Proactive risk management needed to avoid wave of mental health claims

Proactive risk management needed to avoid wave of mental health claims

Proactive risk management needed to avoid wave of mental health claims

Companies must take a proactive approach to employee wellbeing as mental health issues and stress climb during the pandemic. Mental health and wellbeing risks for employers are likely to increase in the pandemic, explained Adam Shelverton, rehabilitation manager at QBE Europe. Even before the pandemic, absenteeism and presenteeism in the UK alone cost an estimated £20bn to £27bn per year,…

AIG suffers $790m Q3 cat loss and plans to split the group

AIG suffers $790m Q3 cat loss and plans to split the group

AIG suffers $790m Q3 cat loss and plans to split the group

AIG said it will spin off its life and retirement business from P&C operations, as it estimated catastrophe losses of $790m in the third quarter of 2020 net of reinsurance, including a $185m Covid-19 hit. The pandemic loss adds to an estimated $730m of Covid-19 losses in the first half of the year. AIG said that during the quarter to…

Marsh appoints Carolina Klint as risk management leader in Europe

Marsh appoints Carolina Klint as risk management leader in Europe

Marsh appoints Carolina Klint as risk management leader in Europe

Marsh has appointed Carolina Klint as risk management leader for continental Europe to serve the region’s biggest organisations. Ms Klint will be based in Stockholm and report to Siegmund Fahrig, CEO of Marsh continental Europe. She joined Marsh from AIG in 2017 as CEO of its northwest Europe region. The region included Belgium, Denmark, Finland, Luxembourg, Netherlands, Norway and Sweden.…

State-backed global aviation pool for BI cat risks mooted by insurance association

State-backed global aviation pool for BI cat risks mooted by insurance association

State-backed global aviation pool for BI cat risks mooted by insurance association

The International Union of Aerospace Insurers (IUAI) is exploring the idea of a global government-backed insurance pool to cover future aviation business interruption (BI) losses from catastrophic events such as a pandemic. The Federation of European Risk Management Association (Ferma) has not specifically backed the move. But it told CRE it supports efforts to deliver more capacity for BI catastrophic…

Coverys buys Italian Lloyd’s broker and coverholder Bridge

Coverys buys Italian Lloyd’s broker and coverholder Bridge

Coverys buys Italian Lloyd’s broker and coverholder Bridge

Coverys European Holdings (CEH) has bought Italian broker and Lloyd’s coverholder Bridge Insurance Broker as it continues the expansion of its managing general agency network in Europe. Announcing the new acquisition, Coverys said it planned further agency projects before the end of 2020. Bridge Insurance Broker, based in Lucca, offers property, casualty and specialty insurance products alongside a claims management…

SII review could reduce capital burden for UK insurers in 2021, says Fitch

SII review could reduce capital burden for UK insurers in 2021, says Fitch

SII review could reduce capital burden for UK insurers in 2021, says Fitch

The UK could reform “burdensome aspects” of Solvency II (SII) as early as next year, said Fitch in response to a government review of Europe’s capital adequacy regime. Fitch said while it is unclear how far the UK can, or will, diverge from the EU rules when the Brexit transition period ends on 31 December 2020, the greatest potential lies…

Paragon teams with CyberCube to help clients manage cyber risk

Paragon teams with CyberCube to help clients manage cyber risk

Paragon teams with CyberCube to help clients manage cyber risk

Paragon International Insurance Brokers has teamed up with CyberCube to roll out the firm’s cyber risk platform, Broking Manager, to its broker network and clients. Broking Manager quantifies the financial exposure of cyber risks to help clients manage coverages and limits. It also generates information on potential sources of loss, recent cyber events and peer-to-peer benchmarking. Paragon’s partnership with CyberCube…

North P&I Club adds route risk tool

North P&I Club adds route risk tool

North P&I Club adds route risk tool

Shipping insurer North P&I Club has launched a route risk management tool for members to help them identify hazards in voyages from port to destination. Route Risk Advice is an addition to the club’s MyGlobeView digital platform. MyGlobeView, which also features a Covid-19 tracking tool, gives club members access to more than 40 alert and reporting features including news, port…

BI litigation fallout to restrict cover further

BI litigation fallout to restrict cover further

BI litigation fallout to restrict cover further

Covid-19 has sparked a wave of insurance coverage litigation that is set to lead to further restrictions on business interruption (BI) cover. Small businesses were hit hard by the pandemic and resulting lockdowns. Many soon found their insurance did not cover related BI losses. Hundreds joined class actions against their insurers, while test cases were brought in the UK and…

Willis partners with Wharton institute on corporate risk research

Willis partners with Wharton institute on corporate risk research

Willis partners with Wharton institute on corporate risk research

Willis Towers Watson (WTW) has formed a new partnership with the Mack Institute for Innovation Management at the University of Pennsylvania’s Wharton School to look into corporate risk from new technology. The broker will become a corporate partner to the school, which holds events and workshops on risk and business. It will take part in a programme with students to…