Wednesday, 27 May 2015


ISO 31000 may face in-depth revisions to meet needs of multinationals and governments

The current review of ISO 31000 and accompanying Guide 73 has revealed the need for a high-level document or standard that better reflects the way risk is managed in multinational organisations and national governments. This could demand a full technical revision of 31000 or take the form of a separate ISO risk management standard.

AMRAE elects Brigitte Bouquot as its new president

Brigitte Bouquot, Director of Insurance and Risk Management at aerospace group Thales, has been elected as the new president of French risk management association AMRAE.

UK Insurance Act could disadvantage European buyers warns consultancy

European companies buying their insurance in the London insurance market could be at a disadvantage when a major overhaul of insurance contract law is implemented in the UK next year, warns insurance governance consultancy Mactavish.

Airmic welcomes Pool Re changes but hopes more to come

Airmic has welcomed changes to Pool Re announced last week that will see the government-backed UK terrorism reinsurer reward risk management with a potential 2.5% premium discount. The association told Commercial Risk Europe that it hopes the modest discount will be the start of a journey towards further recognition of risk management down the line.

DVS board member Henne criticises brokers and urges them to up their game

Brokers are making little or no effort to change their business model in order to better serve customers and are failing to provide relevant and timely information, according to Jörg F Henne, DVS board member and risk manager at Epcos, a Munich-based electronic components manufacturer.

Business hungry reinsurers more willing to tailor cover for corporates

As competition intensifies, reinsurers and alternative capital providers are becoming more open to providing bespoke solutions to large corporates, including weather hedges and previously hard to insure risks.

Insurers making progress on cyber solutions

Insurers are making progress to help large European companies manage and transfer cyber risk, but, according to Aon’s recent Global Risk Management’s Survey 2015, the vast majority of buyers still have no plans to take out cover.

Swiss Re report ranks emerging risks facing the risk and transfer community

A new report by Swiss Re rates de-globalisation, large nat cats, the 'great monetary experiment' and the 'Internet of Things' as the most potentially devastating emerging risks facing the risk transfer industry and consequently the companies it serves.

Corporate round-up

AIG appoints Stuart Sutherland as UK head of casualty, Aon Benfield unveils new model to boost transfer of Canadian flood risk, AGCS appoints new Dubai CEO, AIG appoints Jeremy Croal as multinational marine specialist and Ace names Ashwin Kapoor as terrorism political violence underwriter, UK & Ireland.

EXOR calls on SEC to back its $6.8bn counter-bid for PartnerRe

EXOR SpA., the Italian listed investment company owned by the Italian Agnelli family that is behind Fiat Chrysler, announced on Tuesday that it has delivered an 'irrevocable and binding' offer to the board of directors of Bermuda reinsurance group PartnerRe to acquire all of its outstanding common shares. The bid values PartnerRe at $6.8b

DVS and risk transfer partners critical of German IT security bill

German risk managers, insurers and brokers are unhappy with their government's planned IT Security Act claiming it is being rushed through parliament and does not make clear which organisations will fall under its scope.

Pool Re details key changes set for October

Pool Re has fleshed out its modernisation plans that will see specific rate discounts for higher deductibles and loss limits, more risk reflective pricing and a specific SME offering.

Insurers must change model or drown under ‘rising water’ says DVS’ Mahnke

Industrial insurers will no longer be of interest to large companies unless they reinvent their business model, Alexander Mahnke, Insurance and Risk Manager with the Munich-based Siemens group and Chairman of the German risk managers’ association DVS, has warned.

Global insurance rates down in Q1 led by Europe and Asia Pac: Marsh

Global commercial insurance rates fell for the eighth consecutive quarter in Q1 2015 led by decreases in continental Europe, the UK and Asia Pacific, according to Marsh's latest Global Insurance Market Quarterly Briefing.

Risk managers turning to captives to cover emerging risks

Corporate risk managers in Europe and worldwide are increasingly using captives to provide cover for non-traditional risks, according to a new benchmarking report published by global broker and captive manager Marsh.

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.