Specialty insurer CFC has opened its new Lloyd’s syndicate for trading that will break the mould and not have a traditional underwriting box. CFC said the “futuristic” Syndicate 1988, which was established in less than six months with the process conducted virtually, will use technology to lower the costs and resources of operating a traditional syndicate. Matt Taylor has been…
While the climate case for renewables is undeniable and the economic case is becoming increasingly compelling, clean energy does present some threats to the environment that need to be navigated. The potential benefits of renewable energy sources such as wind, solar, hydro, tidal and geothermal are widely known, including a reduction in greenhouse gas emissions, the diversification of energy supplies…
A working group of leading risk managers has officially been launched to help spur innovation in the insurance market and develop “revolutionary” thinking on risk transfer solutions. It wants to work with the insurance industry to shift away from a perils-based approach to risk, in favour of a focus on risk outcomes. Set up by risk modelling and analytics firm…
The European Bank for Reconstruction and Development (EBRD) and Allianz Group’s trade credit insurer Euler Hermes SA/NV have signed a master risk participation agreement to support investments in green bonds. As a result, Euler Hermes, through its UK branch, has taken on half the risk in an existing EBRD loan to a financial institution in Serbia. Moreover, the company has…
The German association of risk and insurance managers, the GVNW, will host a virtual event on photovoltaic systems on 8 July. The event will examine different aspects of photovoltaics – which are solar panels used to generate electricity – to gauge, in particular, how their insurability is developing. Alexander Thoma and Meike Horst from Basler Sachversicherungs AG, the Bad Homburg-based…
Cybersecurity exposures top the list of emerging risks facing insurers, which must deal with both coverage and operational issues, a panel of insurance chief risk officers said. “Cyber, in the short term, is clearly on the top of everyone’s minds,” said Robert Paiano, executive vice-president and chief risk officer for The Hartford Financial Services Group. As first reported in Business…
The third day of proceedings at Anra’s 21st annual conference last week was dedicated to an analysis of the new risks posed by energy transition and digitalisation. Those are two examples of how the role of a risk manager will need to evolve and follow change, ideally anticipating that change and its impact on the business before others. The two perils…
Swiss Re has said one fifth of countries are at risk of their ecosystems collapsing and called for “urgent action” to mitigate threats to biodiversity that pose a big risk to economies, environments and populations. Ahead of the International Day for Biological Diversity on 22 May, Swiss Re flagged the findings from its recent study, which reveals that 55% of…
The insurance sector can play a key role in promoting sustainable development of businesses and society as a whole, agreed Alessandro Canta, Enel’s head of finance and insurance, Nicola Mancino of AGCS, and Massimiliano Roveda, head of commercial insurance at Zurich Italy, during a panel discussion at the annual congress of the Italian risk and insurance association (Anra) this week.…
Just 25% of global companies model the impact of emerging risks on their business, with major new threats and systemic risks “overlooked” by most firms, according to a new survey and report from Marsh. Based on a global survey of 1,000 large and mid-sized firms from different industries, Marsh’s first Risk Resilience Report states that companies agree that risk is…