Confidence down at UK multinationals as risk ‘blindspots’ surface

Confidence down at UK multinationals as risk ‘blindspots’ surface

Confidence down at UK multinationals as risk ‘blindspots’ surface

As UK multinationals report a marked drop in confidence levels in response to political and economic upheaval driven, in part, by Brexit, there are worrying signs they are taking their eyes off other pressings risks, finds a survey by CNA Harvey. The insurer believes this is leading to risk “blindspots” that are only likely to increase as UK multinationals look…

French market soft with signs of innovation but insurers selective in loss-hit areas: AMRAE

French market soft with signs of innovation but insurers selective in loss-hit areas: AMRAE

French market soft with signs of innovation but insurers selective in loss-hit areas: AMRAE

The soft commercial insurance market continues for French buyers, but insurers are becoming very selective about certain risks and reacting to even small losses suffered by insureds, according to AMRAE. In its annual State of The Market report, the French risk and insurance management association says insurers continue to come under pressure over pricing and buyers clearly have the upper…

More than $1.2bn paid to date for Tianjin claims, says CIRC

More than $1.2bn paid to date for Tianjin claims, says CIRC

More than $1.2bn paid to date for Tianjin claims, says CIRC

The Tianjin bureau of the China Insurance Regulatory Commission (CIRC) has revealed that more than CNY8.1bn ($1.2bn) of insurance claims related to the Tianjin port explosions had been settled by the end of 2016. The explosions occurred in two chemical warehouses back in August 2015 and killed 165 people. This was one of the biggest and costliest man-made catastrophes reported…

Irma set to cost insurance industry less than initially feared and unlikely to shift market

Irma set to cost insurance industry less than initially feared and unlikely to shift market

Irma set to cost insurance industry less than initially feared and unlikely to shift market

Insured loss estimates from Hurricane Irma are lower than initially feared, with the latest placing costs at around $25bn. Experts predict that losses from Hurricanes Irma and Harvey will not shift global insurance market pricing. Yesterday, risk analysis firm Karen Clarke & Co estimated that insured losses from Hurricane Irma will total $25bn, with $18bn of that figure resulting from…

Multinationals consider implications of UN sanctions on N Korea

Multinationals consider implications of UN sanctions on N Korea

Multinationals consider implications of UN sanctions on N Korea

The ongoing escalations between North Korea and the rest of the world took another step when the United Nations (UN) voted to impose further sanctions on the rogue nation after its sixth and largest nuclear test. The measures were voted for unanimously by the 15 states that sit on the UN Security Council (including Russia and China). As a result,…

Cargo theft behind 10% of TT Club’s claims costs as problem persists for insureds

Cargo theft behind 10% of TT Club’s claims costs as problem persists for insureds

Cargo theft behind 10% of TT Club’s claims costs as problem persists for insureds

Cargo theft accounted for 10% of all claims recorded by transport and logistics insurer TT Club during the past 10 years, and continues to cause considerable loss to insureds and their insurers. Mike Yarwood, senior loss prevention executive at TT Club, said cargo theft is widespread. As well as a financial loss, cargo theft damages reputation and disrupts the supply…

Irma and Harvey to hit insurance industry’s earnings but unlikely to shift global market conditions, say experts

Irma and Harvey to hit insurance industry’s earnings but unlikely to shift global market conditions, say experts

Irma and Harvey to hit insurance industry’s earnings but unlikely to shift global market conditions, say experts

Insured US loss estimates from Hurricane Irma have fallen as the storm headed west and reduced to a category 1 storm, but the insurance industry is still expected to face a hefty bill. Industry experts say losses from Hurricanes Irma and Harvey will hit the insurance industry’s profits but are unlikely to cause a market-wide hardening. Air Worldwide said today…

Risk managers welcome supply chain data investment by insurers

Risk managers welcome supply chain data investment by insurers

Risk managers welcome supply chain data investment by insurers

Investments by insurers and brokers in the deeper analysis of supply chain risk will be worth the effort, based on evidence gathered at this year’s GVNW annual gathering of German risk and insurance managers in Munich. At a time when new business is hard to come by in the prolonged soft market, supply chain risk appears to offer a big…

MS Amlin commits to recall market with senior appointment

MS Amlin commits to recall market with senior appointment

MS Amlin commits to recall market with senior appointment

MS Amlin has announced that Ed Mitchell has joined as lead underwriter of its product recall team. Based in London, Mr Mitchell will be responsible for developing innovative recall solutions that will meet the increasing reputational, regulatory and operational risks faced by clients today, MS Amlin said. The account will be written on a worldwide basis, covering a range of…

Harvey continues to cause havoc as business disruption grows

Harvey continues to cause havoc as business disruption grows

Harvey continues to cause havoc as business disruption grows

Hurricane Harvey, now a tropical storm, continues to bring extensive disruption to industry and infrastructure in Texas and Louisiana, after the storm made its third landfall in a week. Having making landfall twice in Texas, Harvey moved southwest into Louisiana, where it made its third landfall west of Cameron early Wednesday morning – bringing the risk of flooding to the…

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