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Cyber & Technology
March 28, 2024
Most UK firms pin AI on board agenda but 11% not discussing topic: Airmic
The majority of UK risk managers (78%) said artificial intelligence (AI) is on their board’s agenda, with a further 4% planning to elevate the issue to the boardroom, according to…
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Trade Credit
March 28, 2024
Higher claims for trade credit insurers expected but strong financial buffers
The global economic slowdown will translate into a higher number of insolvencies and therefore higher claims for trade credit insurers, according to Moody’s Ratings. But it added that the sector’s…
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Marine
March 28, 2024
New global chief underwriting officer for marine at AXA XL
Neil Cole has been promoted to global chief underwriting officer, marine, at AXA XL, effective 1 April. He was previously global head of underwriting management and deputy chief underwriting officer,…
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Market
March 28, 2024
Lloyd’s posts ‘best result in recent history’ as prices rise for 24 consecutive quarters
Lloyd’s said it delivered its “best result in recent history” last year as profit swung back to £10.7bn from a loss of £800m in 2022, boosted by the previously announced…
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France
March 28, 2024
French insurers call for ‘real’ national risk prevention strategy
The French federation of insurers (France Assureurs) has called for a “real national risk prevention strategy” as the nation and its insurance sector faces up to rising economic, climatic and…
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ESG Climate Risk
March 28, 2024
Climate disclosures will help identify risk but increase scrutiny, says Moody’s
Increased global transparency and standardisation will improve the ability to analyse climate risks and opportunities, but some entities will face heightened risks from greater regulatory and market scrutiny, according to…
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Marine
March 28, 2024
Bridge collapses from vessel collisions ‘rare’, says Allianz Commercial
The dramatic collapse of the Francis Scott Key Bridge as a large container ship struck a support column leaving the Port on Baltimore on Tuesday is rare, according to Allianz…
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Market
March 28, 2024
Insured losses from bridge collapse could reach $4bn and harden marine market: Morningstar
Insured losses from the collapsed Francis Scott Key Bridge that was struck by a container ship and disruption to the Port of Baltimore could total up to $4bn, says DBRS…
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DACH
March 28, 2024
Cyber liability and D&O rise on list of German managers’ concerns
German managers continue to perceive cyber as the most significant liability risk for the next 12 months. The dangers of data loss and business interruptions or blackmail associated with a…
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People Moves
March 27, 2024
Zurich names Thornberry group chief claims officer
Zurich has named Tom Thornberry as its new group chief claims officer. Thornberry is currently global head of financial lines, cyber and credit lines claims at the insurer, and will…
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Clyde & Co
March 27, 2024
A different look for data protection litigation
On 15 February 2024, the UK Competition Appeal Tribunal (CAT) published its latest judgment in the Dr Liza Lovdahl Gormsen v Meta Platforms collective proceedings claim, potentially opening an alternative…
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Marine
March 27, 2024
Baltimore bridge collapse losses could run into billions: Sources
The collapse of the Francis Scott Key Bridge in Baltimore after it was struck by a container ship could trigger a wide swath of insurance and reinsurance policies, and the…
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Supply Chain
March 27, 2024
Baltimore port closure adds to global supply chain pressure
Global supply chains, already reeling from re-routing ships to avoid attack in the Red Sea, will be further challenged by the closure of the Port of Baltimore following the collapse…
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Climate Change
March 27, 2024
WTW says risk management needs more focus on volcanic eruptions
WTW and the University of Geneva are working to quantify systemic global risks from very large volcanic eruptions, to help shine light on a threat that they warn has been…
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CRE Insurance
March 27, 2024
Europe’s reinsurers ‘strong enough’ to build additional reserves, says AM Best
Europe’s four largest reinsurers – Munich Re, Swiss Re, Hannover Re and Scor – more than doubled combined earnings in 2023 to €10.2bn, according to analysis from AM Best. Higher…
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CRE People Moves
March 27, 2024
Sedgwick names COO for UK
Claims management firm Sedgwick has appointed Peter Farrelly as chief operating officer in the UK. Farrelly joined Sedgwick in 2019 as managing director for its UK commercial claims services, spearheading…
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Market
March 27, 2024
Market conditions remain ‘positive’ despite rising competition: Brit
Martin Thompson, group chief executive officer at London-based specialty carrier Brit, said that market conditions continue to harden overall and remain “broadly positive” despite rising competition and rate reductions, as…
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GRM News & Analysis
March 27, 2024
Complex global risk landscape sees end of ‘holiday from history’
A new report from Howden suggests that the world’s ‘holiday from history’ has ended due to devastating wars, geopolitical instability and weakening global trade, and, as a result, the global…
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North America
March 27, 2024
Group captive for US transportation industry launched by Artex
Artex Risk Solutions has launched a new group captive designed to address risks for transportation, trucking for hire, convenience store operators and petroleum marketers in the US. According to Artex,…
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GRM Insurance
March 27, 2024
New insurance facility for custodians of digital assets
A new insurance facility for custodians of digital assets, including financial institutions has been launched by Marsh. The broker said it is the largest facility of its kind, providing insurance…