People risk must be more integrated: Airmic

People risk must be more integrated: Airmic

People risk must be more integrated: Airmic

Risk managers must work with HR and benefits professionals to address the growing threat of people risk within organisations, according to risk management body Airmic. In a new guide to managing people risk, published with Arthur D Little, Willis Towers Watson and Zurich, Airmic says people-related risks for organisations have created “unprecedented volatility”. It says new and integrated approaches are…

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Company executives are facing five “megatrends” that are set to create a heightened risk environment for D&O liability in 2020 and further challenge the profit margins of D&O insurers, according to Allianz Global Corporate & Specialty (AGCS), which said it has seen double-digit growth in D&O claims in the past five years. ‘Bad news’ or event-based claims have driven a…

EC proposes new collective redress directive as VW faces up to latest action in UK and Germany

EC proposes new collective redress directive as VW faces up to latest action in UK and Germany

EC proposes new collective redress directive as VW faces up to latest action in UK and Germany

The European Council has taken a big step forward in the protection of consumer interests in Europe, by adopting a general approach on the European Commission’s (EC) proposal for a directive on representative actions for the protection of consumers’ collective interest. The EC explained that the new rules will enable consumers to claim their rights not only individually but also…

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

A failure by corporates to improve climate risk disclosure would invite further regulation, according to experts taking part in a webinar hosted by Commercial Risk. Panellists agreed that while it is “early days” for companies adopting the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), some corporates are not taking the measures seriously enough. Neil Beresford, a partner…

London market loses hold on marine market dominance

London market loses hold on marine market dominance

London market loses hold on marine market dominance

Europe is losing market share of global marine business to Asia, which is proving to be strong competition for the Lloyd’s and London market, according to a new statistical report by the International Union of Marine Insurance (IUMI). In 2018, marine premiums totalled $28.9bn, up just 1%, and European underwriters accounted for the majority of business at 46%, with Asian…

AXA usurps Allianz in asset rankings

AXA usurps Allianz in asset rankings

AXA usurps Allianz in asset rankings

Three European insurance groups made the world’s top ten largest insurers list compiled by AM Best, measured by 2018 net written premium (NWP). AXA took second spot behind global number one United Health, while Allianz was ranked in seventh place and Assicurazioni Generali in eighth place. AXA recorded a 3% jump in net written premiums after acquiring XL Group last…

Cyberattackers target IT vendors and clients: Beazley

Cyberattackers target IT vendors and clients: Beazley

Cyberattackers target IT vendors and clients: Beazley

Cyberattacks against IT vendors spiked in the third quarter of 2019 and accounted for 24% of all ransomware cases reported to Beazley Breach Response (BBR), the cyber team at insurer Beazley. BBR said cyberattacks against IT vendors or managed service providers (MSPs) “exploit weak security programmes to target both the vendor and their clients”, in a “cynical” tactic to widen…

UK unveils ‘ambitious’ investment code

UK unveils ‘ambitious’ investment code

UK unveils ‘ambitious’ investment code

UK investment firms, pension funds and other corporates will be expected to meet “substantially higher” stewardship standards that reflect a shift towards “sustainable and responsible” investment, rather than a single focus on generating financial returns. Unveiling an “ambitious” revision to the UK Stewardship Code, the Financial Reporting Council (FRC) said the new code “substantially raises expectations” for how money is…

PARIMA expects 300 delegates at latest event as intangible risks take centre stage

PARIMA expects 300 delegates at latest event as intangible risks take centre stage

PARIMA expects 300 delegates at latest event as intangible risks take centre stage

The Pan-Asia Risk and Insurance Management Association (PARIMA) expects up to 300 delegates to attend its final regional conference for 2019 on 4-5 November, which will be held at the Pullman Kuala Lumpur City Centre Hotel in Malaysia’s capital. PARIMA now has more than 2,000 members representing more than 1,130 companies across the Asia-Pacific region, and has been a real…

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