Political change in US and Europe has ‘blindsided’ risk managers: survey

Political change in US and Europe has ‘blindsided’ risk managers: survey

Political change in US and Europe has ‘blindsided’ risk managers: survey

Unexpected political movements in Europe and the US during 2017 have “blindsided” global companies, with nine out of ten executives reporting an increase in geopolitical risks in the past five years, according to a survey from Willis Towers Watson and Oxford Analytica. The survey found that unpredictable political change in the US and Europe has rocked the business world and…

XL Catlin Iberia expands into political risk

XL Catlin Iberia expands into political risk

XL Catlin Iberia expands into political risk

XL Catlin’s Iberia operation will begin underwriting political risk insurance after appointing Santiago Herrero as head of political risk, credit and bond for the region. Mr Herrero will be based in Madrid and will report to Dan Riordan, XL Catlin’s global head of political risk. José Ramón Morales, XL Catlin’s country manager for Iberia, said: “Emerging economies are going through…

Hiscox appoints former director of GCHQ as cyber adviser

Hiscox appoints former director of GCHQ as cyber adviser

Hiscox appoints former director of GCHQ as cyber adviser

Hiscox has appointed Robert Hannigan, the former director of UK intelligence and security agency GCHQ, as special adviser on cybersecurity. Hiscox UK & Ireland said Mr Hannigan will work with its cyber specialists to develop cyber products and educate staff and clients about managing cyber risks. Mr Hannigan will also advise on how emerging threats and criminal techniques could impact…

Ransomware attacks impact corporate earnings

Ransomware attacks impact corporate earnings

Ransomware attacks impact corporate earnings

The financial cost and extent of business interruption caused by recent ransomware attacks has been laid bare over the past month as several corporates have reported “material” losses. The WannaCry and NotPetya ransomware attacks affected organisations around the world in May and June of this year, with the latter appearing more disruptive for business. NotPetya caused significant disruption for service…

Comoros joins Afreximbank

Comoros joins Afreximbank

Comoros joins Afreximbank

Comoros has become the latest African state to join the African Export-Import Bank (Afreximbank). The bank said the decision takes it one step closer to full coverage of the African continent. Comoros activated its membership as Afreximbank’s 46th participating state on 12 September when Said Ali Said Chayhane, the minister of finance and budget, signed the instrument of accession to…

Hurricane Irma to cost insurers $35bn to $55bn: RMS

Hurricane Irma to cost insurers $35bn to $55bn: RMS

Hurricane Irma to cost insurers $35bn to $55bn: RMS

Insured losses from Hurricane Irma are estimated at between $35bn and $55bn, according to the latest report from modelling firm RMS. The insured loss estimate includes wind, storm surge and inland flooding across Florida and other affected southeastern US states, as well as wind and storm surge in the Caribbean. Losses to the US National Flood Insurance Program (NFIP) from…

EC proposes new measures to boost cybersecurity and flow of data in EU

EC proposes new measures to boost cybersecurity and flow of data in EU

EC proposes new measures to boost cybersecurity and flow of data in EU

The European Commission (EC) has proposed a wide-ranging set of measures to beef up cybersecurity in the EU, which include a set of tools to ensure Europe and its organisations are better equipped to deal with cyberattacks. The EC has also put forward new rules to facilitate free flow of non-personal data across the EU and create a digital single…

IUMI highlights another fall in global marine premium income amid continuing uncertainty

IUMI highlights another fall in global marine premium income amid continuing uncertainty

IUMI highlights another fall in global marine premium income amid continuing uncertainty

Global marine underwriting premiums fell by 9% in 2016 to $27.5bn, following a similar fall the previous year, according to the latest annual statistical report on the marine insurance market by the International Union of Marine Insurance (IUMI). The hull sector saw a 10% fall in premium income to $7bn, while the cargo sector fell by 6% to $15bn. The…

Regulatory changes increase UK D&O risk as investigations increase

Regulatory changes increase UK D&O risk as investigations increase

Regulatory changes increase UK D&O risk as investigations increase

A new survey by Willis Towers Watson and Allen & Overy shows that a third of UK companies have undergone a claim or investigation involving one of its senior managers or directors this year, up from 27% in 2016. Willis Towers Watson said additional regulatory scrutiny, corporate governance reform and an extension of the UK regulator’s Senior Managers Regime will…

$600m safety net for Ethiopia farms

$600m safety net for Ethiopia farms

$600m safety net for Ethiopia farms

The World Bank has approved a $600m International Development Association (IDA) grant to support the Ethiopian government’s vision of a national safety net system to provide effective support in chronically food insecure rural areas, particularly during droughts. The Rural Productive Safety Net Project supports the evolution of the government’s umbrella Productive Safety Net Program (PSNP), which has been in operation…

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