EC’s collective redress proposals ‘extremely harsh’ on business and risk managers: source

EC’s collective redress proposals ‘extremely harsh’ on business and risk managers: source

EC’s collective redress proposals ‘extremely harsh’ on business and risk managers: source

The EC’s proposed pan-European collective redress system put forward last week is much tougher on business than observers feared and would have huge implications for companies in terms of liability, insurance and risk management, a source in Brussels close to risk and insurance managers told Commercial Risk Europe. With key safeguards previously put forward by the EC to stop abuse…

Ferma calls for balance in EC’s collective redress plans

Ferma calls for balance in EC’s collective redress plans

Ferma calls for balance in EC’s collective redress plans

Ferma is considering the implications of the EC’s plans to introduce collective redress across the EU and higher penalties for companies that breach consumer law, before making its next move. But the federation has already reiterated its stance against punitive damages and reconfirmed its belief that out-of-court settlements are preferable for business and consumers, while reminding the commission of the…

Above-average 2018 Atlantic hurricane season predicted

Above-average 2018 Atlantic hurricane season predicted

Above-average 2018 Atlantic hurricane season predicted

New research from the University of Colorado predicts that the Atlantic hurricane and storm season will be just above average this year. Seven hurricanes are forecast for 2018, above the median of 6.5 based on years 1981 to 2010. The number of hurricane days is forecast to total 30, compared to the average of 21.3. The number of major hurricanes…

Reinsurance space remains buyer’s market at 1 April renewals: Willis Re

Reinsurance space remains buyer’s market at 1 April renewals: Willis Re

Reinsurance space remains buyer’s market at 1 April renewals: Willis Re

The 1 April reinsurance renewals continued the trend set in January with a broadly flat pricing environment for loss-free programmes, as reinsurers failed to push through rate increases, according to Willis Re. Although ongoing reinsurance price declines witnessed during recent years have halted, plentiful capital, ongoing interest from the insurance-linked securities (ILS) sector and large primary insurers re-entering the reinsurance…

Insurers expect gradual turn in French and European market

Insurers expect gradual turn in French and European market

Insurers expect gradual turn in French and European market

Insurers at this year’s Les Rencontres de l’AMRAE believe large losses and rising interest rates should bring about a steady correction in the commercial insurance market. Last year’s near record natural catastrophe losses were expected to result in rate increases at the January renewals, especially for catastrophe-exposed or loss-affected accounts. However, excess capital continues to persist and changes to market…

Insurance market weathers 2017 losses but clouds remain on the horizon

Insurance market weathers 2017 losses but clouds remain on the horizon

Insurance market weathers 2017 losses but clouds remain on the horizon

European corporate risk and insurance managers will be relieved by evidence from international insurer and reinsurer 2017 results and renewals reports. While Hurricanes Harvey, Irma and Maria have halted the seemingly endless softening of insurance and reinsurance rates, or at least reduced price declines, they have not yet led to a dramatic hardening as seen after previous catastrophic losses in…

European commercial rates fall despite first global increase for five years: Marsh

European commercial rates fall despite first global increase for five years: Marsh

European commercial rates fall despite first global increase for five years: Marsh

Global commercial insurance rates rose for the first time in five years during the last quarter of 2017, almost exclusively due to a rise in property premiums, according to Marsh’s Global Insurance Market Index. But while rates were up 0.9% in the UK, they fell by 1.1% on average in continental Europe despite the pace of decline slowing. Marsh said…

Dietary supplements drive increase in European food recalls during Q4 2017

Dietary supplements drive increase in European food recalls during Q4 2017

Dietary supplements drive increase in European food recalls during Q4 2017

Dietary supplements were behind a 13% increase in European Union food recalls during the last three months of 2017, according to Stericycle Expert Solutions Recall and Notification Index report. The period recorded the second highest number of food recalls – 1,083 – since the European Commission’s Rapid Alert System for Food and Feed (RASFF) was set up in 1979. Stericycle…

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…

French market stable but rate increases more likely

French market stable but rate increases more likely

French market stable but rate increases more likely

Insurance rates in France remain stable, but interest rate rises or further heavy losses could yet see the market harden, according to brokers and insurers attending the AMRAE conference in Marseilles. While insurers have talked of the need to raise rates following heavy nat cats in 2017, French pricing has largely been the same as last year, according to Fabrice…

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