Ferma, Airmic and IRM embrace new version of ISO 31000

Ferma, Airmic and IRM embrace new version of ISO 31000

Ferma, Airmic and IRM embrace new version of ISO 31000

Three leading risk management bodies have welcomed the release of a revised ISO 31000, praising its focus on the role of leadership in embedding risk management. The International Organization for Standardization (ISO) published a new version of its ISO 31000 Risk Management Guidelines on Friday. The revised version is said to be a clearer and more concise guide to risk…

Mayor of Cologne in London to promote city as EU insurance hub

Mayor of Cologne in London to promote city as EU insurance hub

Mayor of Cologne in London to promote city as EU insurance hub

Henriette Reker, the Mayor of Cologne, was in London today to meet leading representatives of the London insurance and reinsurance market and explain why Cologne should be considered as a viable option for UK and international insurers seeking a base for their European Union (EU) operations. The bulk of premium generated by Lloyd’s still comes from the US, with increasing…

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Turbulence in political risk – particularly Brexit negotiations, trade protectionism and the North Korea missile crisis – will continue into 2018 and feature high on the agenda of multinationals, Marsh said on publishing its Political Risk Map 2018 with BMI Research. In Europe, the political risk landscape continues to be dominated by the UK’s exit from the European Union and…

AXA CS sees revenues up 2% to €2.3bn but earnings halved

AXA CS sees revenues up 2% to €2.3bn but earnings halved

AXA CS sees revenues up 2% to €2.3bn but earnings halved

While total revenues were up 2% last year to €2.3bn, AXA Corporate Solutions saw underlying earnings fall by 59% to €50m. The hit to earnings was mainly a result of heavy nat cat losses, which totalled €80m in 2017 as Hurricanes Maria, Irma and Harvey, as well as earthquakes in Mexico and wildfires in California, took their toll. This dented AXA Corporate Solutions’ profits…

UK rate increases fail to materialise, with market largely flat: Willis

UK rate increases fail to materialise, with market largely flat: Willis

UK rate increases fail to materialise, with market largely flat: Willis

UK corporate insurance buyers have avoided the hefty rate rises some predicted following record catastrophe-driven losses in the insurance and reinsurance markets last year, with the market largely flat, according to line-by-line analysis by Willis Towers Watson. However, with rate rises failing to materialise, buyers may instead face more selective underwriting as insurers focus on costs and reassess the quality…

Cyber breaches take on new forms, warns Beazley

Cyber breaches take on new forms, warns Beazley

Cyber breaches take on new forms, warns Beazley

Cyber hacks and malware were the most common cause of data breach in 2017, according to Beazley, accounting for 36% of incidents reported by its clients last year, followed by accidental disclosure at 28%, and insider breach and social engineering at 10% each. The insurer’s latest analysis also reveals three growing cyber threats to business, in the form of payroll…

AMRAE teams with insurers and others to boost cyber response

AMRAE teams with insurers and others to boost cyber response

AMRAE teams with insurers and others to boost cyber response

Risk managers and insurers need to accelerate the development of cyber risk culture within their organisations, clearly explain the content of different cyber coverage options to allow easier comparisons and strengthen trust between cyber policyholders and transfer partners, according to a group of leading French experts. A working party is being created, led by the French Insurance Association (FFA) and…

French risk and insurance management community leads the way on cyber

French risk and insurance management community leads the way on cyber

French risk and insurance management community leads the way on cyber

The French risk and insurance management community deserves a big pat on the back for its ongoing efforts to sort out the cyber insurance market and make it fit for purpose for risk managers in France and across Europe. Cyber is clearly a hugely important matter for the European corporate risk management community. It offers a great opportunity for individual…

Updated ISO 31000 released

Updated ISO 31000 released

Updated ISO 31000 released

International risk management standard ISO 31000 – Risk Management Principles and Guidelines – was updated on Friday to address new risks facing business, following a consultation with industry and other stakeholders. The new, shorter version addresses changes to the risk environment since ISO 31000 was first published in 2009. In particular, it looks to address more complex economic systems and…

WEF steps forward with plans to combat the big risks

WEF steps forward with plans to combat the big risks

WEF steps forward with plans to combat the big risks

At its latest gathering in Davos, the World Economic Forum (WEF) put forward several initiatives it believes will help address the major, systemic risks highlighted in its 2018 Global Risks Report, explained Rick Samans, the forum’s managing director and head of global agenda. Firstly, the WEF will launch a two-year dialogue on the future of economic progress, he said. “We…

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