Political risks rise as oil prices fall warns Marsh

Political risks rise as oil prices fall warns Marsh

Political risks rise as oil prices fall warns Marsh

Changing trends in the oil and gas industry, largely driven by lower oil prices, have presented risk managers with a new set of risks that need to be addressed, according to a report from broker Marsh. Political and socioeconomic risks have emerged, particularly in countries that have a high dependence on oil and gas, following the dip in oil prices…

Charter launched to eradicate modern slavery in construction supply chains

Charter launched to eradicate modern slavery in construction supply chains

Charter launched to eradicate modern slavery in construction supply chains

A Construction Coalition Charter has been launched in the UK that aims to eradicate modern slavery in construction supply chains. The Charter has been established by Building Research Establishment (BRE), the British Standards Institution (BSI) Supply Chain Services and Solutions and strategic communications partner Sustain Worldwide. The coalition of leading construction sector institutions and associations aims to raise awareness on…

Insurers entering less legal disputes with policyholders: survey

Insurers entering less legal disputes with policyholders: survey

Insurers entering less legal disputes with policyholders: survey

New research has found that insurers are less willing to raise disputes or get into conflict with policyholders as they enact new strategies focused on client retention in the current competitive climate. The report by consulting firm Gracechurch notes that this attitude is also due to the need for insurers to reduce the costs of raising disputes, given low investment…

Risk managers urged to review crisis plans following London terror attack

Risk managers urged to review crisis plans following London terror attack

Risk managers urged to review crisis plans following London terror attack

The ‘lone wolf’ terror attack in London this week highlights the changing nature of the terror threat, which is increasingly difficult to predict and prevent, said UK risk management association Airmic as it urged risk managers to review their organisations’ crisis response plans. On Tuesday, British-born Khalid Masood drove a car along the pavement in Westminster, London and stabbed a…

London attack to spark further demand for widening terror cover

London attack to spark further demand for widening terror cover

London attack to spark further demand for widening terror cover

Insured losses from the horrific terror attack on central London this week will be small, but the attack is likely to spark a rise in demand for specialist terror and political violence cover, with business interruption (BI) protection top of the list. Tim Davies, co-head of sabotage and terrorism at Lloyd’s insurer Sompo Canopius, told Commercial Risk Europe that sadly this…

London market moves ahead with single claims protocol

London market moves ahead with single claims protocol

London market moves ahead with single claims protocol

Key underwriting groups in the London market have approved a Single Claims Agreement model proposed by brokers that will allow lead carriers to authorise non-complex claims up to a specified value on behalf of all following carriers. Both the International Underwriting Association (IUA) and the London Market Association (LMA) have given the green light to the model that will be…

‘Balanced Book’ strategy pays dividends for HDI Global in soft market

‘Balanced Book’ strategy pays dividends for HDI Global in soft market

‘Balanced Book’ strategy pays dividends for HDI Global in soft market

HDI Global SE, the industrial insurance arm of German group Talanx, has reported a significant improvement in underwriting results, combined ratio and profits for 2016 despite continued soft markets and the low interest rate environment. The insurer has also promised to continue its push into international markets this year. Deputy chairman of the board of management at Talanx and CEO…

Third-party risks costing firms, survey finds

Third-party risks costing firms, survey finds

Third-party risks costing firms, survey finds

A quarter of businesses said exposure to third-party risks has cost them more than $10m in losses during the past 18 months, according to a global survey on third-party risk management by MetricStream. Some 21% of respondents said their organisation faced significant risk from third parties used to outsource processes and services, with threats ranging from data security to compliance…

EU and Japan target speedy conclusion of trade negotiations as protectionism rises

EU and Japan target speedy conclusion of trade negotiations as protectionism rises

EU and Japan target speedy conclusion of trade negotiations as protectionism rises

As risk managers try to work out the implications of growing protectionism in key global markets, the European Union and Japan have decided to seek a speedy conclusion to their latest trade talks. EU Presidents Jean-Claude Juncker and Donald Tusk meet today with Japan’s Prime Minister Shinzo Abe. Negotiations for a bilateral trade deal will feature high on the agenda.…

Insurers start raising rates after Ogden change

Insurers start raising rates after Ogden change

Insurers start raising rates after Ogden change

Insurers have started the first of several expected rate increases for UK liability insurance after changes to the Ogden rate took effect on Monday, according to the Association of British Insurers (ABI). On the same day, Travelers became the latest insurer to book reserve increases in the first quarter to account for the change. The US-based firm said its first…

1 2 3 187