QBE appoints Pryce interim CEO as search to replace Pat Regan continues

QBE appoints Pryce interim CEO as search to replace Pat Regan continues

QBE appoints Pryce interim CEO as search to replace Pat Regan continues

QBE Insurance has named retiring CEO of international business Richard Pryce as interim group CEO until a permanent replacement is found for Pat Regan, who stepped down in September after “exercising poor judgement” in workplace communications. QBE chairman Mike Wilkins has plugged the gap since then but with Mr Pryce’s interim appointment, Mr Wilkins will return as non-executive chair of…

Mangrove insurance scheme would tackle flooding risk in Caribbean, says new research

Mangrove insurance scheme would tackle flooding risk in Caribbean, says new research

Mangrove insurance scheme would tackle flooding risk in Caribbean, says new research

Scientists have proposed an innovative insurance scheme that would help restore mangroves to defend against flood risk in the Caribbean. Developed by The Nature Conservancy and University of California, and supported by AXA XL, the team says mangrove insurance could use parametric policies based on wind speed to fund the cost of restoring vital mangrove forests following storms. The report…

Risk managers unlikely to forget insurers that fail to deliver at renewals

Risk managers unlikely to forget insurers that fail to deliver at renewals

Risk managers unlikely to forget insurers that fail to deliver at renewals

The approach being taken by many insurers in the hard market is proving challenging, threatening long-term relationships and likely to cost insurers dear in the longer term, warned a group of Swiss risk managers taking part in our Risk Frontiers Europe survey. Insurers across the world have been crystal clear that they want to increase the cost of commercial insurance,…

EU clients face Brexit disruption, warn UK regulators

EU clients face Brexit disruption, warn UK regulators

EU clients face Brexit disruption, warn UK regulators

European clients of UK financial services firms could still face disruption when the Brexit transition period expires on 31 December, the Financial Conduct Authority (FCA) and Bank of England warn, in a joint letter to insurers. The regulators urge insurers to continue mitigation work to ensure that risk of disruption and instability are kept to a minimum. “Some market volatility…

Time looks right for dedicated ESG risk manager

Time looks right for dedicated ESG risk manager

Time looks right for dedicated ESG risk manager

As environmental, social and corporate governance (ESG) becomes an increasingly big topic for organisations around the world, it seems the time if fast approaching for companies to create a new position to manage the risk. Developing a new role for ESG managers, separate to the risk management function, is something many corporates are considering. Indeed, some have already taken the…

Claims processing startup wins Zurich’s innovation award

Claims processing startup wins Zurich’s innovation award

Claims processing startup wins Zurich’s innovation award

P&C claims processing startup ClaimFlo has won the top prize in Zurich Insurance’s year-long Innovation Championship 2020. Developed by New York-based fintech Safekeep, ClaimFlo’s processing platform uses machine learning to flag claims that need investigating, increasing both efficiency and cost-effectiveness. ClaimFlo won the gold award. The silver awards went to a mobile phone app to test blood sugar levels from…

H&M’s €35m GDPR fine highlights growing enforcement trend

H&M’s €35m GDPR fine highlights growing enforcement trend

H&M’s €35m GDPR fine highlights growing enforcement trend

H&M’s recent €35m GDPR fine, based on a new model formula in Germany, reflects a trend for higher penalties and more investigations under the regulation across many parts of Europe, according to leading lawyers. Swedish clothing retailer H&M was fined just over €35m by Hamburg’s data protection commissioner, for GDPR breaches. The company was found to have unlawfully collected and…

Supply chains see spike in human rights risks, warns BSI

Supply chains see spike in human rights risks, warns BSI

Supply chains see spike in human rights risks, warns BSI

Supply chains have seen a spike in human rights risks during the Covid-19 pandemic, with cargo theft and smuggling also on the rise, warns the British Standards Institution (BSI) in its latest quarterly review. The BSI says the pandemic has “wreaked havoc” on supply chain continuity as governments around the world respond differently to the crisis. The BSI says migrants…

Travelers Q3 net income doubles on back of wildfire subrogation recoveries

Travelers Q3 net income doubles on back of wildfire subrogation recoveries

Travelers Q3 net income doubles on back of wildfire subrogation recoveries

Travelers saw its net income more than double in the third quarter of 2020 to $827m from $396m, despite higher cat losses of $397m from $241m. The company said it also booked record business insurance renewal rate increases. The company said net favourable prior-year reserve development, including $400m of Pacific Gas & Electric subrogation recoveries from 2017 and 2018 wildfires…

FCA still in discussion with insurers over BI payouts

FCA still in discussion with insurers over BI payouts

FCA still in discussion with insurers over BI payouts

UK regulator the Financial Conduct Authority (FCA) has said talks are still active with a group of insurers to resolve Covid-19 business interruption (BI) payments. The talks are hoped to resolve claims following a High Court test case in September. It generally found in favour of policyholders but insurers were supported on other wordings. The FCA and six of the…