Demand for multinational insurance programmes continues to rise despite mounting anti-globalisation sentiment and protectionism, with captives, mid-sized companies and firms from emerging markets driving growth. Some companies in mature markets have scaled back programmes as they reduce their global footprint, but are generally looking at covering a wider range of risks in international programmes. According to brokers and insurers, demand…
CRE spoke to James Tuplin, head of international cyber at AXA XL, about some of the trends in cyber risk and insurance management to find out the current state of play. He discussed areas in which risk and insurance managers are improving, as well as where and how they can up their game. Ben Norris: What is the state of…
The pace of change is hampering risk managers’ ability to identify, manage and mitigate their organisations’ risks, according to Francesco Semprini, managing director for Risk Frontiers Europe sponsor HDI Global in Italy. Mr Semprini said risk managers face an increasing list of risks to manage, and they are becoming ever more complex. “Even ‘traditional’ risks such as natural catastrophe are…
The cost of replacing physical assets is being dwarfed by subsequent business interruption costs, as Florence Louppe from Risk Frontiers Europe sponsor HDI Global in France explained to Commercial Risk Europe. Business interruption has revealed new types of risks for corporates and their insurers, throwing up unexpected challenges and demanding innovative insurance solutions. Florence Louppe, managing director at HDI Global…
Risk managers and brokers will have to work doubly hard during the coming months, as a concerted effort by the insurance market to tackle silent cyber will lead to heated discussions at the year-end renewals, potentially leaving some customers with serious coverage gaps. Despite buyer representatives welcoming the clarity that work to tackle silent cover will bring, a leading broker…
A new whitepaper from RIMS says risk managers and IT professionals still struggle to communicate on digital risks. It lays out ways for the two functions to better collaborate and speak the same language to close the protection gap. The Bridging the Digital Risk Gap paper by RIMS and ISACA, an international association focused on IT governance, says risk management and…
With annual global cyber losses expected to reach $6trn by 2021, according to research conducted by Cybersecurity Ventures, a new report from Aon urges companies to develop cyber resilience and says cyber risk should now be at the top of all c-suite agendas. But it warns that many companies are simply not doing enough. Aon’s report – Prepare for the…
Marsh JLT Specialty has boosted its UK financial and professional practice (finpro), with Adam Wickens appointed to the newly created role of digital asset leader. Brian Warszona has also been named cyber growth leader. Marsh said Mr Wickens will develop new insurance solutions for digital assets, including cryptocurrency. Although he will be based in London, Mr Wickens will work with…
AIG announced yesterday that, as of January 2020, virtually all of its commercial property and casualty policies will begin affirmatively covering or excluding physical and non-physical cyber exposures. The US-based international insurance group said this move will address “market concerns” that traditional commercial insurance policies across the industry – from property to general liability – are often silent about cyber…
GVNW is willing to discuss premium adjustments with insurers as the market hardens but if changes are not made with a “sense of proportion”, clients could lose trust in the insurance industry, said the association’s president Alexander Mahnke yesterday. Mr Mahnke said insurers must be careful how they push through tougher rates, terms and conditions, and should not penalise whole…
