Commercial Risk https://www.commercialriskonline.com Insurance & Risk Management News Mon, 18 Mar 2024 14:00:03 +0000 en-GB hourly 1 https://wordpress.org/?v=6.4.3 https://www.commercialriskonline.com/wp-content/uploads/2020/02/favicon.png Commercial Risk https://www.commercialriskonline.com 32 32 ESG – an opportunity for risk managers https://www.commercialriskonline.com/esg-an-opportunity-for-risk-managers/ Mon, 18 Mar 2024 14:00:03 +0000 https://www.commercialriskonline.com/?p=108331 ESG Risk Review spoke to Dr Bev Adams, head of client engagement for Marsh Advisory’s Strategic Risk Consulting practice and formerly ESG and climate advisory practice leader at Marsh, about the risk manager’s role in ESG and… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Corporates gaining confidence in parametric solutions https://www.commercialriskonline.com/corporates-gaining-confidence-in-parametric-solutions/ Mon, 18 Mar 2024 13:04:37 +0000 https://www.commercialriskonline.com/?p=108333 Martin Hotz, head of parametrics natcat at Swiss Re Corporate Solutions, talked to Global Risk Manager about the growing interest in, and availability of, parametric solutions for corporates. As far as nat cats are concern… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Ferma’s survey deadline approaches https://www.commercialriskonline.com/fermas-survey-deadline-approaches/ Mon, 18 Mar 2024 11:46:20 +0000 https://www.commercialriskonline.com/?p=108327 The deadline to take part in this year’s Ferma survey, which is open to risk managers around the world for the first time, is 29 March, and the federation is urging risk professionals to join in and ensure their voice is hear… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Apple settles shareholder fraud suit led by UK council for $490m https://www.commercialriskonline.com/apple-settles-shareholder-fraud-suit-led-by-uk-council-for-490m/ Mon, 18 Mar 2024 11:44:17 +0000 https://www.commercialriskonline.com/?p=108324 Apple has agreed a $490m settlement with a group of shareholders who accused the company of committing fraud for failing to disclose concern about demand for iPhones in China. The class action said CEO Tim Cook reassured i… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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BusinessEurope unhappy with revised CSDDD https://www.commercialriskonline.com/businesseurope-unhappy-with-revised-csddd/ Mon, 18 Mar 2024 11:27:50 +0000 https://www.commercialriskonline.com/?p=108319 BusinessEurope, the European confederation that represents 40 national industry and employers’ organisations, is unhappy with the agreement on the EU Corporate Sustainability Due Diligence Directive (CSDDD), despite the fact … Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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US Chamber of Commerce sues SEC over climate risk disclosure rules https://www.commercialriskonline.com/us-chamber-of-commerce-sues-sec-over-climate-risk-disclosure-rules/ Mon, 18 Mar 2024 10:32:39 +0000 https://www.commercialriskonline.com/?p=108315 Business lobby group the US Chamber of Commerce has filed a lawsuit against the US Securities and Exchange Commission (SEC) over what it believes are “flawed” new climate risk disclosure rules for listed firms. According t… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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USAID and WTW working on parametric solution to boost climate change resilience https://www.commercialriskonline.com/usaid-and-wtw-working-on-parametric-solution-to-boost-climate-change-resilience/ Mon, 18 Mar 2024 09:55:13 +0000 https://www.commercialriskonline.com/?p=108310 WTW is working with the US Agency for International Development (USAID) to deliver a parametric solution that will protect and de-risk the agency’s loans from climate change, and boost investment in adaptation measures across… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Miller adds to new fine art and specie team https://www.commercialriskonline.com/miller-adds-to-new-fine-art-and-specie-team/ Mon, 18 Mar 2024 08:25:20 +0000 https://www.commercialriskonline.com/?p=108307 Miller has added Lance Thorpe as a specie account executive within its recently created fine art and specie team, which offers retail and wholesale solutions. Thorpe has more than 15 years of experience across the sector, … Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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European Council adopts watered down CSDDD https://www.commercialriskonline.com/european-council-adopts-watered-down-csddd/ Fri, 15 Mar 2024 13:36:33 +0000 https://www.commercialriskonline.com/?p=108296 The Belgian presidency of the European Council has finally managed to gain approval for the Corporate Sustainability Due Diligence Directive (CSDDD), despite continued German opposition, by significantly watering down the proposed rules. Italy, France and other states were reportedly persuaded to back the revised plan because the revenue threshold for firms that need to comply with the…

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Landmark legal opinion highlights UK directors’ obligations on nature-related risks https://www.commercialriskonline.com/landmark-legal-opinion-highlights-uk-directors-obligations-on-nature-related-risks/ Fri, 15 Mar 2024 11:36:58 +0000 https://www.commercialriskonline.com/?p=108290 Directors need to consider their company’s nature-related risks as part of their legal duties under English company law, according to a landmark independent legal opinion commissioned by Pollination Law and the Commonwealth C… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Italy fines TikTok after French Scar probe into child safety https://www.commercialriskonline.com/italy-fines-tiktok-after-french-scar-probe-into-child-safety/ Fri, 15 Mar 2024 11:17:03 +0000 https://www.commercialriskonline.com/?p=108287 Italy’s competition regulator has fined social media platform TikTok €10m for failing to monitor content that threatened child safety. The regulator also found that TikTok used algorithms to target videos and increase the … Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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UK government urged to support new reinsurance panel for combustible clad buildings https://www.commercialriskonline.com/uk-government-urged-to-support-new-reinsurance-panel-for-combustible-clad-buildings/ Fri, 15 Mar 2024 10:48:47 +0000 https://www.commercialriskonline.com/?p=108284 A new reinsurance facility covering commercial and residential buildings cladded in combustible materials has been launched in the UK, more than six years after fire safety issues were exposed by the Grenfell Tower tragedy in… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Soaring climate losses see insurers exit ‘uninsurable’ areas https://www.commercialriskonline.com/soaring-climate-losses-see-insurers-exit-uninsurable-areas/ Fri, 15 Mar 2024 10:29:36 +0000 https://www.commercialriskonline.com/?p=108274 Insurers are hiking premiums and exiting high-risk areas as a result of a 360% rise in insured losses in the past 30 years due to the increased frequency and intensity of natural disasters, according to Bloomberg Intelligence… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Firms urged to adapt approach to lithium-ion battery fire risks https://www.commercialriskonline.com/firms-urged-to-adapt-approach-to-lithium-ion-battery-fire-risks/ Fri, 15 Mar 2024 10:23:29 +0000 https://www.commercialriskonline.com/?p=108277 QBE Europe is urging companies to put in place appropriate risk management and fire safety controls to tackle lithium-ion battery fire and health risks that have “crept up” and become a “big issue”. Over the past decade, l… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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French nat cat carrier posts big technical loss from rising weather events https://www.commercialriskonline.com/french-nat-cat-carrier-posts-big-technical-loss-from-rising-losses/ Fri, 15 Mar 2024 09:54:24 +0000 https://www.commercialriskonline.com/?p=108271 French state-backed catastrophe carrier CCR recorded a significant technical loss of €112m for 2023 due to heavy natural disasters in France. The loss was partially offset by the value realised during the sale of CCR Re. C… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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German insurers question ‘high risk’ insurance under AI Act https://www.commercialriskonline.com/german-insurers-question-high-risk-insurance-under-ai-act/ Fri, 15 Mar 2024 09:01:46 +0000 https://www.commercialriskonline.com/?p=108267 The German insurance association (GDV) has reiterated its criticism of the decision to include life and health insurance within the high-risk category under the EU’s recently agreed AI Act. Based on the trilogue agreements… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Marsh names new marine director in the Netherlands https://www.commercialriskonline.com/marsh-names-new-marine-director-in-the-netherlands/ Fri, 15 Mar 2024 07:33:36 +0000 https://www.commercialriskonline.com/?p=108282 Marsh has appointed AIG’s Koen van Leuven as marine broking director for the Netherlands. He is expected to join this summer. Van Leuvan is currently head of marine at AIG’s Lloyd’s operation Talbot and the insurer’s UK bu… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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US cyber backstop gathers momentum https://www.commercialriskonline.com/us-cyber-backstop-gathers-momentum/ Thu, 14 Mar 2024 13:03:44 +0000 https://www.commercialriskonline.com/?p=108259 Discussions to establish a US cyber insurance backstop, which should spur competition and innovation in the cyber insurance market, are gaining momentum. As part of last year’s National Cybersecurity Strategy, the Biden ad… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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EU Parliament approves AI act https://www.commercialriskonline.com/eu-parliament-approves-ai-act/ Thu, 14 Mar 2024 12:30:32 +0000 https://www.commercialriskonline.com/?p=108255 The European Parliament has approved the Artificial Intelligence Act, the world’s first binding law aimed at reducing AI risks. The Parliament said the rules will ensure AI safety and compliance with fundamental human righ… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Lockton collaborates with food science firm Campden as risks multiply for food and drinks clients https://www.commercialriskonline.com/lockton-collaborates-with-food-science-firm-campden-as-risks-multiply-for-food-and-drinks-clients/ Thu, 14 Mar 2024 12:03:31 +0000 https://www.commercialriskonline.com/?p=108250 Broker Lockton said it will help global clients in the food and drink sector mitigate key risks through collaboration with food science firm Campden BRI. Under the initiative, Lockton will become a member of Campden BRI. I… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Dutch cybersecurity and insurance firm secures further €36m funding https://www.commercialriskonline.com/dutch-cybersecurity-and-insurance-firm-secures-further-e36m-funding/ Thu, 14 Mar 2024 11:42:31 +0000 https://www.commercialriskonline.com/?p=108246 Eye Security, the fast-growing Netherlands based cybersecurity and insurance firm, has announced a further €36m Series B investment led by J.P. Morgan Growth Equity Partners with participation from existing investors Bessemer… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Supply chain pressure rises as EU Forced Labour Regulation agreed https://www.commercialriskonline.com/supply-chain-pressure-rises-as-eu-forced-labour-regulation-agreed/ Thu, 14 Mar 2024 11:10:00 +0000 https://www.commercialriskonline.com/?p=108230 EU members states have agreed the Forced Labour Regulation that prohibits products made with forced labour from the EU, so European companies will have to step up their supply chain due diligence efforts. The final step no… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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QBE launches UK healthcare practice group with new liability product https://www.commercialriskonline.com/qbe-launches-uk-healthcare-practice-group-with-new-liability-product/ Thu, 14 Mar 2024 11:01:53 +0000 https://www.commercialriskonline.com/?p=108241 QBE has created a healthcare practice division in the UK, headed by Doug Walker. It coincides with the launch of a new combined liability product, called QBE Healthcare Advantage Liability, covering medical liability, profess… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Captive demand continues to grow https://www.commercialriskonline.com/captive-demand-continues-to-grow/ Thu, 14 Mar 2024 09:58:48 +0000 https://www.commercialriskonline.com/?p=108233 The captive insurance industry is seeing further growth as businesses look to retain more risk in response to challenging commercial market conditions, according to a panel of industry leaders at the Captive Insurance Compani… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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NorthStandard partners with AI maritime safety platform to reduce accidents and delays https://www.commercialriskonline.com/northstandard-partners-with-ai-maritime-safety-platform-to-reduce-accidents-and-delays/ Thu, 14 Mar 2024 09:14:49 +0000 https://www.commercialriskonline.com/?p=108243 I club NorthStandard has partnered with Orca AI to provide its members with access to a maritime safety platform and incentivise shipping companies with subsidies. Orca’s automated situational awareness platform uses… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or subscriber…

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Insurers fear rise of ESG requirements https://www.commercialriskonline.com/insurer-fears-rise-over-esg-requirements/ Thu, 14 Mar 2024 08:37:02 +0000 https://www.commercialriskonline.com/?p=108226 Insurers are becoming increasingly concerned about greenwashing as ESG requirements become tougher, shows a global study carried out among investment management professionals at life insurers, London market(re)insurers and in… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Barnett Waddingham adds former risk manager Websdell to risk and resilience team https://www.commercialriskonline.com/barnett-waddingham-adds-former-risk-manager-websdell-to-risk-and-resilience-team/ Thu, 14 Mar 2024 08:34:22 +0000 https://www.commercialriskonline.com/?p=108223 UK consultancy Barnett Waddingham has appointed former risk manager Nick Websdell to its risk and resilience team. Websdell joins as senior risk and resilience consultant after a career spanning almost 25 year at the Co-op… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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More than half of FTSE companies now engaged in tree planting https://www.commercialriskonline.com/more-than-half-of-ftse-companies-now-engaged-in-tree-planting/ Thu, 14 Mar 2024 07:48:00 +0000 https://www.commercialriskonline.com/?p=108238 An estimated 51% of FTSE 100 companies are currently investing in tree-planting initiatives as part of their ESG programmes, according to research carried out by London-based global specialty (re)insurance group Chaucer. T… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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UK government adaptation plans ‘fall short’ for scale of climate risks https://www.commercialriskonline.com/uk-government-adaptation-plans-fall-short-for-scale-of-climate-risks/ Wed, 13 Mar 2024 12:35:24 +0000 https://www.commercialriskonline.com/?p=108220 A leading climate advisory panel has warned the UK government that its adaptation plans for a changing climate “fall short” for the “gravity of known climate risks in the UK”. The Climate Change Committee (CCC), an independen… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Nord Stream sues pipeline insurers for $403m over 2022 explosion https://www.commercialriskonline.com/nord-stream-sues-pipeline-insurers-for-403m-over-2022-explosion/ Wed, 13 Mar 2024 12:29:18 +0000 https://www.commercialriskonline.com/?p=108218 The operator of the Nord Stream gas pipeline is suing its insurers for more than €403m in the UK’s High Court for losses from the explosion that struck the vital energy infrastructure in 2022. The insurers named in the leg… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Multinationals face macroeconomic and geopolitical uncertainty in huge election year https://www.commercialriskonline.com/multinationals-face-macroeconomic-and-geopolitical-uncertainty-in-huge-election-year/ Wed, 13 Mar 2024 12:22:45 +0000 https://www.commercialriskonline.com/?p=108215 Macroeconomic competition and geopolitical insecurity are fuelling long-term uncertainty for multinationals as they face up to “biggest election year in history”, according to Marsh’s 2024 Political Risk Report. The report… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Brit launches Lloyd’s consortium for large cyber risks https://www.commercialriskonline.com/brit-launches-lloyds-consortium-for-large-cyber-risks/ Wed, 13 Mar 2024 12:09:30 +0000 https://www.commercialriskonline.com/?p=108212 Global specialty insurer and reinsurer Brit has launched a cyber placement consortium with Lloyd’s underwriters for large institutional clients. Brit Cyber First50 offers a primary $50m limit through a single quote, which Bri… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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MS Amlin reports best combined ratio for a decade in ‘attractive’ market https://www.commercialriskonline.com/ms-amlin-reports-best-combined-ratio-for-a-decade-in-attractive-market/ Wed, 13 Mar 2024 11:59:02 +0000 https://www.commercialriskonline.com/?p=108208 MS Amlin has reported record profits for 2023 and the best combined ratio since Lloyd’s agency Amlin was acquired by Japan’s Mitsui Sumitomo in 2016. The turnaround from an operating loss of £46.7m in 2022 to a profit of £… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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UK business leaders fear ESG targets expose them to litigation https://www.commercialriskonline.com/uk-business-leaders-fear-esg-targets-expose-them-to-litigation/ Wed, 13 Mar 2024 11:54:21 +0000 https://www.commercialriskonline.com/?p=108206 Nearly two-thirds (62%) of senior leaders at large UK businesses are worried that their ESG targets put them at risk of litigation, according to research carried out by Gallagher. The broker also reported that close to thr… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Risk managers urged to increase oversight of cyber supply chain risk https://www.commercialriskonline.com/risk-managers-urged-to-increase-oversight-of-cyber-supply-chain-risk/ Wed, 13 Mar 2024 11:05:28 +0000 https://www.commercialriskonline.com/?p=108204 Managing vendors and third-party contractors is a critical part of data security and regulatory compliance, experts say. Data owners must manage contractors to the same standard as their own operations, and they should ado… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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McLarens creates UK entertainment unit with new team hires https://www.commercialriskonline.com/mclarens-launches-uk-entertainment-unit-with-new-team-hires/ Wed, 13 Mar 2024 11:04:43 +0000 https://www.commercialriskonline.com/?p=108210 Global claims service firm McLarens has launched an entertainment and contingency unit in the UK and Ireland, with a focus on media and entertainment clients, after recruiting a team of four experts from the field. McLaren… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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AI regulation to shake up liability insurance https://www.commercialriskonline.com/ai-regulation-to-shake-up-liability-insurance/ Wed, 13 Mar 2024 10:49:34 +0000 https://www.commercialriskonline.com/?p=108201 Developments in artificial intelligence (AI) and related regulation will require an overhaul of liability insurance policies and the creation of new AI-specific coverages, experts have told Commercial Risk. The use of AI by business has accelerated in recent years, going well beyond automating back-office processes. Increasingly, AI is being used to support research…

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Communication and data are key to captives preparing for next soft market https://www.commercialriskonline.com/communication-and-data-are-key-to-captives-preparing-for-next-soft-market/ Wed, 13 Mar 2024 10:32:00 +0000 https://www.commercialriskonline.com/?p=108198 Open communication and data-driven insights can help captive owners and service providers be proactive ahead of the next soft market, experts say. They were speaking during a panel session at the Captive Insurance Companie… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Parliament committee attacks UK government’s ‘shambolic’ cyber strategy https://www.commercialriskonline.com/parliament-committee-attacks-uk-governments-shambolic-cyber-strategy/ Tue, 12 Mar 2024 12:41:29 +0000 https://www.commercialriskonline.com/?p=108186 Only days after the former head of the UK’s National Cyber Security Centre (NCSC) called on his country to criminalise ransomware payments, the Joint Committee on the National Security Strategy has accused the government of a… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Revamped UK internal audit code expands to cover more risks and corporate culture https://www.commercialriskonline.com/revamped-uk-internal-audit-code-expands-to-cover-more-risks-and-corporate-culture/ Tue, 12 Mar 2024 12:18:45 +0000 https://www.commercialriskonline.com/?p=108183 Proposed changes to a code of practice for internal audit in the UK promises to “raise the bar” for the profession and better support boards to manage risks. The Chartered Institute of Internal Auditors UK and Ireland (CII… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Mounting interest in casualty captives as market toughens https://www.commercialriskonline.com/mounting-interest-in-casualty-captives-as-market-toughens/ Tue, 12 Mar 2024 11:52:32 +0000 https://www.commercialriskonline.com/?p=108179 Multinationals are increasingly looking to put casualty exposures within captives, particular for areas where the insurance market is proving difficult, such as US risks, Zurich has told Commercial Risk. “In the last two months, we have seen more appetite [for casualty] from captives, especially where it is more challenging from a coverage, segment or product part of the business.

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Antares reports healthy growth in continued ‘positive’ market conditions https://www.commercialriskonline.com/antares-reports-healthy-growth-in-continued-positive-market-conditions/ Tue, 12 Mar 2024 11:49:16 +0000 https://www.commercialriskonline.com/?p=108176 Antares Global, the Lloyd’s-based group of insurance and related service companies owned by Qatar Insurance, announced strong growth in 2023 at Antares Syndicate 1274 and expects further uplift in still “positive” market cond… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Generali in ‘best shape’ after booking record results https://www.commercialriskonline.com/generali-in-best-shape-after-booking-record-results/ Tue, 12 Mar 2024 11:23:12 +0000 https://www.commercialriskonline.com/?p=108171 Generali reported a 14% gain in its 2023 net result, based on adjusted figures, to a record €3.58bn, driven by strong operating results from its P&C business. Generali’s CEO Philippe Donnet said the group is “in the be… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or subscriber…

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Europe ill-prepared for climate risks, finds first-ever EEA assessment https://www.commercialriskonline.com/europe-ill-prepared-for-climate-risks-finds-first-ever-eea-assessment/ Tue, 12 Mar 2024 11:05:23 +0000 https://www.commercialriskonline.com/?p=108167 Europe is not prepared for rapidly growing climate risks and is failing to keep pace with the rising exposures, warns the European Environment Agency (EEA) in its first-ever European Climate Risk Assessment (EUCRA). “Polic… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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HDI Global Specialty appoints head of single risk in Australia and New Zealand https://www.commercialriskonline.com/hdi-global-specialty-appoints-head-of-single-risk-in-australia-and-new-zealand/ Tue, 12 Mar 2024 10:02:03 +0000 https://www.commercialriskonline.com/?p=108163 HDI Global Specialty has appointed Paula Ritchie as head of single risk in Australia and New Zealand. Single risk is a type of trade credit cover that protects a single transaction or group of related transactions. Ritc… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or subscriber…

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Déal named MD of DUAL France as MGA builds out French team https://www.commercialriskonline.com/deal-named-md-of-dual-france-as-mga-builds-out-french-team/ Tue, 12 Mar 2024 09:39:34 +0000 https://www.commercialriskonline.com/?p=108159 DUAL Europe, Howden’s MGA, has appointed Guillaume Déal from Everest as managing director of its recently created French business. The company said the move is part of its drive for growth in France and follows the appoint… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Coalition adds Aspen to panel of cyber insurers https://www.commercialriskonline.com/coalition-adds-aspen-to-panel-of-cyber-insurers/ Tue, 12 Mar 2024 09:08:57 +0000 https://www.commercialriskonline.com/?p=108155 Cyber managing general agent Coalition has agreed to a multiyear capacity deal with Aspen Specialty. Aspen’s capacity will be available from 1 April and the insurer will take a share of the US-based Coalition’s surplus lin… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Risk managers must play strategic game to avoid overload in polycrisis https://www.commercialriskonline.com/risk-managers-must-play-strategic-game-to-avoid-overload-in-polycrisis/ Tue, 12 Mar 2024 08:56:18 +0000 https://www.commercialriskonline.com/?p=108152 Risk managers are coming under huge strain from the never-ending polycrisis but can meet this challenge, and shouldn’t fear overload, as long as they adapt and focus on best practice, say leading figures from risk management … Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Our future skies – with AIG https://www.commercialriskonline.com/our-future-skies-with-aig/ Mon, 11 Mar 2024 14:51:14 +0000 https://www.commercialriskonline.com/?p=108082 Marie Owens Thomsen – Senior Vice President Sustainability & Chief Economist, IATA – shares her insights on the impact of technological advances in aviation, the role of evidence-based policy-making, and the challenge of sustainability. Click on the image above to listen to the podcast.

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Anra pushing for captive regime in Italy https://www.commercialriskonline.com/anra-pushing-for-captive-regime-in-italy/ Mon, 11 Mar 2024 14:04:13 +0000 https://www.commercialriskonline.com/?p=108120 Italian risk management association Anra has told Commercial Risk Europe that it is hopeful a new captive-specific regime will become a reality in Italy, and believes France’s success in this area will help spur change. Ca… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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EMEA pricing flat in Q4 and easier than other regions: Aon https://www.commercialriskonline.com/emea-pricing-flat-in-q4-and-easier-than-other-regions-aon/ Mon, 11 Mar 2024 12:36:09 +0000 https://www.commercialriskonline.com/?p=108141 The EMEA insurance market was flat overall from a pricing perspective in the last quarter of 2023 and slightly easier for buyers than other regions around the world, but things “varied widely” by risk and product, according t… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Lloyd’s only exceeds cost of capital for first time in a decade with record results https://www.commercialriskonline.com/lloyds-only-exceeds-cost-of-capital-for-first-time-in-a-decade-with-record-results/ Mon, 11 Mar 2024 12:20:11 +0000 https://www.commercialriskonline.com/?p=108138 Risk managers seeking evidence of a significant market softening to offer their CFOs a more optimistic outlook will be disappointed to learn that while Lloyd’s recently announced whopping record profit of £11bn, it was the fi… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Aspen confirms Stanford as UK CEO https://www.commercialriskonline.com/aspen-confirms-stanford-as-uk-ceo/ Mon, 11 Mar 2024 11:43:56 +0000 https://www.commercialriskonline.com/?p=108136 Aspen Insurance has confirmed the appointment of Sarah Stanford as CEO of Aspen UK, following an interim appointment in January 2024 to replace Richard Milner. Dan Osman will take over Stanford’s previous role as active un… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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HDI Global makes board changes as McDonald exits https://www.commercialriskonline.com/hdi-global-makes-board-changes-as-mcdonald-exits/ Mon, 11 Mar 2024 10:30:21 +0000 https://www.commercialriskonline.com/?p=108126 Industrial insurer HDI Global, owned by Talanx, has announced changes at board level, with Claire McDonald – head of HDI Global’s property, engineering and marine cargo underwriting and claims teams – leaving the company. … Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Belgian beer firm Duvel restarts operations after cyberattack https://www.commercialriskonline.com/belgian-beer-firm-duvel-restarts-operations-after-cyberattack/ Mon, 11 Mar 2024 10:06:18 +0000 https://www.commercialriskonline.com/?p=108123 Belgian beer manufacturer Duvel has resumed production within a week after it was hit by a cyberattack, according to reports. Production at its five breweries ground to a halt on Wednesday following a ransomware attack. Th… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Reputation, supply chain and cyber pose biggest risks to global retailers, reveals WTW survey https://www.commercialriskonline.com/reputation-supply-chain-and-cyber-pose-biggest-risks-to-global-retailers-reveals-wtw-survey/ Fri, 08 Mar 2024 11:46:13 +0000 https://www.commercialriskonline.com/?p=108116 Global retailers are finding it hard to get the right insurance at an acceptable price as the range of risks facing the sector grows, according to WTW. Following a survey of 700 risk managers and senior decision-makers at … Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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France, Italy and UK set to become collaborative captive domiciles, hears Airmic Forum https://www.commercialriskonline.com/france-italy-and-uk-set-to-become-collaborative-captive-domiciles-hears-airmic-forum/ Fri, 08 Mar 2024 11:31:40 +0000 https://www.commercialriskonline.com/?p=108111 In five years’ time, the European captive market will likely see strong domiciles in France, Italy and the UK, with growing collaboration between the countries, said speakers at the latest Airmic Captives Forum at Lloyd’s. … Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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UK seeks 15-year director ban against Lex Greensill https://www.commercialriskonline.com/uk-seeks-15-year-director-ban-against-lex-greensill/ Fri, 08 Mar 2024 11:14:58 +0000 https://www.commercialriskonline.com/?p=108108 Lex Greensill, the Australian founder of failed supply chain finance firm Greensill Capital, has been served disqualification proceedings seeking to ban him from running or controlling companies in the UK, or an overseas comp… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Ten-year high for US P&C sector’s net underwriting loss https://www.commercialriskonline.com/ten-year-high-for-us-pc-sectors-net-underwriting-loss/ Fri, 08 Mar 2024 11:01:29 +0000 https://www.commercialriskonline.com/?p=108104 The US P&C sector’s net underwriting loss rose to a ten-year high of $38bn in 2023, driven by severe weather-related losses, stubborn inflation and upward reinsurance pricing, according to AM Best. The ratings agency s… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or subscriber…

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Former UK cyber chief calls for ransomware ban https://www.commercialriskonline.com/former-uk-cyber-chief-calls-for-ransomware-ban/ Fri, 08 Mar 2024 10:42:55 +0000 https://www.commercialriskonline.com/?p=108101 The former head of the UK’s National Cyber Security Centre (NCSC) has called on his government to pass legislation that would criminalise the payment of ransoms demanded by cybercriminals. Ciaran Martin, founding chief exe… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Captives, delicate market, ESG and AI dominate Amrae discussions https://www.commercialriskonline.com/captives-delicate-market-esg-and-ai-dominate-amrae-discussions/ Fri, 08 Mar 2024 10:10:15 +0000 https://www.commercialriskonline.com/?p=108097 As this year’s risk and insurance management conferences kicked off in France, Amrae and its members were focused on several big issues, ranging from the anticipated boom in home-domiciled captives and the delicately balanced… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Compulsory cat cover back on agenda for German state ministers https://www.commercialriskonline.com/compulsory-cat-cover-back-on-agenda-for-german-state-ministers/ Fri, 08 Mar 2024 09:43:33 +0000 https://www.commercialriskonline.com/?p=108089 The German Conference of Federal State Prime Ministers, the committee formed by the 16 German states to coordinate policy, has again raised the prospect of compulsory nationwide insurance for natural hazards. The idea has … Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Aon buys fleet risk management technology to cut TCOR for clients https://www.commercialriskonline.com/aon-buys-fleet-risk-management-technology-to-cut-tcor-for-clients/ Fri, 08 Mar 2024 09:17:40 +0000 https://www.commercialriskonline.com/?p=108086 Aon has bought the technology assets and intellectual property of digital managing general agent Humn.ai to help boost commercial fleet risk management among customers. Humn.ai’s platform uses driver and other data to info… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Lloyd’s achieves huge jump in underwriting profit to £5.9bn as rates rise 7% https://www.commercialriskonline.com/lloyds-achieves-huge-jump-in-underwriting-profit-to-5-9bn-as-rates-rise-7/ Thu, 07 Mar 2024 12:48:12 +0000 https://www.commercialriskonline.com/?p=108075 Lloyd’s saw its underwriting profit more than double last year to £5.9bn from £2.6bn in 2022, helped by price rises of 7% and a much-improved combined ratio. The market was the latest carrier to deliver very strong 2023 nu… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Beazley delivers record profit as CR falls to 71% and property rates rise 22% https://www.commercialriskonline.com/beazley-delivers-record-profit-as-cr-falls-to-71-and-property-rates-rise-22/ Thu, 07 Mar 2024 12:47:54 +0000 https://www.commercialriskonline.com/?p=108078 Beazley’s profit before tax jumped 115% last year to a record $1.25bn, with the insurance service result, or underwriting profit, up 52% to the same amount. Insurance written premiums (IWP) rose 7% to $5.6bn, with net writ… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Workplace stress a key driver of ‘alarming’ rise in mental health problems: AXA https://www.commercialriskonline.com/workplace-stress-a-key-driver-of-alarming-rise-in-mental-health-problems-axa/ Thu, 07 Mar 2024 11:49:18 +0000 https://www.commercialriskonline.com/?p=108067 The mental health of workers is deteriorating and the workplace is one of the main reasons behind this trend, according to a study published by AXA. The report also shows that companies can play an important role in addres… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Dynamic shift in appetite from Singapore and Malaysia insurance markets https://www.commercialriskonline.com/dynamic-shift-in-appetite-for-singapore-and-malaysia-insurance-markets/ Thu, 07 Mar 2024 11:43:23 +0000 https://www.commercialriskonline.com/?p=108064 Both the Singapore and Malaysia markets show a dynamic shift in insurers’ focus, with a heightened appetite for cyber, marine, cargo, and property insurances in 2024, according to Howden Markets Asia. Its market appetite surv… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Price Forbes appoints energy leader and head of renewables https://www.commercialriskonline.com/price-forbes-appoints-energy-leader-and-head-of-renewables/ Thu, 07 Mar 2024 11:40:00 +0000 https://www.commercialriskonline.com/?p=108062 London-based broker Price Forbes has appointed Dan Nicholls to its energy leadership team, and Ray Spreadbury as head of renewables. The appointments are part of a move to bring together Price Forbes’ teams across conventi… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Supply chain emissions data a ‘mammoth’ task for risk managers, says Airmic https://www.commercialriskonline.com/supply-chain-emissions-data-a-mammoth-task-for-risk-managers-says-airmic/ Thu, 07 Mar 2024 11:04:37 +0000 https://www.commercialriskonline.com/?p=108057 Risk managers face a “mammoth” task identifying carbon emissions in their supply chain, according to UK risk management association Airmic, following the results of its latest weekly poll that found 52% of organisations say t… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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ECB cyber stress test will provide much-needed resilience boost, says S&P https://www.commercialriskonline.com/ecb-cyber-stress-test-will-provide-much-needed-resilience-boost-says-sp/ Thu, 07 Mar 2024 10:56:36 +0000 https://www.commercialriskonline.com/?p=108054 The results of cyber stress tests underway at Europe’s banks will shape the regulatory agenda as the European Central Bank (ECB) steers the sector towards greater resilience, according to S&P Global Ratings. The ECB la… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or subscriber…

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Mosaic launches technology errors and omissions solution https://www.commercialriskonline.com/mosaic-launches-technology-errors-and-omissions-solution/ Thu, 07 Mar 2024 10:35:45 +0000 https://www.commercialriskonline.com/?p=108060 A primary technology errors and omissions (E&O) solution has been launched by Bermuda-based specialty insurer Mosaic Insurance. The new coverage from the insurer’s cyber division is designed to protect tech companies f… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or subscriber…

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German business calls for heightened protection following Tesla attack https://www.commercialriskonline.com/german-business-calls-for-heightened-protection-following-tesla-attack/ Thu, 07 Mar 2024 10:29:07 +0000 https://www.commercialriskonline.com/?p=108044 German business groups have called for better protection of critical infrastructure this week after a suspected arson attack by supposed leftist activists on Tesla’s gigafactory outside Berlin halted production until further … Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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New EU payment deadlines will weaken Europe, claim German insurers https://www.commercialriskonline.com/new-eu-payment-deadlines-will-weaken-europe-claim-german-insurers/ Thu, 07 Mar 2024 10:01:51 +0000 https://www.commercialriskonline.com/?p=108041 The German Insurance Association (GDV) has warned that the EU’s planned payments regulation, which would introduce mandatory payments within 30 days and is designed to support SMEs, will backfire and actually lead to more ins… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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SEC adopts compromised climate-related disclosures https://www.commercialriskonline.com/sec-adopts-compromised-climate-related-disclosures/ Thu, 07 Mar 2024 09:23:02 +0000 https://www.commercialriskonline.com/?p=108038 The US Securities and Exchange Commission (SEC) has adopted rules to enhance and standardise climate-related disclosures by public companies and in public offerings. As ever, the new rules will draw opposition from both en… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Average securities class-action settlement reaches record high https://www.commercialriskonline.com/average-securities-class-action-settlement-reaches-record-high/ Thu, 07 Mar 2024 09:19:21 +0000 https://www.commercialriskonline.com/?p=108035 The average amount for settling securities class actions in the US was the highest in over a decade last year, Cornerstone Research says in a report. The economic consultancy said the average settlement for a securities cl… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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New and enhanced A&H product from RSA Insurance https://www.commercialriskonline.com/new-and-enhanced-ah-product-from-rsa-insurance/ Thu, 07 Mar 2024 06:54:32 +0000 https://www.commercialriskonline.com/?p=108050 A comprehensive group personal accident and business travel cover has been launched by RSA Insurance. The new and enhanced accident and health (A&H) product is designed to give organisations and their employees “reassu… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or subscriber…

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Reinsurance prices to peak this year after ‘modest’ rises in months ahead: Moody’s https://www.commercialriskonline.com/reinsurance-prices-to-peak-this-year-after-modest-rises-in-months-ahead-moodys/ Wed, 06 Mar 2024 11:31:46 +0000 https://www.commercialriskonline.com/?p=108030 Global reinsurance prices are likely to peak at multi-decade highs in 2024 as competition intensifies, according to Moody’s. The ratings agency says reinsurers have scope to push through modest further rate increases this … Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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EU strikes deal on cybersecurity package https://www.commercialriskonline.com/eu-strikes-deal-on-cybersecurity-package/ Wed, 06 Mar 2024 11:06:35 +0000 https://www.commercialriskonline.com/?p=108027 The European Council presidency and European Parliament’s negotiators have reached a provisional agreement on the so-called ‘cyber solidarity act’, as well as targeted amendments to the cybersecurity act. The Council said … Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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US rate hikes accelerate in February: Ivans https://www.commercialriskonline.com/us-rate-hikes-accelerate-in-february-ivans/ Wed, 06 Mar 2024 11:04:37 +0000 https://www.commercialriskonline.com/?p=108024 Commercial policyholders paid more for most major lines of coverage last month as premium renewal rates accelerated compared with January, according to a report from data exchange Ivans Insurance Services. Commercial prope… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Scor plans to ‘fully benefit’ from supportive market conditions https://www.commercialriskonline.com/scor-plans-to-fully-benefit-from-supportive-market-conditions/ Wed, 06 Mar 2024 11:02:47 +0000 https://www.commercialriskonline.com/?p=108021 Scor continues its strong growth in the specialty insurance segment, and chairman Fabrice Brégier said during the company’s latest set of results that the group intends to “fully benefit from the most supportive P&C marke… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or subscriber…

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Lloyd’s hits gender target but work remains to reach ethnicity goals https://www.commercialriskonline.com/lloyds-hits-gender-target-but-work-remains-to-reach-ethnicity-goals/ Wed, 06 Mar 2024 10:40:08 +0000 https://www.commercialriskonline.com/?p=108018 Lloyd’s has revealed that 21% of new hires across the market last year were from diverse ethnic backgrounds, an increase of four percentage points but still outside the one-in-three target set in 2021. Figures were higher for… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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EU acts to break the forced labour business model https://www.commercialriskonline.com/eu-acts-to-break-the-forced-labour-business-model/ Wed, 06 Mar 2024 10:01:35 +0000 https://www.commercialriskonline.com/?p=108011 The EU may have ditched the Corporate Sustainability Due Diligence Directive (CSDDD) for the time being but opponents of strict liability for human rights and environmental abuses within European organisations’ supply chains … Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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German industrial insurers need to step up digitisation efforts: WTW https://www.commercialriskonline.com/german-industrial-insurers-need-to-step-up-digitisation-efforts-wtw/ Wed, 06 Mar 2024 09:45:38 +0000 https://www.commercialriskonline.com/?p=108008 Insurers still have a long way to go when it comes to digitising their underwriting, based on a survey of around 170 industrial insurance representatives that attended WTW’s recent Insurer Summit in Essen. The broker repor… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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France steps up cyber defence efforts https://www.commercialriskonline.com/france-steps-up-cyber-defence-efforts/ Wed, 06 Mar 2024 08:11:34 +0000 https://www.commercialriskonline.com/?p=108015 French state cyber agency ANSSI has reported that cyber espionage remained high last year, with a significant increase in attacks on individuals and non-governmental structures that create, host or transmit sensitive data. In its Cyber Threat Overview 2023, ANSSI notes an increase in attacks on business and personal cell phones aimed at targeted individuals. There was also a surge in attacks…

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European market to stabilise further with rate decreases on the cards in H2 https://www.commercialriskonline.com/european-market-to-stabilise-further-with-rate-decreases-on-the-cards-in-h2/ Tue, 05 Mar 2024 12:24:56 +0000 https://www.commercialriskonline.com/?p=108002 Brokers predict that European insurance buyers will see the market stabilise further in 2024 and may begin to see more widespread softening for key risks in the second half, as insurers chase growth and capacity begins to chase risk. However, there remain questions about the ripple effects from the reinsurance market, where things have eased but remain tough. The global and European commercial…

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Latin America and Asia see big growth in ‘true risk managers’ as insurance becomes business enabler https://www.commercialriskonline.com/latin-america-and-asia-see-big-growth-in-true-risk-managers-as-insurance-becomes-business-enabler/ Tue, 05 Mar 2024 12:23:21 +0000 https://www.commercialriskonline.com/?p=107981 Risk and insurance managers in key growth markets Latin America and Asia are becoming more sophisticated as their businesses expand beyond national and regional borders, according to an expert panel from Marsh in a webinar ho… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Miller books record revenues on international and retail growth https://www.commercialriskonline.com/miller-posts-record-revenues-on-international-and-retail-growth/ Tue, 05 Mar 2024 12:16:31 +0000 https://www.commercialriskonline.com/?p=108000 Miller has announced record revenues for 2023 as the London-based specialty insurance broker continues its international and specialty retail expansion. For the year ending 31 December 2023, Miller posted record revenue of… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Hiscox posts record profit of $626m in 2023 on back of underwriting rates and investment boost https://www.commercialriskonline.com/hiscox-posts-record-profit-of-626m-in-2023-on-back-of-underwriting-rates-and-investment-boost/ Tue, 05 Mar 2024 12:11:52 +0000 https://www.commercialriskonline.com/?p=107997 Hiscox has announced record profit of $625.9m for 2023, up 127%, following a 36% gain in its underwriting result to $492.3m and a turnaround in investment income from a loss of $360.9m in 2022 to a record profit of $384.4m. … Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Extreme weather in Australia’s summer costs insurers A$1.2bn https://www.commercialriskonline.com/extreme-weather-in-australias-summer-costs-insurers-a1-2bn/ Tue, 05 Mar 2024 12:03:38 +0000 https://www.commercialriskonline.com/?p=107995 Insured losses from extreme weather during the Australian summer could reach A$1.2bn, according to an estimate from the Insurance Council of Australia (ICA). Losses from storms over Christmas and the New Year in the states of… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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War risk rates hold firm after Red Sea sinking: reports https://www.commercialriskonline.com/war-risk-rates-hold-firm-after-red-sea-sinking-reports/ Tue, 05 Mar 2024 11:53:23 +0000 https://www.commercialriskonline.com/?p=107991 Shipping war risk insurance rates have held steady after the total loss of UK-owned cargo vessel Rubymar at the weekend, according to a Reuters report. Underwriters and brokers told Reuters the risk of losses in the Red Sea r… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Aon appoints CEO of Bermuda reinsurance unit https://www.commercialriskonline.com/aon-names-ceo-of-bermuda-reinsurance-unit/ Tue, 05 Mar 2024 11:43:48 +0000 https://www.commercialriskonline.com/?p=107989 Aon has named Roman Romeo as CEO of its Reinsurance Solutions Bermuda unit, effective 1 April, succeeding Tony Fox, who will remain as chairman. Based in Bermuda and reporting to Fox, Romeo will lead Aon’s Bermuda reinsura… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Allianz Commercial names country manager for Nordics https://www.commercialriskonline.com/allianz-commercial-names-country-manager-for-nordics/ Tue, 05 Mar 2024 11:40:35 +0000 https://www.commercialriskonline.com/?p=107987 Allianz Commercial has appointed Margaretha Mo as country managing director for the Nordics, overseeing the group’s commercial property and casualty and specialty lines in the region. Mo joins Allianz from Chubb, where she wa… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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AM Best issues negative outlook for US D&O segment as rates fall https://www.commercialriskonline.com/competition-and-growing-challenges-affecting-us-do-market/ Tue, 05 Mar 2024 09:57:45 +0000 https://www.commercialriskonline.com/?p=107979 Growing competition in the US D&O market is a key factor that has led to more capacity and lower pricing, according to AM Best, and as a result the ratings agency has assigned a negative outlook to the segment. Other f… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or subscriber…

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Aon announces new head of India https://www.commercialriskonline.com/aon-appoints-new-head-of-india/ Mon, 04 Mar 2024 15:28:29 +0000 https://www.commercialriskonline.com/?p=107974 Rishi Mehra has been appointed as head of India, Aon. He will be based in Mumbai and report to Anne Corona, chief executive officer of Asia Pacific at Aon. He will join Aon’s Asia Pacific executive committee and global execut… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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New data-driven insurance product for US commercial fleets https://www.commercialriskonline.com/new-data-driven-insurance-product-for-us-commercial-fleets/ Mon, 04 Mar 2024 15:06:58 +0000 https://www.commercialriskonline.com/?p=107971 Inigo Limited has partnered with technology firm Samsara to launch a new structured product for US companies with large automotive fleets. Using data from Samsara, Inigo said it will provide an innovative, data-driven product… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Aviva re-entering Lloyd’s with £242m Probitas deal https://www.commercialriskonline.com/aviva-re-entering-lloydss-with-242m-probitas-deal/ Mon, 04 Mar 2024 12:10:12 +0000 https://www.commercialriskonline.com/?p=107965 Aviva is re-entering the Lloyd’s market through the £242m acquisition of Probitas. The move, which is set to complete by the middle of this year, will diversify and expand Aviva’s Global Corporate & Specialty (GCS) bus… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or subscriber…

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Italy’s Enel Energia fined record-high €79m for data breaches https://www.commercialriskonline.com/italys-enel-energia-fined-record-high-e79m-for-data-breaches/ Mon, 04 Mar 2024 11:37:47 +0000 https://www.commercialriskonline.com/?p=107944 Italy’s regulator has fined energy firm Enel Energia €79m for failing to protect the personal data of its electricity and gas customers. The Garante per la protezione dei dati personali (The Italian Data Protection Authori… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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US commercial insurance price hikes ease https://www.commercialriskonline.com/us-commercial-insurance-price-hikes-ease/ Mon, 04 Mar 2024 11:32:23 +0000 https://www.commercialriskonline.com/?p=107957 Commercial insurance policyholders paid an average premium increase of 7% in the fourth quarter of 2023, down from 8.1% in Q3, according to the Council of Insurance Agents and Brokers’ latest pricing survey. Property insur… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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UK-owned ship Rubymar sinks in first major loss since Houthi Red Sea attacks https://www.commercialriskonline.com/uk-owned-ship-rubymar-sinks-in-first-major-loss-since-houthi-red-sea-attacks/ Mon, 04 Mar 2024 11:20:24 +0000 https://www.commercialriskonline.com/?p=107954 After months of avoiding a major incident since commercial ships came under attack by Houthi militants in the Red Sea, the first total loss has been recorded with the sinking of UK-owned cargo vessel Rubymar, sailing under th… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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Strong growth forecast for New Zealand general insurance sector https://www.commercialriskonline.com/strong-growth-forecast-for-new-zealand-general-insurance-sector/ Mon, 04 Mar 2024 10:46:57 +0000 https://www.commercialriskonline.com/?p=107949 The general insurance industry in New Zealand is expected to grow by 8.3% in 2024, supported by property and motor insurance lines, which together accounted for nearly 75% of the total general insurance gross written premiums… Register for ultimate access to this article and ALL our premium content ULTIMATE ACCESS PROVIDES YOU WITH If you are already a registered user or…

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