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Africa
Ignore stakeholders at your peril
Recent local and international headlines have been explosive in their exposure of the involvement of large organisations in the perpetuation of political instability and increased racial tensions in South Africa.…
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Africa
Member contributions up an average 8.4% for Bestmed
Average contributions are up 8.4% for 2018, according to Bestmed Medical Scheme, the fourth largest open medical scheme in South Africa. “We have seen that the average consumer price index (CPI)…
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CRE Insurance
Storms unlikely to raise rates, says Moody’s
Insurance and reinsurance rates are expected to stabilise rather than jump on the back of losses from the recent hurricanes in the US and Caribbean, according to analysis from Moody’s.…
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CRE Legal Regulation
FiscalReps acquired by US compliance software company Sovos
Tax compliance company FiscalReps has been acquired by Sovos, a global tax compliance and reporting software company based in the US. Sovos said the acquisition will add “a critical indirect…
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CRE Insurance
AIG partners with TradeIX for first blockchain trade finance transaction
AIG has completed the first ever blockchain-enabled trade finance transaction, with TradeIX. The blockchain transaction was on behalf of a logistics company, with financing provided by Standard Chartered bank and…
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CRE Insurance
Brokers confident in London market post-Brexit
The majority of brokers (80%) are confident that London will retain its position as the world’s leading insurance market post-Brexit, according to a survey published by legal expenses insurer DAS…
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CRE Risk Management
EC ‘illegal state aid’ ruling lands Amazon with €250m bill for dodging tax
The European Commission (EC) has ordered Amazon to pay €250m in back taxes after finding that Luxembourg was too lenient in its tax demands on the online retailer, which the…
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CRE Insurance
Hurricanes to wipe out profits for US P&C insurers
US P&C insurers are almost certain to close 2017 in the red after losses from this year’s hurricane season find their way onto the balance sheet, according to Verisk’s ISO…
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Africa
Dramatic expansion of US sanctions on North Korea
On 21 September 2017, the US dramatically expanded the scope of US sanctions that apply to those who do business with North Korea. These new sanctions target not only foreign…
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CRE Insurance
Bank of England airs Brexit risks to insurance contracts
Disruption of multi-year insurance contracts and new barriers to the flow of personal information are two risks identified by the Bank of England that could result from the UK leaving…
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Asia
Kennedys opens new offices in Thailand and France
Law firm Kennedys has opened new offices in Bangkok and Paris. The Bangkok office will be headed up by Suraphon Rittipongchusit, who joins from DLA Piper (Thailand) where he was…
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Asia
Japanese insurers expanding overseas operations, says Moody’s
Japanese insurers are showing stronger support for their overseas subsidiaries, according to Moody’s. The ratings agency said that Japanese insurers are showing a growing commitment to expanding their overseas operations,…
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Asia
Rising IP risks underinsured
Intellectual property (IP) exposures are on the rise, but largely underinsured in many companies, according to a leading IP underwriter. IP exposures have been growing as companies realise the value…
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CRE Risk Management
Risk management on the up
Current European Risk Manager of the Year Heljo Laukkala, vice-president of corporate risk management at Finland-based Metso Corporation, said winning his award has provided a lot of personal benefits and…
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CRE Risk Management
Rising star
Pauline Davoust, global manager of risk and insurance at Gate Group in Switzerland, won Rising Star of the Year at the inaugural European Risk Manager of the Year Awards held…
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Asia
Sompo forges ahead with creation of global platform following Endurance acquisition
Sompo International Holdings (SIH), the Bermuda-based specialty insurer and reinsurer formed earlier this year following the acquisition of Bermuda’s Endurance by Japan’s Sompo for $6.3bn, this week announced the creation…
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CRE Insurance
Risk management software firm Ventiv acquires Webrisk
Ventiv Technology, the US-based provider of risk management information systems (RMIS), has acquired Webrisk, the RMIS previously owned by risk and (re)insurance systems provider Effisoft, for an undisclosed sum. The…
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Asia
AGCS plans product recall expansion with new appointment
Allianz Global Corporate & Specialty (AGCS) has appointed Simon Weaver as senior underwriter for product recall in London as part of the company’s expansion of its crisis management team. AGCS…
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CRE Insurance
Willis Towers Watson appoints Mapfre Re’s facultative reinsurance execs to lead new German hub
Willis Towers Watson has launched a new facultative reinsurance hub for corporate clients in Germany, Austria and Switzerland (DACH). The hub, based in Munich, will be headed up by Gerhard…
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Asia
Rate increases likely as record cat losses take toll
With predictions of record catastrophe losses for insurers in 2017, premium rate increases look increasingly likely in 2018. However, with near-record levels of capacity and recent growth in alternative capital,…