The time has come for companies to look at alternative risk transfer (ART) strategies to mitigate the effects of the hard market and boost protection against uninsurable risks, Daniel San Millán, president of Spanish risk management association Igrea, told members at a virtual conference. The use of ART will help insurance managers deal with the increasingly hostile insurance market. But…
Spanish risk managers are concerned that the effects of the hard market are moving beyond difficult renewals to claims, where some report things are getting more tricky for buyers. “This is a perception that is growing among some members of Igrea,” said Lourdes Freiria, general director of risk and insurance at Grupo San José, during a virtual conference organised by…
Regulatory fines for data breaches under the GDPR increased 39% in Europe during the past year to €158.5m, according to new research from law firm DLA Piper. The company said regulators “tested their powers” under the GDPR in 2020 after a slow start during the regulation’s first 20 months when fines totalled €114m. Total fines levied since the GDPR was…
Cyber incidents have retained their position as the number one risk facing businesses in Europe during 2021, with business interruption (BI) in second place and pandemic outbreak third, finds a poll of risk experts and business leaders by Allianz Global Corporate & Specialty (AGCS). BI’s position is unchanged from last year, while pandemics are a new entry in the top…
The world will be more unstable, less cooperative and more prone to crises this year, with the risk of interstate conflicts higher than it has been for decades, warns Risk Advisory’s Strategic Outlook 2021. The risks consultancy’s report says that the global security and geopolitical outlook is broadly worsening this year in North America, west and central Africa, south Asia…
Corporate insolvencies caused by the pandemic will drive a growth in claims against directors and officers (D&Os) in 2021, according to Clyde & Co’s Simon Konsta who warns that the new Covid-19 variant first detected in the UK and potential for more severe lockdowns are adding further fuel to the fire. Mr Konsta said liabilities against D&Os are building in…
Spanish companies must gear up for a difficult series of renewals in 2021, but negotiations may be not as traumatic as in the past two years, according to leading Spanish brokers. Even though buyers face a less dramatic hard market than their peers in other European countries, things are dire for Spanish firms in some lines, such as D&O and…
The Italian and Spanish risk and insurance sectors have joined their peers in the UK, Germany and France in calling for state support to help companies cope with future systemic risks following the catastrophic impact of Covid-19. But it seems that focus is shifting away from demand for monoline state-backed insurance pools towards broader-based incentives for greater risk management, self-insurance…
Spanish companies must gear up for a difficult series of renewals in 2021, but negotiations may be not as traumatic as in the past two years, according to leading Spanish brokers. Even though buyers face a less dramatic hard market than their peers in other European countries, things are dire for Spanish firms in some lines, such as D&O and…
Generali Global Corporate & Commercial (GC&C) has obtained ISO 9001:2015 certification for its risk engineering and loss prevention services in a number of countries around the world. The P&C unit has received the certification for its central team, as well as operations in Italy, Spain, Germany, Austria, central and eastern Europe, Russia, Asia and the UK. It was previously certified…