Lloyd’s binding authority approval for Canopius Australia & Pacific

Lloyd’s binding authority approval for Canopius Australia & Pacific

Lloyd’s binding authority approval for Canopius Australia & Pacific

Canopius’s recently established branch, Canopius Australia & Pacific in Sydney, has gained binding authority approval from Lloyd’s. Canopius also announced four appointments to the Sydney branch. It said the appointments “support Canopius’s ambition to expand in the Asia-Pacific region by targeting a combination of SME business via coverholders and wholesale direct and facultative”. Suzanne White has joined Canopius as accident…

Germany, Australia and the US likely hotbeds for future climate-related litigation, says lawyer

Germany, Australia and the US likely hotbeds for future climate-related litigation, says lawyer

Germany, Australia and the US likely hotbeds for future climate-related litigation, says lawyer

A leading lawyer has named Germany, the US and Australia as the three jurisdictions where companies are most likely to face future climate-related litigation. Neil Beresford, a Clyde & Co partner in London, also warned that while such litigation around the world is mostly focused on energy companies and their use of petroleum, other sectors will likely be in the…

AGCS pulls out of ‘untenable’ Australian and NZ long-tail business

AGCS pulls out of ‘untenable’ Australian and NZ long-tail business

AGCS pulls out of ‘untenable’ Australian and NZ long-tail business

Allianz Global Corporate & Specialty (AGCS) is pulling out of liability and financial lines in Australia and New Zealand, closing its New Zealand operations from 1 September 2019. The company said “extraordinary claims levels” in the sectors have made it “untenable” for AGCS to continue writing such business in the region. Remaining lines of business for AGCS New Zealand –…

NZ government to demand big hike in cover bought by oil and gas operators

NZ government to demand big hike in cover bought by oil and gas operators

NZ government to demand big hike in cover bought by oil and gas operators

Offshore oil and gas companies that operate off the shores of New Zealand will be required to hold higher levels of insurance to ensure they can cover the cost of environmental damage, under proposed new rules announced by associate minister for transport Julie Anne Genter. The New Zealand Cabinet has agreed to consult on increasing the amount of insurance that…

Parima hosts disaster preparedness event as region steps up risk reduction efforts

Parima hosts disaster preparedness event as region steps up risk reduction efforts

Parima hosts disaster preparedness event as region steps up risk reduction efforts

Parima will hold its annual conference on disaster preparedness and response on 29 July at the HKAM Jockey Club Building in Hong Kong. The risk and insurance management association said the event will bring together experts and practitioners, government officials, scientific and academic institutions, the NGO sector and the private sector, to share experiences and discuss strategies for disaster preparedness…

New Zealand creates National Emergency Management Agency

New Zealand creates National Emergency Management Agency

New Zealand creates National Emergency Management Agency

The New Zealand government has announced funding from its recently announced 2019 budget for the creation of a new national agency to strengthen the country’s emergency management system. Minister of civil defence Kris Faafoi explained: “The new National Emergency Management Agency (NEMA) has been created because as a government, we saw the need to improve our emergency management capability and…

APRA expected to ‘walk the talk’ on risk management failings in banks

APRA expected to ‘walk the talk’ on risk management failings in banks

APRA expected to ‘walk the talk’ on risk management failings in banks

The Australian Prudential Regulation Authority (APRA) is expected to follow through its critical assessment of risk management practices and culture within the nation’s banking sector with real action and not just words, according to a leading law firm. The APRA published its Final Report of the Prudential Inquiry into the Commonwealth Bank of Australia (CBA) following a series of significant operational…

Medical Protection Society to launch new malpractice SPA at Lloyd’s

Medical Protection Society to launch new malpractice SPA at Lloyd’s

Medical Protection Society to launch new malpractice SPA at Lloyd’s

The Medical Protection Society (MPS) will team up with Everest Insurance and Asta, a Lloyd’s third-party managing agency, to create Lloyd’s Special Purpose Arrangement (SPA) 1892 to cover medical malpractice. The MPS is a UK-based not-for-profit protection organisation that provides professional indemnity cover for some 300,000 doctors, dentists and healthcare professionals worldwide. An SPA is an annually formed syndicate that…

Insurers may fight claims from Australia’s financial services scandal

Insurers may fight claims from Australia’s financial services scandal

Insurers may fight claims from Australia’s financial services scandal

The insurance industry could face large losses from the Australian Royal Commission’s probe into misselling in the country’s financial services sector, but coverage disputes are likely, according to experts. Widespread misconduct in the financial services market has dominated the news in Australia. In particular, the misselling of products by banks and insurers highlights the growing problem of cultural and conduct…

Hard lessons from Australia’s financial services scandal and liability crisis

Hard lessons from Australia’s financial services scandal and liability crisis

Hard lessons from Australia’s financial services scandal and liability crisis

Widespread misconduct in the financial services market has dominated the news in Australia, but the scandal has important lessons for corporate risk managers and insurers worldwide. In particular, the misselling of products by banks and insurers highlights the growing problem of cultural and conduct risk in the age of consumer power. This is giving rise to increased levels of liability…

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