Fiat Chrysler agrees $9.5m settlement with US SEC over emission disclosures

Fiat Chrysler agrees $9.5m settlement with US SEC over emission disclosures

Fiat Chrysler agrees $9.5m settlement with US SEC over emission disclosures

Car manufacturer Fiat Chrysler will pay $9.5m to settle charges with the US Securities & Exchange Commission (SEC), which alleged disclosures on its emissions control systems were misleading. Fiat Chrysler agreed to the settlement without admitting or denying the SEC’s findings. In 2016, Fiat Chrysler published the results of an internal audit that it said showed compliance with emissions regulations…

Extension of state support for credit cover ‘imperative’, says GVNW

Extension of state support for credit cover ‘imperative’, says GVNW

Extension of state support for credit cover ‘imperative’, says GVNW

The German risk and insurance management association GVNW and the Federal Association of German Insurance Brokers (BDVM) have asked their government for a “rapid” extension of the state-backed credit insurance protective shield that is due to expire at the end of this year. The protective shield was introduced in April as German companies faced up to a sudden loss of…

Risk managers urged to move fast and explore options in face of capacity crunch

Risk managers urged to move fast and explore options in face of capacity crunch

Risk managers urged to move fast and explore options in face of capacity crunch

Risk management association leaders across Europe are urging their members to move fast ahead of coming renewals to clarify exactly what capacity is available and on what terms as soon as possible, while investigating alternative risk financing options in the face of expected capacity shortages in some key lines. The lack of coverage for business interruption (BI) losses caused by…

Covid-19 has pushed insurers forward ‘by a generation’, says IUMI

Covid-19 has pushed insurers forward ‘by a generation’, says IUMI

Covid-19 has pushed insurers forward ‘by a generation’, says IUMI

The Covid-19 pandemic has forced the insurance industry to digitalise “in a few short months” and moved the sector forward “by at least a generation”, said the International Union of Marine Insurance’s (IUMI) Philip Graham, speaking as the body published annual figures for the marine industry. He said the “extremely positive” moves towards digitalisation gained momentum when the pandemic forced…

Daimler and US authorities finalise $1.5bn dieselgate settlement

Daimler and US authorities finalise $1.5bn dieselgate settlement

Daimler and US authorities finalise $1.5bn dieselgate settlement

German car manufacturer Daimler and its subsidiary Mercedes-Benz have settled actions brought by US authorities over their role in the dieselgate scandal for $1.5bn, following an agreement in principal last month. Daimler said the settlement ends proceedings that alleged it fitted emission control systems to cheat diesel tests in 250,000 vehicles in the US. The company has also agreed a…

TMF Group’s index highlights global business complexity

TMF Group’s index highlights global business complexity

TMF Group’s index highlights global business complexity

Curaçao, Israel and the US are among the simplest jurisdictions in terms of their legislative environment, while Indonesia tops the list as the most complex, according to TMF Group’s Global Business Complexity Index 2020. The index is generated from an in-depth survey of TMF Group’s in-market experts in 77 jurisdictions. The index shows there is significant global variation in the…

Hannover Re warns of sharp rate increases in 2021

Hannover Re warns of sharp rate increases in 2021

Hannover Re warns of sharp rate increases in 2021

Hannover Re expects widespread price rises in both reinsurance and insurance markets in 2020 as the industry reacts to the coronavirus outbreak, an event it puts on a par with the World Trade Center attacks on 11 September 2001. On Monday, Hannover Re said it expects to see “significant price increases” spanning various lines of property and casualty reinsurance in…

German insurers ready to back green recovery but incentives and rule changes needed first

German insurers ready to back green recovery but incentives and rule changes needed first

German insurers ready to back green recovery but incentives and rule changes needed first

The EU Commission aims to mobilise €1trn of investment for its Green Deal over the next 10 years as part of its goal of making Europe the first climate-neutral continent by 2050. Some €500bn of the total investment will come out of the EU budget that was approved a few weeks ago. National funding and special support measures for the…

AM Best says AGCS ratings stable after S&P downgrade

AM Best says AGCS ratings stable after S&P downgrade

AM Best says AGCS ratings stable after S&P downgrade

AM Best has affirmed the A+ financial strength rating of Allianz and subsidiary Allianz Global Corporate & Specialty (AGCS), and has assigned a stable rating. The confirmation comes after Standard & Poor’s (S&P) revised its outlook on industrial lines insurer AGCS’s ratings to negative in June. AM Best said Allianz’s balance sheet is in the strongest category and also flagged strong…

German insurers defend price rises after years of losses

German insurers defend price rises after years of losses

German insurers defend price rises after years of losses

Leading German industrial insurers used a panel debate at the close of last week’s virtual GVNW Symposium to justify rising premiums of up to 30% and limited capacity, as some risk managers struggle to complete their programmes. “It is well known that industrial lines have seen losses in recent years – there has to be a reaction,” said Henning Haagen,…

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