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…

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…

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…

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,…

Losses from storm Eleanor/Burglind up to €1.6bn: AIR

Losses from storm Eleanor/Burglind up to €1.6bn: AIR

Losses from storm Eleanor/Burglind up to €1.6bn: AIR

Insured losses from winter Storm Eleanor, also known as Storm Burglind, will range between €1.1bn and €1.6bn, according to estimates from catastrophe modelling company AIR Worldwide. The fifth named European storm of the winter season, which struck early this month, began in Ireland and the UK with winds of up to 100 mph. It then headed to mainland Europe, where…

UK regulator slaps Carphone Warehouse with large cyber breach fine

UK regulator slaps Carphone Warehouse with large cyber breach fine

UK regulator slaps Carphone Warehouse with large cyber breach fine

Carphone Warehouse has been fined £400,000 by the UK’s Information Commissioner’s Office (ICO), for failing to protect customer data from cyberattacks. It is one of the largest fines ever levied by the regulator. The ICO said a cyberattack in 2015 left personal data of more than three million customers exposed. It said Carphone Warehouse failed to secure its computer system…

BIBA rolls out trade credit insurance scheme

BIBA rolls out trade credit insurance scheme

BIBA rolls out trade credit insurance scheme

British broker association BIBA has partnered with CMR Insurance Services to provide its members with access to trade credit insurance for their clients. BIBA said the cover will protect businesses from the risk of commercial clients failing to meet payments and reduce the risk of bad debt. High profile business collapses, including airline Monarch, have drawn attention to trade risk.…

Aon appoints head of legal for finpro

Aon appoints head of legal for finpro

Aon appoints head of legal for finpro

Aon has named Edward Smerdon as head of legal and technical in its financial and professional services division at its Global Broking Centre (GBC) in London. Mr Smerdon joins Aon from law firm Sedgwick Detert Moran & Arnold, where he was managing partner. Prior to that, he was a partner at Reynolds Porter Chamberlain. Aon said Mr Smerdon joins the…

Rate increases likely to be shortlived

Rate increases likely to be shortlived

Rate increases likely to be shortlived

Commercial insurance and reinsurance rates increased at the January renewal, but an influx of capital means price rises may not be sustained. Reinsurance broker Aon Benfield said this week that recent increases in reinsurance rates at the January renewal are likely to be “shortlived”, with strong competition and new capital entering the sector. “Reinsurance pricing has moved up in lines…

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