BIBA tells UK Treasury IPT is ‘Budget no-go’

BIBA tells UK Treasury IPT is ‘Budget no-go’

BIBA tells UK Treasury IPT is ‘Budget no-go’

The British Insurance Brokers’ Association (BIBA) has told HM Treasury that insurance premium tax (IPT ) is a “Budget no-go”, as the UK’s Chancellor of the Exchequer prepares his autumn Budget this week. In its submission to HM Treasury, BIBA set out the reasons why the Chancellor should heed warnings that IPT is too high in the UK. BIBA said…

Sompo to create European base in Luxembourg as expansion plans pick up pace

Sompo to create European base in Luxembourg as expansion plans pick up pace

Sompo to create European base in Luxembourg as expansion plans pick up pace

Sompo International (SI), the global insurer led by John Charman and formed through the acquisition of Endurance by Japan’s Sompo earlier this year, has announced the next big step in its ambitious strategy to become a serious player in the European and global commercial and corporate insurance sector. The company announced this week that it plans to establish a new…

Marine executives concerned over unmanned ship liability: survey

Marine executives concerned over unmanned ship liability: survey

Marine executives concerned over unmanned ship liability: survey

Uncertainty over liabilities of, and insurance for, unmanned ships is preventing the development of new technology in the marine sector, according to a new report from law firm Clyde & Co and the Institute of Marine Engineering, Science & Technology (IMarEST). The report found that 80% of 200 marine industry executives surveyed are unsure how the insurance industry will approach…

XL Catlin appoints German manager

XL Catlin appoints German manager

XL Catlin appoints German manager

XL Catlin has appointed Dr Thomas Götting as country manager for Germany. Dr Götting will take up the role at the beginning of 2018, following the retirement of Dieter Goebbels. Dr Götting joins XL Catlin from Coface where he was a member of the management board, northern Europe region, and regional commercial director. Based in Cologne, Dr Götting will report…

AGCS appoints new global head of ART

AGCS appoints new global head of ART

AGCS appoints new global head of ART

Allianz Global Corporate & Specialty (AGCS) has appointed Paul Schiavone as global head of AGCS’s alternative risk transfer (ART) business, taking over from Bill Guffey who is leaving Allianz after 15 years to pursue other opportunities. According to AGCS, ART focuses on providing tailor-made solutions for corporate, industrial and financial clients facing unusual or complex risks, where traditional (re)insurance and…

RMS advises caution over Maria insured loss estimates

RMS advises caution over Maria insured loss estimates

RMS advises caution over Maria insured loss estimates

Insured losses for Puerto Rico from Hurricane Maria might be lower than was initially feared by many insurers and reinsurers, according to RMS senior product manager Tom Sabbatelli. Maria struck Puerto Rico as a Category 4 hurricane on 20 September. Catastrophe modellers’ loss estimates for the storm varied between $15bn and $85bn, with RMS’s forecast coming in at the low…

The ghost of Spitzer walks again?

The ghost of Spitzer walks again?

The ghost of Spitzer walks again?

News broke in recent weeks that the UK’s Financial Conduct Authority (FCA) has opened an inquiry into the wholesale insurance broking sector, to make sure that it fosters innovation and competition in the interests of consumers. It appears that the focus of this inquiry will be on broker facilities. At the end of October, the European Commission (EC) also confirmed…

UK risk managers warned to comply with GDPR despite Brexit

UK risk managers warned to comply with GDPR despite Brexit

UK risk managers warned to comply with GDPR despite Brexit

Uk risk managers and their bosses need to forget the idea that Brexit will somehow let them off the hook when it comes to the EU’s forthcoming General Data Protection Regulations (GDPR). The UK will have to apply the tough new rules for at least ten months and probably beyond if its companies want to continue receiving personal data from…

Buyers seek holistic ‘cashflow’ solutions

Buyers seek holistic ‘cashflow’ solutions

Buyers seek holistic ‘cashflow’ solutions

Large corporates are placing more emphasis on protecting cashflow than physical assets and this transition demands more innovative insurance solutions, according to a breakout panel debate at the Ferma Forum in Monte Carlo. Introducing the debate, Chris Lajtha, founder of risk consultancy Adageo, said that commercial insurance addresses just a relatively small percentage of companies’ exposures to volatility and unforeseen…

FM Global sees growing concern over flood BI

FM Global sees growing concern over flood BI

FM Global sees growing concern over flood BI

Business interruption concerns are driving bigger investments in flood mitigation by large corporates, according to Thierry Masurel, manager, Paris operations at FM Global in France. In a year that has seen some of the biggest storms and flooding in living memory hit parts of the US and Caribbean, large companies are becoming more aware of business interruption following flood, Mr…

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