Marsh has announced it will create a new specialty unit following the acquisition of JLT. Marsh-JLT Specialty will combine the specialty teams of both businesses when the deal closes, although notably it will retain the JLT name and key JLT executives will head up the new business…
The risk of a cyberattack is the biggest concern among business leaders in east Asia and the Pacific, according to the Regional Risks for Doing Business report from the World Economic Forum (WEF). The prominence of cyber risk reflects the rapid pace of digitalisation and the increasing sophistication of the region’s economies, according to the report. Southeast Asia also boasts…
Cyber security is the top threat facing European businesses in 2018, followed by asset bubble and failure of national governance, according to a new report and survey from the World Economic Forum (WEF). Globally, cyberattack recorded a rise from eighth position to fifth place in 2018, but of the 19 countries where businesses ranked cyberattack as their number one risk over the next 10 years, 12 were in Europe…
Insurance buyers in North America will pay higher commercial insurance rates next year with some lines reaching double-digit increases, according to Willis Towers Watson’s Marketplace Realities 2019 report. Willis says hype about property rate increases following heavy catastrophe losses in 2017 masked where the real increases have pushed through – casualty and professional liability lines…
Consumer class action proceedings introduced in Germany last week are likely to lead to higher litigation costs for companies and increased exposures for large corporates and their directors. They may also see insurers increase the cost of cover for certain risks…
Volkswagen (VW) owners have launched a class action lawsuit in Germany on the same day a new law was introduced in the country, according to a BBC report. Pushed through by the VW diesel emissions scandal, the new law allows consumers to bring collective class action lawsuits against corporates in Germany for the first time. The lawsuit, which seeks a…
M&A insurance has created greater opportunity and cost savings for all stakeholders, according to Aon’s global M&A Risk in Review report. It says significant growth in M&A insurance continues to shape deal execution and has changed the way deal professionals distribute risk, and how insurers view the risk. It adds that deal professionals now use M&A insurance as part of…
Willis Towers Watson has appointed Elke Vagenende as head of western Europe for FINEX, its financial, executive and professional risks unit. Ms Vagenende joins Willis after six years at AGCS, most recently as head of market management. In her new role, Ms Vagenende will be based in London, working closely with global FINEX specialists and risk advisers across western Europe.…
The global maritime industry appears ill prepared to deal with a range of risks during the next ten years, with stakeholders from the sector conceding they are least ready for cyberattacks and data theft, a global economic crisis and geopolitical tensions, according to research by Marsh, the Global Maritime Forum and the International Union of Marine Insurance (IUMI)…
Credit and political risk broker BPL Global has named Lucia Petry director of its French subsidiary Berry Palmer & Lyle SA. Ms Petry has worked at the Paris office since 2014. As director, Ms Petry will take on managerial responsibility, while also maintaining links with French-speaking corporate clients. BPL said Ms Petry has played key roles in developing new covers…