The Austrian government is facing four civil lawsuits and a potential class action over an outbreak of Covid-19 at a popular ski resort in March, as the virus spread across Europe ahead of lockdowns. Austrian consumer rights group Verbrauchschutz Verein (VSV) has filed the test cases on behalf of visitors to the Ischgl ski village in the Tyrol region who…
Marsh has appointed IBM’s Tamara Simpkins Franklin as chief digital, data and analytics officer. Ms Simpkins Franklin, who was vice-president of media and entertainment solutions for North America at IBM, will be based in New York. She takes up the role from 1 October, reporting to John Doyle, president and CEO of Marsh. Ms Simpkins Franklin will head up the…
Insured losses from Hurricane Sally in the US last week will cost between $2bn and $3.5bn, according to an estimate from RMS. The figure includes losses of between $400m and $800m for the US’s National Flood Insurance Program (NFIP). The RMS estimate adds to AIR’s $1bn to $3bn loss range and Karen Clark & Company’s estimate of $2bn, although both…
The Covid-19 pandemic has raised the profile of risk management and risk managers, but also shown that important lessons must be learnt if the profession wants to make the most of its chance to shine. Risk managers have told Commercial Risk Europe that the pandemic has, above all, shown the need for companies to boost resilience and embrace strategic, enterprise…
CEO Julian Enoizi believes it makes sense for Pool Re to expand its remit and be the vehicle for any state-backed pandemic or wider systemic risk financing solution in the UK, but stressed the decision is ultimately for government and the insurance industry to make. There are currently several initiatives underway in the UK to find a risk transfer solution…
Companies must focus on reputational risk management and require better insurance products to manage threats such as a pandemic and future crises, according to a panel debate at Airmic Fest. Integrating data on reputational risk into an organisation’s enterprise risk management (ERM) can result in better decision making by executives and help stimulate a wider discussion on reputational threats, according…
Buyers need to start a dialogue with their brokers over post-Brexit compliance, because market access will not be guaranteed when the transition period expires at the end of this year, according to speakers at Airmic Fest. The Brexit transition period – which allowed UK firms continued access to the EU single market – ends on 31 December 2020. Hopes are…
Commercial Risk Europe has learned that the EC is setting up a working group to deliver risk transfer solutions for pandemics and other cat risks, which will consider a pan-European private-public pool with EU funding at the very top. After much discussion, this is the first concrete sign that work is officially underway on the topic. In a letter seen…
Covid-19 has exposed weaknesses in insurers’ risk management, according to a new AM Best report that warns enterprise risk management (ERM) programmes are still able to miss the “unknown unknowns”. It adds that how (re)insurers strengthen ERM frameworks in response to the pandemic “will be a key area of interest” for the ratings agency during the next few months. “Weaknesses…
AXA XL has launched an internet of things (IoT)-driven solution for clients that monitors the health of their buildings and assets. Digital Risk Engineer, which has completed a pilot phase, uses IoT devices installed in clients’ buildings to collect data from connected systems such as energy, water, heating, ventilation and air conditioning. The data is used to identify problems in…