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…

Reinsurance underwriting cycle turns but modest price rises, says Fitch

Reinsurance underwriting cycle turns but modest price rises, says Fitch

Reinsurance underwriting cycle turns but modest price rises, says Fitch

The reinsurance underwriting cycle may finally have turned, but price rises look modest, according to Fitch Ratings, suggesting that the cycle may have become flatter. The ratings agency noted that rates for property catastrophe reinsurance increased at 1 January 2018, according to recent reports from brokers, which is the first rise since 2013. But despite large catastrophe losses in 2017,…

Beazley sees sharp rise in combined ratio for 2017

Beazley sees sharp rise in combined ratio for 2017

Beazley sees sharp rise in combined ratio for 2017

London-based specialty insurance group Beazley plc expects to report a combined ratio of 99% for the year ended 31 December 2017, compared with 89% for 2016. In its post-close trading update ahead of the 2017 full-year results announcement on 8 February 2018, Beazley said the group expects to report an investment return of 2.9% for the year on average invested…

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…

Willis Towers Watson bolsters Channel Islands business with new appointments

Willis Towers Watson bolsters Channel Islands business with new appointments

Willis Towers Watson bolsters Channel Islands business with new appointments

Willis Towers Watson has appointed Alex Steele and Russell Nicholson to its Guernsey-based financial institutions practice, with joint responsibility for client relationships. Anthony Kay will take on the same role in Jersey. Willis Towers Watson said the appointments demonstrated its commitment to the Channel Islands. Ms Steele has worked for Willis Towers Watson since 2006 in a number of client…

Zep Re rating affirmed

Zep Re rating affirmed

Zep Re rating affirmed

Developing strong risk management principles has helped Nairobi-based reinsurer Zep Re maintain its AM Best ratings. AM Best has affirmed the financial strength rating of B++ and the long-term issuer credit rating bbb of ZEP-RE, PTA Reinsurance Company, Kenya. The outlook of these credit ratings is stable. AM Best said: “The company has a developed set of enterprise risk management…

Blockchain set to take pain out of global programmes

Blockchain set to take pain out of global programmes

Blockchain set to take pain out of global programmes

Blockchain technology, which has been shown to significantly reduce the administrative burden for risk managers designing multinational programmes and enhance service from insurers, is set to revolutionise this famously complicated area of insurance. A number of insurers have been testing blockchain technology, including its application for multinational insurance programmes. AIG’s development of blockchain technology in the multinational insurance space is…

FM Global CEO Lawson takes on chairman role

FM Global CEO Lawson takes on chairman role

FM Global CEO Lawson takes on chairman role

President and CEO of FM Global, Thomas Lawson, has added chairman to his title after he was elected by the board to succeed Shivan Subramaniam. Mr Subramaniam served as FM Global’s chairman from 2002 and was CEO from 1999 to 2014. “The board extends its gratitude to Shivan for his significant service as chairman of the board and as leader…

Tanker Sanchi sinks with no survivors

Tanker Sanchi sinks with no survivors

Tanker Sanchi sinks with no survivors

The Sanchi, the stricken Iranian tanker that collided with a US freighter off the eastern coast of China in one of the worst oil ship disasters in decades has sunk, taking with it all remaining survivors on board, according to Iranian officials. According to an Iranian navy commander speaking on Saturday 13 January, a massive explosion occurred on the ship,…

Chubb appoints for new A&H Europe role

Chubb appoints for new A&H Europe role

Chubb appoints for new A&H Europe role

Chubb has appointed Veronique Brionne to the new role of senior vice president for accident and health (A&H) in continental Europe. At the same time, Andrew Nisbet has been named as senior vice-president, A&H for the UK and Ireland. Ms Brionne is currently Chubb country president for Spain and Portugal. Ms Brionne will continue this role, alongside new responsibilities for…

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