Certainty of coverage most common reason for global programme, Aon survey finds

Certainty of coverage most common reason for global programme, Aon survey finds

Certainty of coverage most common reason for global programme, Aon survey finds

The most common reason for purchasing a multinational insurance programme is certainty of coverage, followed by cost savings and statutory compliance (access to local admitted coverage where non admitted is prohibited), Aon’s 2017 Global Risk Management Survey reveals. These are the same top three reasons as in the last survey two years ago. In fourth place was programme performance (access…

APAC companies top the charts for risk preparedness: Aon survey

APAC companies top the charts for risk preparedness: Aon survey

APAC companies top the charts for risk preparedness: Aon survey

Global companies’ preparedness for the top 10 risks they face has deteriorated and risk readiness of global firms is at an all-time low, according to Aon’s 2017 Global Risk Management Survey. Global preparedness for the top 10 risks fell from 58% in 2015 to 53% in 2017. Aon said the findings are “worrisome”, particularly given that this year’s report surveyed…

Chinese regulator warns insurers over liquidity risks, capital management and internal controls

Chinese regulator warns insurers over liquidity risks, capital management and internal controls

Chinese regulator warns insurers over liquidity risks, capital management and internal controls

The China Insurance Regulatory Commission (CIRC) has warned insurance companies that they must guard against liquidity risks with regular cash flow tests, according to the Xinhua News Agency. In a circular issued by CIRC, the regulator says insurers must follow and analyse changes in the macro-economy, stock and bond markets. “A prudent investment scheme must be established to strengthen asset…

Data breaches up 39% in Q1 2017: Beazley

Data breaches up 39% in Q1 2017: Beazley

Data breaches up 39% in Q1 2017: Beazley

Beazley has recorded a 39% in the number of data breaches reported by its clients in the first three months of this year. The Beazley Breach Response Services (BBR) unit managed 641 data breaches in the first quarter of 2017, compared to 462 during the same period last year. BBR identified phishing scams as a growing risk for firms in…

Advertorial: What’s a steering wheel?

Advertorial: What’s a steering wheel?

Advertorial: What’s a steering wheel?

In the past few months: a self-driving pod developed by Oxbotica made its debut in Milton Keynes, England; a self-driving truck delivered a load of beer in Colorado; autonomous buses took to the streets in several cities including Lyon in France, Sion in Switzerland and Dubai; and self-driving taxis were introduced in Singapore. For many people, seeing or riding in…

Bermudian market records premiums of $92.3bn in 2016

Bermudian market records premiums of $92.3bn in 2016

Bermudian market records premiums of $92.3bn in 2016

Members of the Association of Bermuda Insurers and Reinsurers (ABIR) posted global net income of $10.2bn in 2016, with gross premium at $92.3bn on a capital and surplus base of $123.6bn. The results cover 21 of 23 ABIR’s members. The ABIR said direct comparisons with previous years could not be made as the association gained three new members during 2016…

FM Global to set up European hub in Luxembourg

FM Global to set up European hub in Luxembourg

FM Global to set up European hub in Luxembourg

FM Global has decided to set up a European hub in Luxembourg post-Brexit, to ensure full access to clients on the continent. The US firm’s executive vice-president in charge of European business, Chris Johnson, told Reuters that it will set up a subsidiary in Luxembourg, while also continuing to operate from its current European base in Windsor, London. Mr Johnson…

AIR Worldwide rolls out cyber risk model

AIR Worldwide rolls out cyber risk model

AIR Worldwide rolls out cyber risk model

A cyber risk modelling tool for commercial insurers has been released by AIR Worldwide, the cat risk modelling company. AIR says that ARC (Analytics of Risk from Cyber) can evaluate any commercial policy (including those vulnerable to silent cyber), measure and monitor aggregations of cyber risk within a portfolio, and estimate potential insured cyber losses for portfolios. “Insurers typically have…

Liberty Specialty Markets names new broker head

Liberty Specialty Markets names new broker head

Liberty Specialty Markets names new broker head

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has appointed Kerry McKay to the newly created role of head of distribution and client management for continental Europe. He will report directly to LSM’s head of Europe, Kadidja Sinz. LSM said it wants to expand its operations as a specialist insurer throughout Europe, across its six continental European branch…

Trump orders review of ‘systemically important financial institutions’ process

Trump orders review of ‘systemically important financial institutions’ process

Trump orders review of ‘systemically important financial institutions’ process

The US President, Donald Trump, has told the Treasury to put a temporary ban on identifying non-bank financial companies as “systemically important” and to review the whole process. Currently, two insurers, AIG and Prudential Financial, are designated as “systemically important”. In a Presidential memorandum for the Secretary of the Treasury, President Trump directs the Treasury Secretary Steven Mnuchin to conduct…

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