Financial services firms are at risk of “Brexit fatigue” but must be prepared for the UK to leave the European Union without a deal on 31 October and have activate contingency plans in place before then, warns a new report on current risks in the EU financial system by the Joint Committee of European Supervisory Authorities. It also warns of…
A French railway services firm has been held liable for the death of an employee in unusual circumstances while on a business trip. The case went to court after it emerged the employee had a cardiac arrest on a work trip to central France after engaging in sexual activity with a stranger at her home. The Paris court ruled the…
Recent half-year results published by leading international insurers and brokers all point to a hardening commercial insurance market that appears to be rapidly gaining pace, which means risk managers across Europe need to start preparing their colleagues and bosses for higher insurance costs next year. Potentially more significant and difficult to explain to the CFO is the fact that, as…
Demand for multinational insurance programmes continues to rise despite mounting anti-globalisation sentiment and protectionism, with captives, mid-sized companies and firms from emerging markets driving growth. Some companies in mature markets have scaled back programmes as they reduce their global footprint, but are generally looking at covering a wider range of risks in international programmes. According to brokers and insurers, demand…
When Daniel San Millán took over as president of Spanish risk management association Igrea for a second time in May, he was probably entitled to a sense of déjà vu. The association still needs to tackle some of the same challenges that risk managers have been dealing with since its creation back in 2009. Issues such as claims handling and…
CRE spoke to James Tuplin, head of international cyber at AXA XL, about some of the trends in cyber risk and insurance management to find out the current state of play. He discussed areas in which risk and insurance managers are improving, as well as where and how they can up their game. Ben Norris: What is the state of…
The pace of change is hampering risk managers’ ability to identify, manage and mitigate their organisations’ risks, according to Francesco Semprini, managing director for Risk Frontiers Europe sponsor HDI Global in Italy. Mr Semprini said risk managers face an increasing list of risks to manage, and they are becoming ever more complex. “Even ‘traditional’ risks such as natural catastrophe are…
Earlier this year, Zurich Insurance announced that it had entered a strategic agreement with riskmethods GmbH, a Munich-based company that uses artificial intelligence and big data to identify and manage supply chain risk worldwide. This provides Zurich’s commercial customers with an exciting new tool to help manage a complex and rapidly rising corporate risk. The new service has initially been…
The cost of replacing physical assets is being dwarfed by subsequent business interruption costs, as Florence Louppe from Risk Frontiers Europe sponsor HDI Global in France explained to Commercial Risk Europe. Business interruption has revealed new types of risks for corporates and their insurers, throwing up unexpected challenges and demanding innovative insurance solutions. Florence Louppe, managing director at HDI Global…
The Australian mining industry continues to be a significant contributor to global mining insurance losses that reached an “atrocious” $1.3bn in 2018 after a pretty awful loss total of more than $1bn in 2017, according to Willis Towers Watson’s (WTW) latest market analysis. WTW’s Mining Industry Review finds that the loss trend continued into this year. Total losses incurred by the…