The world is entering a new era of political risk under the shadow of a Donald Trump presidency, Brexit and a more assertive China, according to a new report from global risk consultancy Verisk Maplecroft.
US and EU representatives have announced a covered agreement that will lead to the elimination of collateral and local presence requirements for EU and US reinsurers operating in these markets. The agreement covers three areas of prudential insurance oversight: reinsurance, group supervision and the exchange of insurance information between supervisors.
Lloyd’s will plough on with its contingency plans to open a subsidiary within the EU regardless of the UK government’s position on Brexit, the corporation’s CEO Inga Beale reportedly told BBC News this week.
Some 85% of global companies polled for Kroll’s annual Global Fraud and Risk Report incurred a cyber incident during the past year and 82% of executives said their company had experienced fraud, up from 75% on the previous year.
Insurers will need to tighten policy wording for notification clauses following a landmark court ruling in the UK last week. Policy holders have been advised to check their current wordings following the decision.
AIG executives have reportedly met with the Irish government to discuss options for a European base following Brexit.
Interest among UK insurers in Malta as an option to access the European Union via freedom of services post Brexit is rising steadily, based on attendance at a briefing on the market held recently in London.
Worldwide insured catastrophe losses totalled $54bn last year, making 2016 the costliest year for insurers since 2012, according to Aon Benfield’s Impact Forecasting annual catastrophe report.
A new catastrophe modelling framework should help corporate risk managers gain better insight into the risks faced by their companies.
Swiss Re Corporate Solutions names country manager for Germany, Chubb appoints Müller as European property director and Lockton appoints Laidler for international employee benefits growth.
Risk managers across Europe are being advised to start planning now for tougher EU data protection laws that come into force in May 2018. Airmic and law firm BLM warned risk managers that the changes will take time to implement and told UK firms they will need to comply with the new law, despite the UK’s intention to leave the EU.
New legislation from the European Commission promises to strengthen privacy in electronic communications alongside proposals to free up the movement of data across Europe’s national borders.
A cocktail of overlapping environmental, societal and technology risks are set to fundamentally reshape the risk landscape in coming years, according to the World Economic Forum’s (WEF) Global Risk Report 2017.
Risk managers are bracing for a year of uncertainty, according to the Allianz Risk Barometer 2017 that lists the top three risks facing corporates across the world as business interruption, market developments-volatility and cyber.
Reinsurance buyers saw further price reductions at the January 2017 renewal, although the rate of reductions slowed, according to brokers.
XL Group has estimated net losses of $245m for catastrophe claims in the fourth quarter of 2016.