Ferma has called on the EC’s new expert group looking into the role of artificial intelligence (AI) to consider the future insurability of commercial organisations if underwriting is left to AI technology and, more broadly, to define ethics surrounding its use in the corporate world. Late last week, the EC appointed 52 experts to its new High Level Group on…
Head of car manufacturer Audi, part of the Volkswagen group, has been arrested in Germany as part of investigations into diesel emissions testing. Rupert Stadler, chief executive of Audi, is the highest-ranking VW executive to be held for questioning in Europe since it was first revealed that the car manufacturer cheated diesel emissions checks in test vehicles three years ago.…
Beazley has revamped its cyber policy for large businesses to cover the latest threats of cyberattack, in a bid to keep pace with the ever-changing methods of cybercriminals. Beazley said the new offering is an enhanced version of its InfoSec policy. InfoSec was first launched in 2006 to address third-party exposures from loss of customers’ personal data, but now covers…
With the threat of terrorism and hooliganism at the 2018 FIFA World Cup well mitigated by Russian authorities, organisations are advised to focus attention on more prosaic risks facing staff attending the event, such as road safety, crime, gaps in healthcare provision and visa requirements. Experts from Control Risks and International SOS told Commercial Risk Europe that organisations should know…
Grahame Chilton is to step down from his role as CEO of Arthur J Gallagher’s UK brokerage and underwriting business. Simon Matson, head of Arthur J Gallagher’s London market and Alesco business, has been named as Mr Chilton’s successor. Mr Chilton took on the role as Gallagher’s UK CEO in February 2015 after launching Capsicum Re in December 2013 through…
An insurance-linked securities (ILS) deal worth CHF146m ($148m) has been put in place to cover operational risks for investment bank Credit Suisse, according to reports from Artemis. Operational Re Ltd will provide collateralised cover for risks that are expected to include cyber exposures, fraud, accounting errors, regulatory compliance issues, HR and losses due to improper business practices. It is only…
The UK has seen its highest level of trade credit insurance claims since 2009 with the £54m paid out in the first quarter of this year the largest of any quarter on record, according to the Association of British Insurers (ABI). The number of claims made by UK firms to cover non-payment of debt was up 50% on the previous…
Medical and security specialists International SOS and Control Risks have strengthened their collaboration with the launch of two new desks in European cities Paris and Frankfurt. The new units will be serviced in local languages and add to existing security desks in Tokyo, Seoul and Beijing established in 2012. Mick Sharp, COO of travel security at International SOS and Control…
An insurance subsidiary of online gaming company Lottoland has paid out to cover a jackpot win of €90m. Gibraltar-based Fortuna PCC, established in September last year, uses insurance-linked securities and collateralised reinsurance to guarantee big claims from Lottoland’s winners. Lottoland said the €90m EuroJackpot prize, won by a player in Germany, is the largest for an online gambling company. It…
XL Catlin has launched a global terrorism product for commercial motor fleet operators, helping plug a gap that currently exists in cover. Recent years have seen terror attacks in Europe and North America where vehicles have been used as a weapon, causing bodily injury, physical damage and business interruption. Last year, a terror suspect killed eight people by driving a…