Delayed payments still common at German firms, but lack of concern over Brexit: Coface

Delayed payments still common at German firms, but lack of concern over Brexit: Coface

Delayed payments still common at German firms, but lack of concern over Brexit: Coface

A new survey from credit insurer Coface has revealed that nearly 78% of Germany companies were affected by delayed payments this year, although the figure has improved six percentage points since the survey was first carried in 2016. The survey also found that 87% of respondents do not expect any significant negative impact from Brexit on receivables, with only 3.3%…

Parker Fitzgerald and HolistiCyber form cyber risk partnership

Parker Fitzgerald and HolistiCyber form cyber risk partnership

Parker Fitzgerald and HolistiCyber form cyber risk partnership

Risk management consultancy Parker Fitzgerald has formed a strategic partnership with HolistiCyber to address state-level cyber threats to banks and other financial services firms. Cyber defence company HolistiCyber was founded by cyber experts for the Israeli Defence Force’s intelligence branch. Announcing the partnership, the companies said financial institutions are facing a growing threat from cyber at a time when bank’s…

Liberty Specialty Markets moves UK insurer to Luxembourg

Liberty Specialty Markets moves UK insurer to Luxembourg

Liberty Specialty Markets moves UK insurer to Luxembourg

Liberty Specialty Markets (LSM) will redomicile its European headquarters to Luxembourg, to ensure its business can continue unaffected by Brexit and any potential loss of passporting rights. In July, the company said it would establish a post-Brexit EU headquarters in Luxembourg alongside its London head office. However, the firm has now announced it will move current UK-based Liberty Mutual Insurance…

Airmic urges market to embrace FCA’s broker review

Airmic urges market to embrace FCA’s broker review

Airmic urges market to embrace FCA’s broker review

The insurance market should welcome the UK regulator’s review of competition in the wholesale broking market, and see it as an opportunity to get “fit for the future”, according to Airmic. In early November, the UK’s Financial Conduct Authority (FCA) launched a ‘market study’ to explore competition in the wholesale insurance broker sector and whether it could work better in…

Marsh promotes Costin and Heath to UK aviation roles

Marsh promotes Costin and Heath to UK aviation roles

Marsh promotes Costin and Heath to UK aviation roles

Marsh has appointed Mark Costin as head of its UK aviation practice. Mr Costin was previously leader of Marsh’s UK aerospace team and will be placed by Oyin Heath. Marsh said Mr Costin will continue to be based in London. In his new role, he will be responsible for developing risk and insurance services and solutions for UK and international…

Product recall risks and costs surge: AGCS

Product recall risks and costs surge: AGCS

Product recall risks and costs surge: AGCS

Product recall exposures have soared in the past ten years, with the average cost of a significant recall estimated at $12m, according to a new report from Allianz Global & Corporate Specialty (AGCS). It also warns that “ripple” costs, where a single recall impacts multiple manufacturers and countries, can raise the ultimate bill to billions of dollars. Moreover, new risks…

AGCS strengthens UK cyber team

AGCS strengthens UK cyber team

AGCS strengthens UK cyber team

Allianz Global Corporate & Specialty (AGCS) has promoted Yogesh Virji to lead its UK cyber team and appointed Hui Yu as senior cyber underwriter. Mr Virji has worked as underwriting manager for financial lines at AGCS for the past six years. Ms Yu joins AGCS from Principia Underwriting where she worked as an underwriter for technology liability, network security and…

Chubb adds new features to business traveller app

Chubb adds new features to business traveller app

Chubb adds new features to business traveller app

Chubb has enhanced its travel app for companies, which monitors the safety of employees while travelling for work overseas. The latest version of the Travel Smart app issues safety alerts and travel information for business travellers and allows companies to look after their employees while abroad. Additional features include new technology to speed up identification of potential threats based on…

Ferma president urges large firms to adopt cyber risk governance group

Ferma president urges large firms to adopt cyber risk governance group

Ferma president urges large firms to adopt cyber risk governance group

Ferma president Jo Willaert has urged all European companies to adopt the cyber risk governance model put forward by the federation and the European Confederation of Institutes of Internal Auditing (ECIIA). For larger organisations, this includes a cyber risk governance group headed by the risk manager to ensure this pressing threat is better managed. Speaking at Commercial Risk Europe’s Risk…

London insurers propose plan to ensure buyers can access EU and UK markets post-Brexit

London insurers propose plan to ensure buyers can access EU and UK markets post-Brexit

London insurers propose plan to ensure buyers can access EU and UK markets post-Brexit

The London insurance market has proposed a solution to ensure buyers in both Europe and the UK can continue to access insurers on the other side of the Channel post-Brexit. Handing over the proposals to the UK government, the London Market Group (LMG) said commercial buyers must be given uninterrupted access to London’s specialty risk markets. The LMG said under…

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