Monday, 26 January 2015

 


Late changes to planned UK insurance contract law legislation favour buyers

Recent changes to the UK Insurance Bill, which proposes to modernise insurance contract law and is currently winging its way through parliament, benefit buyers, experts say.

Solvency II on track for 2016 deadline as latest hurdle cleared

Solvency II is looking well set to hit its 1 January, 2016 implementation deadline after passing a major legislative milestone ahead of time.

German market upheaval on cards as BaFin considers Hufeld promotion

There may be upheaval in the German insurance industry as media reports suggest that Felix Hufeld, currently chief executive director for insurance supervision at the German federal financial supervisory authority BaFin, is a prime candidate to leave his insurance post to take over as president of BaFin.

WEF unveils framework to help manage cyber risk and stimulate transfer solutions

The World Economic Forum (WEF) and its partners announced on Monday that they have developed a new way for organisations to calculate the impact of cyber threats to help them make better decisions about investment in cyber security, manage the risk more effectively and stimulate a more vibrant risk transfer market.

Cat bond popularity marches on as brokers predict record 2015

On the back of a strong fourth quarter performance and a record-breaking 2014 brokers predict cat bond issuance to remain popular this year and potentially reach new heights.

Italian PM urges world leaders to seize the risks of the day

Europe's risk managers often complain that risk management is not given the high level attention it deserves and so will presumably welcome the news that, during a speech at the World Economic Forum's annual meeting in Davos, Switzerland this week, the Italian prime minister Matteo Renzi has called for politicians around the world to 'carpe diem' and tackle complex risks head-on.

European insurers well set to meet new global regulation: Fitch

European insurers are generally well set and adequately capitalised to meet a raft of forthcoming international regulatory changes, according to rating agency Fitch.

EC introduces rules to solve cross-border legal disputes

New European Union rules introduced last week mean that businesses and consumers will be able to resolve cross-border legal disputes more easily and bring expected savings of up to €48m each year in the EU, according to the European Commission.

Corporate round-up

Alliant buys QBE's US agency business for $300m, ACE delivers new mid-market offering for continental Europe, QBE appoint Mark Platten as director of property and real estate in UK and Skuld completes shake up at the top.

UK business concerned about exposure to interest rate rise

A survey by QBE reveals that UK businesses are worried about their exposure to interest rate rises with one in five citing the threat as the biggest economic risk.

XL Catlin combination welcomed by investors but benefits for buyers not so clear

Risk and insurance managers across Europe and the world over will receive the news of XL's proposed acquisition of Catlin to create a serious global player that boasts some $10bn of net premiums with mixed feelings.

TRIA renewal welcomed by all as stabilising influence

Buyers and insurers alike have welcomed the reauthorisation of the Terrorism Risk Insurance Act (TRIA) this week.

International conflict biggest global threat as geopolitical risks return to the fore: WEF report

International conflict is the most likely risk to cause global instability over the next 10 years with water crises potentially the most damaging, according to the World Economic Forum's (WEF) 10th annual Global Risks report.

Paris attacks could hinder developing insurance coverages warns AMRAE

The terrorist attacks in Paris last week could hold back innovative and new insurance solutions to protect against terrorism risks, Gilbert Canaméras, President of AMRAE, said this week.

Cyber and political risks climb Allianz Barometer

Cyber and political threats are the big climbers in the 2015 Allianz Risk Barometer.

Managing risk in the extended enterprise

Following the publication of the Institute of Risk Management’s (IRM) Extended Enterprise: Managing Risk In Complex 21st Century Organisations report, Commercial Risk Europe spoke to Richard Anderson, the institute’s chairman and principal consultant at AndersonRisk, for his take on its key findings and recommendations.