate buyers and risk advisers to find solutions to emerging and previously uninsurable risks. In the short term it will also keep the cost of insurance competitive, he added.
The stance being taken by reinsurers in the run-up to renewals is usually a good indication of what might be in store for underlying insureds. As such the Baden-Baden reinsurance meeting, held towards the end of October, is usually considered a bellwether for European corporations thinking about how much their own big risk programmes are going to cost.