The risk and insurance industry urgently needs better data and models to deal with ocean risk, Chip Cunliffe, director of sustainable development at XL Catlin, told CRE following his company’s inaugural Ocean Risk Summit. The event discussed and showcased new solutions to tackle a range of ocean risks from blue carbon resilience credits to the Ocean Risk Index and first…
Very few professions have been left unchallenged by the rise of new technology, in particular the prevalence of automation and artificial intelligence. However the rise of the so-called economy 4.0 could generate new opportunities for corporate risk managers, especially in Asia where the use of robotics and automation is outstripping other regions. For decades we have seen automation and robotics…
Nephila Climate, the weather and ESG-driven specialty division of Bermuda-based Nephila Holdings, together with Allianz Global Corporate & Specialty’s (AGCS’s) alternative risk transfer unit, have closed a first set of solar proxy revenue swaps for two projects in Australia, the Susan River Solar and Childers Solar facilities. The two new five-year transactions announced this week by Nephila and AGCS will…
Cybercriminals are increasingly using mobile apps, disposable devices and fake social media accounts to carry out fraud and avoid detection, according to a new report by RSA Security. The report tracks a 63% rise in the use of mobile apps to conduct fraudulent transactions globally between Q1 2017 and Q1 2018, and a rise of 680% since 2015. The study,…
The World Bank Group’s Pandemic Emergency Financing Facility (PEF) has given its first financial commitment, approving a $12m grant towards the current Ebola response in the Democratic Republic of the Congo (DRC). The grant will support the surge in activities of the DRC government and international responders outlined under the approved three-month $56.8m Ebola response plan, released by the DRC…
XL Catlin has “significant risk appetite” for new risks emerging from autonomous technology and has put together a team of experts to provide solutions. The new team can help provide protection at design and development stages, through to testing and implementation. The cover is available globally to all sectors of industry. Xl Catlin has also established a Global Autonomy Centre…
Talanx has decided to merge the primary specialty operations of its Hannover Re and HDI Global operations to create HDI Global Specialty, an international specialty insurer that will kick off with more than €1bn in premium income. HDI Global, along with the other leading industrial insurers, is struggling to deliver strong and profitable growth in core traditional European lines and…
Lloyd’s has recruited The Boston Consulting Group alongside insurtech firm L Marks to set up and run Lloyd’s Lab, which it announced in February to design technology-driven solutions for the Lloyd’s market. Lloyd’s Lab is due to be launched in September 2018 to develop new concepts and test ideas. L Marks is a specialist in the global insurtech sector and…
Tokio Marine Kiln (TMK) has launched a specialist intellectual property (IP) insurance product in France, Belgium and Luxembourg. The company said its IP cover is thought to be the only standalone IP insurance product available to French buyers. TMK said it is expanding into the three new markets because of growing demand for IP cover. The business will be written…
Risk managers are being warned that climate change is already changing the litigation landscape across the world and that they must factor the risk into their planning to avoid an escalation in claims against their organisations, as Liz Booth reports Climate change is a fast-emerging risk that is impacting business in new and unexpected ways, which risk managers must factor…