Tokio Marine has appointed Chris Marx as senior surety underwriter for the Netherlands. Mr Marx will join the company from Euler Hermes on 1 July. He will work with Björn Eding, who was appointed head of surety for the Netherlands in February this year, moving over from Chubb. Tokio Marine said Mr Marx and Mr Eding will develop its surety…
Lawyers are divided over whether data protection fines under the General Data Protection Regulation (GDPR) are insurable, with Herbert Smith urging caution against the position that all such fines cannot be covered by insurance in the UK. Last week, UK regulator the Information Commissioner’s Office (ICO) proposed GDPR fines against British Airways for £183.4m (€204.8m) and Marriot International for £99m (€110m).…
A fraud initiative to tackle cyberattacks on UK conveyancing funds set up by Pen Underwriting and law firm Mills & Reeve has recovered more than half of the money at risk among firms using the scheme. Pen Underwriting said £3.7m of a total £6.7m cyber conveyancing fraud been saved from cybercriminals since 2017. The criminals target large sums of money…
Allianz Global Corporate & Specialty (AGCS) is pulling out of liability and financial lines in Australia and New Zealand, closing its New Zealand operations from 1 September 2019. The company said “extraordinary claims levels” in the sectors have made it “untenable” for AGCS to continue writing such business in the region. Remaining lines of business for AGCS New Zealand –…
A securities class action lawsuit has been filed against FedEx and some of its senior executives because of alleged misleading behaviour following the NotPetya cyberattack. The D&O-related lawsuit will sharpen the minds of risk managers and their executives, who will see yet more exposure to cyber risk. For directors and officers, this time it’s personal. The action was filed by…
The insurance industry could face large losses from the Australian Royal Commission’s probe into misselling in the country’s financial services sector, but coverage disputes are likely, according to experts. Widespread misconduct in the financial services market has dominated the news in Australia. In particular, the misselling of products by banks and insurers highlights the growing problem of cultural and conduct…
Widespread misconduct in the financial services market has dominated the news in Australia, but the scandal has important lessons for corporate risk managers and insurers worldwide. In particular, the misselling of products by banks and insurers highlights the growing problem of cultural and conduct risk in the age of consumer power. This is giving rise to increased levels of liability…
Berkshire Hathaway Specialty Insurance (BHSI) has established a new office in Paris after receiving its insurance licence in France. BHSI has appointed François-Xavier d’Huart as country manager. BHSI will underwrite property, casualty, and executive and professional lines in France with immediate effect. The company said it expects to launch several other products in the months ahead. “We are pleased to continue…
Fintech theoretically offers huge opportunities for the insurance and wider financial services sector to open up its products and services to a far broader spectrum of society, at a lower price than currently available. But the rise of fintech, including insurtech, also carries significant risks – not least concentration risk as the big tech giants move into the financial sector.…
There is rising demand for credit insurance in the Asia-Pacific region, as a growing number of economic forecasts warn of slowing growth and rising insolvencies in the region. Businesses in the area are also taking a more strategic approach to credit management as they wake up to the macroeconomic threat, according to credit insurance experts. The latest analysis from credit…