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Supply Chain
February 1, 2024
Supply chain risk management not up to scratch at nearly two-thirds of firms, survey finds
Unpredictable demand is currently seen as the number one supply chain headache for European companies, and voted a bigger risk than scarcity of materials, wars, climate change and cyber, finds…
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GRM Insurance
February 1, 2024
$100bn insured losses now the norm as secondary perils grow
Last year saw a global insured loss exceeding $100bn, the fourth consecutive year of such losses, and a total economic loss surpassing $350bn. As WTW notes in its latest Natural…
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Cyber & Technology
February 1, 2024
New head of proactive cyber at CFC
Jason Hart has joined specialist cyber insurer CFC as head of proactive cyber. In this newly created role, Hart will be responsible for leading the continued development of CFC’s cyber…
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Legal & Regulation
February 1, 2024
Bayer to appeal $2.25bn Roundup damages award
German pharmaceutical firm Bayer has said it will appeal a court judgement to pay an “excessive” $2.25bn in damages to a claimant in the latest Roundup litigation. A Philadelphia jury…
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Energy
February 1, 2024
Scor to lead new offshore energy consortium at Lloyd’s
Scor has launched an offshore renewable energy insurance consortium within Lloyd’s that has increased the French firm’s total deployable capacity for this risk to more than $180m. Scor said the…
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Aviation
February 1, 2024
Russian insurer NSK pays $2.5bn to aircraft lessors: Reuters
About a quarter of the 400 aircraft leased to Russian airlines and left stranded after the country’s invasion of Ukraine have received settlement payments totalling $2.5bn, according to Reuters. Earlier…
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Cyber & Technology
February 1, 2024
Descartes launches parametric cyber offering for French SMEs
Descartes, the Paris-based parametric underwriting agency, is expanding into the cyber insurance market through the launch of its first parametric cyber offering in France, aimed at small-to-medium enterprises. The group,…
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Asia
February 1, 2024
New chief executive designate of Asia Pacific at Price Forbes
Phil Johnson has been appointed as chief executive designate of Asia Pacific at broker Price Forbes as it looks to expand in Asia. He will be based in Singapore and…
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Legal & Regulation
February 1, 2024
EC raids European tyre giants in cartel probe
The European Commission (EC) has carried out unannounced inspections at the premises of tyre companies across several EU member states because of potential anti-competitive practices. “The Commission has concerns that…
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M&A
February 1, 2024
Generali strengthens position in Europe with Liberty Seguros deal
Generali has completed the acquisition of Liberty Seguros, Compañia de Seguros y Reaseguros, S.A. – the Spanish insurer that operates in Spain, Portugal, Ireland and Northern Ireland – from Liberty…
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Insurance
January 31, 2024
Generative AI: A Game Changer for Insurance?
Over the past year or so, since the unveiling of ChatGPT4 by OpenAI in November 2022, the potential of Generative AI has been capturing the imagination of business leaders across…
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Association News
January 31, 2024
Ferma calls on European Council to bring in risk management expertise to boost cyber resilience
European risk management association Ferma has called on the European Council to draw on risk management expertise to deliver on priorities to increase the bloc’s cyber resilience, alongside other targets…
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Market
January 31, 2024
Chubb books 72% jump in 2023 net income to deliver ‘blowout year’
Chubb reported a 72% increase in net income for full year 2023 to $9.3bn, driven by a 152% jump in Q4 to reach $3.3bn after a one-time deferred tax benefit…
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Market
January 31, 2024
Gracechurch rates London claims service at ten-year high
Independent insurance research consultancy Gracechurch has awarded it Claims Service Quality Marque to ten London insurers this year, two more than in 2023. Aegis London, Beazley, Chaucer, Chubb, Convex, HDI…
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M&A
January 31, 2024
Rebound in M&A activity expected in 2024
The early signs for a rebound in global M&A activity in 2024 are promising and demand for representations & warranties (R&W)/warranty & indemnity (W&I) insurance is likely to intensify over…
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Cyber & Technology
January 31, 2024
Guy Carp launches ‘ground breaking’ cyber cat solution
Guy Carpenter has launched what is describes a “ground breaking” cyber reinsurance product to help insurers manage catastrophe risk and deliver more cyber cover for risk managers. The reinsurance broker…
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Asia
January 31, 2024
Profitable underwriting sees stable outlook for Japan’s non-life insurers
Japan’s non-life insurance industry has seen an improvement in premium income in most lines of business, with profitable and stable underwriting, combined with a solid capital base, says AM Best.…
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Trade Credit
January 31, 2024
Canopius strengthens credit and political risk team
Specialty (re)insurer Canopius Group has appointed Angelos Deftereos as head of structured credit and Boris Medimorec and Virad Patel as underwriters in its credit & political risk team in London.…
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Asia
January 31, 2024
Property owners turning to captives despite market slowdown
Despite a slowdown in the pace of property insurance rate increases, buyers continue to use captives to finance their property risks, experts say. After years of rate increases and reduced…
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Cyber & Technology
January 31, 2024
Record number of ransomware attacks in 2023: Corvus
There was a record number of ransomware attacks in 2023 with a total of 4,496 leak site victims, compared with 2,670 in 2022 and 3,048 in 2021, according to a…