European Risk Frontiers survey already throwing up surprising results – take part!

European Risk Frontiers survey already throwing up surprising results – take part!

European Risk Frontiers survey already throwing up surprising results – take part!

Our annual european risk Frontiers survey of Europe’s leading risk managers, sponsored again by HDI Global, is this year being expanded to include a wider range of risk professionals by adding snap polls at industry events and online Q&As with our readers. This approach has already produced some interesting results that we believe will pose serious questions for the insurance…

China tops TMF Group’s latest Financial Complexity Index

China tops TMF Group’s latest Financial Complexity Index

China tops TMF Group’s latest Financial Complexity Index

The most complex nation in terms of financial compliance is China, according to the latest Financial Complexity Index 2018 from TMF Group, largely driven by the continued embedding of the Golden Tax System, which aims to introduce stricter monitoring and enhanced data sorting and transparency. The Cayman Islands was the least complex jurisdiction out of the 94 jurisdictions covered by…

Swiss Re to expand further into primary lead business

Swiss Re to expand further into primary lead business

Swiss Re to expand further into primary lead business

Swiss Re’s Corporate Solutions unit remains key to the reinsurer’s growth strategy, according to group CEO Christian Mumenthaler. He said the business unit, which posted a negative ROE of 32.2% and a 133.4% combined ratio for 2017, is well positioned to benefit from the expected market improvements. “The challenges Corporate Solutions faced in 2017 are being addressed to restore profitability.…

Michel Liès elected as Zurich’s new chair

Michel Liès elected as Zurich’s new chair

Michel Liès elected as Zurich’s new chair

Insurance industry veteran Michel Liès has been elected as the new chairman of Zurich Insurance Group, replacing the retiring Tom de Swaan. Mr Liès, who led Swiss Re until 2016 and has nearly 40 years’ insurance industry experience, joins Zurich’s board of directors and will hold the chairmanship for one year. In addition, all other Zurich board members were re-elected…

Swiss financial centre trails rivals to tackle cyber risk, watchdog warns

Swiss financial centre trails rivals to tackle cyber risk, watchdog warns

Swiss financial centre trails rivals to tackle cyber risk, watchdog warns

Switzerland’s top financial regulator has said cyberattacks are the most serious threat to its financial system, warning that Switzerland risks falling behind other financial centres in coordinating its response to the growing cyber threat. Addressing a news conference in Bern, CEO of the Financial Market Supervisory Authority (FINMA) Mark Branson said: “Cyberattacks are now the most serious operational hazard facing…

Regulators need to strike balance between data protection and risk innovation: Geneva Association

Regulators need to strike balance between data protection and risk innovation: Geneva Association

Regulators need to strike balance between data protection and risk innovation: Geneva Association

The use of big data analytics in insurance offers huge potential benefits for the way risks are assessed and priced, thus reducing costs and making cover more readily available and affordable for individuals and businesses alike. If applied well, the whole emphasis of the insurance sector should shift from pure risk protection towards risk prediction, management and prevention. But future…

Zurich set to acquire QBE’s Latin American operations

Zurich set to acquire QBE’s Latin American operations

Zurich set to acquire QBE’s Latin American operations

Zurich Insurance has entered into an agreement to acquire the Latin American operations (Argentina, Brazil, Colombia, Ecuador and Mexico) of QBE for $409m. According to Zurich, the deal will position Zurich as the leading insurer in Argentina and the number three insurer in Ecuador. Zurich said it will also build incremental scale in Brazil, Colombia and Mexico. The transaction is…

Swiss Re keeps faith with Corporate Solutions unit after $1bn nat cat hit

Swiss Re keeps faith with Corporate Solutions unit after $1bn nat cat hit

Swiss Re keeps faith with Corporate Solutions unit after $1bn nat cat hit

Swiss Re said it remains committed to its Corporate Solutions unit as it posted a net loss of $741m in 2017, with estimated natural catastrophe claims of $1bn. Annual results also show that Swiss Re Group posted net income of $331m for 2017, compared with $3.56bn in 2016, reflecting one of the costliest years for the re/insurance sector in history. Combined estimated claims…

Stable outlook for non-life rates in EMEA after mild increase in 2017: Zurich

Stable outlook for non-life rates in EMEA after mild increase in 2017: Zurich

Stable outlook for non-life rates in EMEA after mild increase in 2017: Zurich

The limited impact of last year’s hurricanes on the price of European and international non-life insurance cover was further confirmed this morning as Zurich reported its full-year 2017 results. The insurer reported that rates were up over the year in all major regions of the world. But increases were minor and the outlook for 2018 is reasonable for risk managers…

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…

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