‘No bonfire’ of UK insurance regs post-Brexit but potential move towards principle-based rules, says FCA

‘No bonfire’ of UK insurance regs post-Brexit but potential move towards principle-based rules, says FCA

‘No bonfire’ of UK insurance regs post-Brexit but potential move towards principle-based rules, says FCA

There will be “no bonfire” of UK insurance regulations post-Brexit, but the Financial Conduct Authority (FCA) believes it is an opportunity to consider a move towards more principle-based, rather than detailed, rules, according to its director of general insurance and conduct specialist supervision. Addressing the British Insurance Brokers’ Association Conference this week, Karina McTeague also said the FCA continues to…

Supply chain focus needed as threat from reliance on technology rises

Supply chain focus needed as threat from reliance on technology rises

Supply chain focus needed as threat from reliance on technology rises

Senior managers must wake up to the risk of contagion within the supply chain as their companies become increasingly reliant upon technology and need a rapid response when incidents occur. But while the technology and data-based global economy may lead to more vulnerable supply chains, those companies that manage these risks more effectively using rich data and information available, will…

Brokers urgently need to develop new skills to deliver for clients, says BIBA CEO

Brokers urgently need to develop new skills to deliver for clients, says BIBA CEO

Brokers urgently need to develop new skills to deliver for clients, says BIBA CEO

Brokers can no longer rely on the same skills they have sought for a generation, in a world increasingly dominated by technology, and urgently need to attract younger, tech-savvy talent to better deliver for customers, according to Steve White, CEO of the British Insurance Brokers’ Association (BIBA). Speaking at BIBA’s annual conference in Manchester this week, which is expected to…

Ferma publishes key lobbying priorities for next European parliament

Ferma publishes key lobbying priorities for next European parliament

Ferma publishes key lobbying priorities for next European parliament

Ferma has published a manifesto listing its four risk management and insurance lobbying priorities with EU policymakers and institutions in the next parliament, which follows elections later this month. The areas of focus are digital transformation, transition to a sustainable economy, risk management education and ensuring a stable insurance market. European elections on 23-26 May will mean a new European…

‘Island hopping’ creating serious cyber threat to supply chains, warns Carbon Black

‘Island hopping’ creating serious cyber threat to supply chains, warns Carbon Black

‘Island hopping’ creating serious cyber threat to supply chains, warns Carbon Black

Third-party supply chains have been increasingly targeted by sophisticated cyberattacks in the past year, according to research by Carbon Black that warns cybercriminals’ use of ‘island-hopping’ techniques are a “serious and complex threat”. Island hopping sees cybercriminals infiltrate smaller companies with more vulnerable security systems, to then access larger, target companies. In an article on the risks of third-party supply…

Mental health taboos hit employers’ bottom line: QBE

Mental health taboos hit employers’ bottom line: QBE

Mental health taboos hit employers’ bottom line: QBE

UK companies that fail to provide mental health support for staff risk losing an average £52,000 in loss of business or contracts, according to new research from QBE. A survey by the insurer also found two out of three senior UK business leaders would be influenced by an employee’s mental health history when assigning responsibilities and opportunities, with just 9%…

Time for strong leadership as insurance sector transforms

Time for strong leadership as insurance sector transforms

Time for strong leadership as insurance sector transforms

Amanda Blanc was recently appointed CEO for Europe, Middle East and Africa (EMEA) at Zurich Insurance Group. She is also chair of the Association of British Insurers (ABI). Commercial Risk Europe Editor Adrian Ladbury interviewed Ms Blanc about her career, as well as the many challenges and opportunities facing the insurance sector and its customers. Adrian Ladbury [AL]: How and…

Chubb boosts major account client executive team in Europe

Chubb boosts major account client executive team in Europe

Chubb boosts major account client executive team in Europe

Chubb has appointed Karine Paul and Brigitte Vorrath as global client executives within its major accounts team for continental Europe. In the newly created roles, Ms Paul will manage France and the Nordic region, in addition to international accounts in the UAE and India. Ms Vorrath will manage accounts in Germany, Austria, Poland, Czech Republic, Hungary and Russia. Switzerland will…

AGCS creates new global ART role

AGCS creates new global ART role

AGCS creates new global ART role

Allianz Global Corporate & Specialty (AGCS) has appointed Grant Maxwell to the newly created global head of underwriting and portfolio management role in its Alternative Risk Transfer (ART) unit. Mr Maxwell will report to Michael Hohmann, global head of ART. Mr Maxwell was previously head of ART for AGCS’s regional unit London. This role will now be assumed by Dan…

Moody’s casts doubt over Lloyd’s’ ‘ambitious’ modernisation plans

Moody’s casts doubt over Lloyd’s’ ‘ambitious’ modernisation plans

Moody’s casts doubt over Lloyd’s’ ‘ambitious’ modernisation plans

Modernisations plans recently unveiled by Lloyd’s carry “a high degree of execution risk”, largely because they require heavy investment and significant cultural change, according to ratings agency Moody’s. Lloyd’s’ radical “prospectus” includes six initiatives to modernise the market, cut costs, boost product development and improve claims services. They include creating a digital platform for complex risks, alongside a Lloyd’s Risk…