Companies struggling with GDPR policies and extended security

Companies struggling with GDPR policies and extended security

Companies struggling with GDPR policies and extended security

Organisations are struggling to put in place policies and procedures to meet General Data Protection Regulation (GDPR) requirements, with governance, risk and compliance (GRC) efforts often grinding to a halt at their internal network perimeter, experts warn. Speaking during a panel debate on third-party risks under the GDPR, they also stressed that regulators have the power to stop data processing…

Airmic welcomes Pool Re terror coverage extension

Airmic welcomes Pool Re terror coverage extension

Airmic welcomes Pool Re terror coverage extension

UK risk management and broker associations have welcomed news that the country’s terrorism pool is to offer non-damage business interruption insurance for terrorist attacks. Pool Re says the change will make it the first government-backed terrorism pool to offer non-damage business interruption cover for acts of terror. The reinsurer has already extended its offering to include cyber terrorism, which it…

Demand for cyber and BI solutions grows

Demand for cyber and BI solutions grows

Demand for cyber and BI solutions grows

Interest in cyber and non-damage business interruption solutions is growing, according to insurers and brokers attending this year’s AMRAE conference in Marseille. Marsh has seen mounting interest in non-damage business interruption and cyber cover in France, with numerous clients asking for CBI studies, according to Fabrice Domange, chief executive of the broker’s French operation. “Boards are more aware of business…

BI risks rise for energy sector as supply chains intertwine, warns Marsh

BI risks rise for energy sector as supply chains intertwine, warns Marsh

BI risks rise for energy sector as supply chains intertwine, warns Marsh

Global energy firms face growing business interruption (BI) risks during the next ten years following changes to business practices, including supply chain integration and asset consolidation, according to Marsh. At its Energy Industry Conference in Dubai this week, the broker also noted that about three quarters of energy executives view BI as the biggest cyber loss concern. In a report…

Counting the cost of 2017’s huge nat cat losses

Counting the cost of 2017’s huge nat cat losses

Counting the cost of 2017’s huge nat cat losses

Last year’s natural catastrophe losses were the highest ever recorded, according to some market observers, while others place them very near the top, leaving the risk transfer industry, and potentially its customers in the long run, counting the cost of a heavy Atlantic hurricane season. Heavy hurricane losses contributed to an annual insured loss record of $135bn in 2017, according…

AMRAE to push market to close gap between risk and insurance

AMRAE to push market to close gap between risk and insurance

AMRAE to push market to close gap between risk and insurance

The insurance market is still falling short when it comes to offering companies the coverage they need for emerging and some developing risks, according to Brigitte Bouquot, president of AMRAE. In response, the association will prioritise discussion with the insurance market in the year ahead to find ways to bridge the gap between risk and insurance, she added. Speaking to…

Germany counts cost of Storm Friederike

Germany counts cost of Storm Friederike

Germany counts cost of Storm Friederike

Storm Friederike is estimated to have cost the German insurance market €500m, according to initial estimates by the German Insurance Association (GDV). Last Thursday’s storm saw wind speeds of up to 80mph and caused severe disruption and cancellations to Germany’s rail network. Eight people died in the storm, including two firefighters. Actuarial firm Meyerthole Siems Kohlruss, estimated insured losses in…

BI, cyber and nat cats top risk list for 2018 finds Allianz Barometer

BI, cyber and nat cats top risk list for 2018 finds Allianz Barometer

BI, cyber and nat cats top risk list for 2018 finds Allianz Barometer

Business interruption (BI), cyber and natural catastrophes are the leading business risks this year, according to more than 1,900 risk experts from 80 countries polled for the latest Allianz Risk Barometer. The survey by Allianz Global Corporate & Specialty (AGCS), reveals that BI and cyber also remain the leading two risks in Europe, where changes to legislation/regulation and natural catastrophes…

Munich Re and easyJet develop groundbreaking cancellation cover

Munich Re and easyJet develop groundbreaking cancellation cover

Munich Re and easyJet develop groundbreaking cancellation cover

An innovative business interruption coverage that protects airlines against financial shocks caused by major flight cancellations has been devised by Munich Re in collaboration with easyJet. The policy, which allows an airline to partially reduce its liquidity reserves, provides financial protection against events such as volcanic ash clouds, severe winter storms, or the grounding of a fleet for safety reasons.…

Hurricane losses set new cat record in 2017: Munich Re

Hurricane losses set new cat record in 2017: Munich Re

Hurricane losses set new cat record in 2017: Munich Re

Heavy hurricane losses contributed to an annual insured loss record of $135bn in 2017, according to Munich Re. Its figures show that at about $68bn, Hurricanes Harvey, Irma and Maria landed the US with 50% of the total insured loss bill, up from a long-term average of 32%. Before Christmas, Swiss Re’s sigma calculated global insured catastrophe losses at $136bn,…

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