Average global commercial insurance prices increased 3% in the first quarter of 2019, with prices up 2% in continental Europe and 2.9% in the UK, according to Marsh’s Global Insurance Market Index. It is the largest global increase since the index began in 2012 and the sixth consecutive quarter of rising prices. The index reveals that composite pricing in the first…
A proposed legal case in Hong Kong could give a significant insight into one of the most debated issues around liability – namely, who do you blame when a robot goes wrong? Hong Kong investor Samathur Li Kin-kan is suing Italian fund manager Raffaele Costa over losses incurred through the latter’s robo-advisory service, where investment decisions are made entirely through…
More than 200,000 Brazilian claimants have served a group action on Anglo-Australian mining firm BHP Billiton, over complaints the company “knew of risks” but was “woefully negligent” ahead of the deadly 2015 Marina dam collapse.
Christophe Meurier has been appointed as global head of financial solutions at Willis Towers Watson, and will assume the role with effect from 1 July 2019. He succeeds Paul Davidson who will continue as the chairman of financial solutions, Willis Towers Watson. Mr Meurier joins Willis Towers Watson after 25 years with BNP Paribas, where he was head of insurance…
Insurance buyers in the US are facing “almost universally” higher premiums in 2019 and can expect more challenging conditions for the remainder of this year, according to Willis Towers Watson…
Broker conflicts of interest are becoming worse in areas of the commercial market that are hardening because payment practices introduced during the long soft period mean intermediaries now receive more and more from insurers, in some instances outstripping remuneration from insureds, warns Mactavish…
Too many conflicts of interest in the commercial insurance market are leading to a lack of scrutiny, hampering progress and creating a fundamentally unhealthy operating environment, according to insurance governance consulting firm Mactavish…
Banking cooperative Swift, which runs the global network for interbank payments, has issued a new report on bank-focused cyberattacks, which shows that four out of five of all fraudulent transactions were issued to beneficiary accounts in southeast Asia. The report is part of Swift’s information-sharing initiative, which was established in the wake of the 2016 cyberattack on the central bank…
Berkshire Hathaway Specialty Insurance Company (BHSI) has begun offering transactional liability insurance through its Asia and Middle East regions. It has appointed Steven Harwood as head of transactional liability in Asia and the Middle East. He is based in BHSI’s office in Hong Kong. “Properly navigating the risks of corporate transactions is critical to growing companies and industry leaders alike,”…
Expanded insurance coverage for Canadian private equity firms’ most significant liabilities has been added to Chubb’s Private Equity+SM offering. The insurer said these extended offerings help transfer and mitigate many of the private equity firms’ most significant liabilities by combining four management liability coverages, including management (directors and officers), outside directorship, professional services (errors and omissions), and employment practices liability…