Ferma calls for EU-wide database on climate change risks

Ferma calls for EU-wide database on climate change risks

Ferma calls for EU-wide database on climate change risks

Ferma has called on the eu to collect better data on – and deliver access to – climate change risk data, promote related professional risk management practices, and help organisations make use of available options to finance climate-related threats. In a position paper submitted to the EU’s Strategy on Adaptation to Climate Change consultation, the European risk management association writes…

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…

Ferma plans moves to boost cyber insurance

Ferma plans moves to boost cyber insurance

Ferma plans moves to boost cyber insurance

Ferma is planning guidance on buying cyber insurance to help risk managers obtain cover that better reflects their needs. Following the publication of its cyber risk management and governance guide in June 2017, Ferma envisages publishing guidance later this year on purchasing cyber insurance. The report would be intended as a tool to help risk managers compare different cyber insurance…

Going green: how environmental liability exposures can be managed in global programmes

Going green: how environmental liability exposures can be managed in global programmes

Going green: how environmental liability exposures can be managed in global programmes

With both public and regulatory scrutiny of environmental damage on the increase, and the potential for large clean-up and remediation costs, environmental liability is one of the most important exposures many companies face. And the differing legal systems across the world mean that managing environmental liabilities can appear complex. Adias Gerbaud, head of environmental international at XL Catlin, based in…

Sanchi’s expanding oil slick raises environmental concerns

Sanchi’s expanding oil slick raises environmental concerns

Sanchi’s expanding oil slick raises environmental concerns

The spill from the stricken oil tanker Sanchi has created an oil slick that has trebled in size since the ship went down in the East China Sea in a ball of flames more than a week ago, and is threatening to make it the costliest marine disaster in recent memory. China’s State Oceanic Administration reported on Sunday that it…

Insurers face climate change risk mitigation ‘hurdles’, says leading thinktank

Insurers face climate change risk mitigation ‘hurdles’, says leading thinktank

Insurers face climate change risk mitigation ‘hurdles’, says leading thinktank

The insurance sector is blocked from doing more to tackle climate change, according to a new report from industry thinktank The Geneva Association. The sector is keen to “scale up” its contribution to building resilience against extreme weather events, but efforts are being hindered by several external hurdles, the report states. The Geneva Association said the insurance industry is addressing…

Environmental and cyber risks rise to prominence in WEF’s 2018 risk report

Environmental and cyber risks rise to prominence in WEF’s 2018 risk report

Environmental and cyber risks rise to prominence in WEF’s 2018 risk report

Environmental and cyber risks are two of the most significant threats facing businesses and economies, according to the World Economic Forum’s (WEF) Global Risk Report 2018. The report, published today ahead of the World Economic meeting in Davos next week, highlights the growing importance of environmental and cyber risks, underlining the systemic natures of these threats. The WEF Global Risks…

More insurers take action on coal and climate change

More insurers take action on coal and climate change

More insurers take action on coal and climate change

Insurance companies have pulled $20bn out of investments in coal and a growing number are refusing to underwrite new coal projects, according to a scorecard on the industry from the Unfriend Coal campaign. Zurich announced this week that it will divest from and cease offering insurance to companies that depend on coal for more than 50% of their business. The…

Willis Towers Watson calls end of soft market in US

Willis Towers Watson calls end of soft market in US

Willis Towers Watson calls end of soft market in US

Rate increases are on the cards for US commercial insurance buyers in 2018, as a direct result of the recent spate of costly hurricanes. Although market reaction to windstorms Harvey, Irma and Maria is still evolving in the run-up to the 1 January renewals, it is likely that the hit to insurers’ earnings will put underwriters under pressure to raise…

Beazley launches Spanish operation

Beazley launches Spanish operation

Beazley launches Spanish operation

London-based international specialty insurer Beazley formally launches its Spanish operation at a reception in Madrid this evening, where brokers and customers can learn about its expanding offering for the Spanish market. Beazley’s Spanish operation is based in Barcelona and is led by Lorena Segovia, who was hired in May from HCC Global to the newly-created role of financial lines regional…

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