Delayed payments still common at German firms, but lack of concern over Brexit: Coface

Delayed payments still common at German firms, but lack of concern over Brexit: Coface

Delayed payments still common at German firms, but lack of concern over Brexit: Coface

A new survey from credit insurer Coface has revealed that nearly 78% of Germany companies were affected by delayed payments this year, although the figure has improved six percentage points since the survey was first carried in 2016. The survey also found that 87% of respondents do not expect any significant negative impact from Brexit on receivables, with only 3.3%…

Parker Fitzgerald and HolistiCyber form cyber risk partnership

Parker Fitzgerald and HolistiCyber form cyber risk partnership

Parker Fitzgerald and HolistiCyber form cyber risk partnership

Risk management consultancy Parker Fitzgerald has formed a strategic partnership with HolistiCyber to address state-level cyber threats to banks and other financial services firms. Cyber defence company HolistiCyber was founded by cyber experts for the Israeli Defence Force’s intelligence branch. Announcing the partnership, the companies said financial institutions are facing a growing threat from cyber at a time when bank’s…

Liberty Specialty Markets moves UK insurer to Luxembourg

Liberty Specialty Markets moves UK insurer to Luxembourg

Liberty Specialty Markets moves UK insurer to Luxembourg

Liberty Specialty Markets (LSM) will redomicile its European headquarters to Luxembourg, to ensure its business can continue unaffected by Brexit and any potential loss of passporting rights. In July, the company said it would establish a post-Brexit EU headquarters in Luxembourg alongside its London head office. However, the firm has now announced it will move current UK-based Liberty Mutual Insurance…

AIR drops insured loss estimate for Hurricane Maria

AIR drops insured loss estimate for Hurricane Maria

AIR drops insured loss estimate for Hurricane Maria

AIR Worldwide has reduced its insured loss estimate for Hurricane Maria to between $27bn and $48bn, from its previous estimate in September of between $40bn and $85bn. Most of the losses from the storm were recorded in Puerto Rico, and AIR now estimates insured losses on the island to total between $25bn and $43bn. The modelling firm said losses from…

AM Best raises Zurich’s outlook to stable

AM Best raises Zurich’s outlook to stable

AM Best raises Zurich’s outlook to stable

AM Best has revised its outlook for the non-life insurance operations of Zurich Insurance Group from negative to stable on a financial strength rating of A+. The ratings agency said the move follows “strong corrective actions” on the group’s property and casualty (P&C) operations and the expectation that these will translate into improved profitability ratios. Last year, Zurich’s P&C operations…

Losses from Cyclone Herwart estimated at €252m

Losses from Cyclone Herwart estimated at €252m

Losses from Cyclone Herwart estimated at €252m

European catastrophe insurance data company PERILS has estimated insured property losses for Cyclone Herwart, which mainly affected Austria and Germany at the end of October, of €252m. Strong winds brought by Herwart caused damage to buildings in Austria and Germany on 29 October. It also affected parts of Denmark, Poland, Slovakia and the Czech Republic, although these countries fall outside…

RIMS survey reveals 3.5% rise in risk professional salaries

RIMS survey reveals 3.5% rise in risk professional salaries

RIMS survey reveals 3.5% rise in risk professional salaries

Average wages for risk professionals in the US increased 3.5% in 2017, according to RIMS’ biannual Compensation Survey, which also recorded a 2% increase for practitioners in Canada. The average median wage for all risk professionals in the US totalled $120,000 in 2017, based on a survey of more than 780 RIMS members. In Canada, the median annual base salary…

UK general insurers pass PRA stress test but areas for improvement

UK general insurers pass PRA stress test but areas for improvement

UK general insurers pass PRA stress test but areas for improvement

UK general insurers met the recent regulatory stress test conducted by the Prudential Regulation Authority (PRA) and demonstrated higher quality results than the last time an assessment was conducted in 2015. But, in a letter to general insurance firms, the PRA highlighted several areas for improvement. It said few firms use more than simple loading to reflect weaknesses in their…

Sedgwick to buy Cunningham Lindsey

Sedgwick to buy Cunningham Lindsey

Sedgwick to buy Cunningham Lindsey

Risk and benefits solutions company Sedgwick Claims Management Services is to buy loss adjuster Cunningham Lindsey with its 600 offices and 6,000 staff across 60 countries. “Bringing the incomparable talent, expertise and robust global capabilities of Sedgwick, Vericlaim and Cunningham Lindsey under one umbrella is among the greatest stories to emerge from the claims industry in many years,” said Michael…

Airmic urges market to embrace FCA’s broker review

Airmic urges market to embrace FCA’s broker review

Airmic urges market to embrace FCA’s broker review

The insurance market should welcome the UK regulator’s review of competition in the wholesale broking market, and see it as an opportunity to get “fit for the future”, according to Airmic. In early November, the UK’s Financial Conduct Authority (FCA) launched a ‘market study’ to explore competition in the wholesale insurance broker sector and whether it could work better in…

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