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…

Ferma and insurers on watch as EC paves way for more EU-wide class actions

Ferma and insurers on watch as EC paves way for more EU-wide class actions

Ferma and insurers on watch as EC paves way for more EU-wide class actions

The European risk management and insurance industries are beefing up lobbying efforts in response to the planned introduction of new European Commission (EC) rules this March that would make it easier for European consumers to bring class actions and seek compensation from companies. The EU already has a framework in place, led by the Injuctions Directive, designed to make it…

Marine piracy numbers dip to 22-year low: IMB

Marine piracy numbers dip to 22-year low: IMB

Marine piracy numbers dip to 22-year low: IMB

The number of piracy and armed robbery attacks on ships reached a 22-year low in 2017, with just 180 incidents recorded by the International Maritime Bureau (IMB), down from 191 incidents in 2016 and 246 in 2015. In its annual report, the IMB says 2017 saw the lowest number of attacks since 1995, although it warns against complacency with several…

Insurers face large claim after Sanchi tanker collision

Insurers face large claim after Sanchi tanker collision

Insurers face large claim after Sanchi tanker collision

The stricken oil tanker Sanchi continues to burn in the East China Sea, leaving insurers with a potentially large bill. On Saturday, the Iranian-owned Sanchi collided with cargo vessel CF Crystal 260km off the coast of China near Shanghai. More than 30 of the tanker’s crew are still missing, although the 21 Chinese crew onboard the cargo ship CF Crystal…

Spotlight falls on CROs as business faces up to cyber risk in 2018

Spotlight falls on CROs as business faces up to cyber risk in 2018

Spotlight falls on CROs as business faces up to cyber risk in 2018

Chief risk officers (CROs) will become one of CEOs’ “most valuable assets” in 2018 as companies face up to cyber risk, according to Aon firm Stroz Friedberg in a set of cyber security predictions for the year ahead. In a new report, Stroz Freidberg says companies have woken up to the enterprise-wide risks posed by cyber that go beyond the…

Munich Re and easyJet develop groundbreaking cancellation cover

Munich Re and easyJet develop groundbreaking cancellation cover

Munich Re and easyJet develop groundbreaking cancellation cover

An innovative business interruption coverage that protects airlines against financial shocks caused by major flight cancellations has been devised by Munich Re in collaboration with easyJet. The policy, which allows an airline to partially reduce its liquidity reserves, provides financial protection against events such as volcanic ash clouds, severe winter storms, or the grounding of a fleet for safety reasons.…

New cyber warnings follow microchip bugs

New cyber warnings follow microchip bugs

New cyber warnings follow microchip bugs

Insurer CNA Hardy has warned businesses affected by two bugs – dubbed Meltdown and Spectre – affecting Intel and other manufacturers’ microchip processors, to check they only install security patches from verified sources and avoid falling foul of fake support sites designed to exploit systems. The two hardware bugs were independently uncovered and publicly revealed last week. Spectre affects almost…

Airmic says buyers will inform UK regulator’s study into broking practices

Airmic says buyers will inform UK regulator’s study into broking practices

Airmic says buyers will inform UK regulator’s study into broking practices

Risk management association Airmic and its members are working with the UK’s Financial Conduct Authority (FCA) on its market study into competition in wholesale insurance broking, which was announced late last year. The association’s CEO, John Ludlow, told members that Airmic supports the review and will work with the FCA to put forward the views of commercial insurance buyers. “We…

Petrobras proposes $2.95bn investor settlement over bribery probe

Petrobras proposes $2.95bn investor settlement over bribery probe

Petrobras proposes $2.95bn investor settlement over bribery probe

Brazilian oil company Petrobras has agreed to pay $2.95bn to settle a class action lawsuit in the US, brought by investors claiming a corruption scandal negatively affected their holdings. The state-controlled oil company denied any wrongdoing, but said the proposed settlement, which has yet to be approved, should end uncertainty about its liabilities before a court. Petrobras was part of…