Six VW staff charged in diesel emissions probe

Six VW staff charged in diesel emissions probe

Six VW staff charged in diesel emissions probe

A further six Volkswagen (VW) managers and staff have been charged with fraud for their part in the diesel emissions scandal, taking the total number to 11. German prosecutors said three VW managers played an active role in the fraud, where software devices were fitted to pass diesel emission tests, while three staff members are accused of helping with the…

VW in talks with German consumer group to settle diesel pollution claims

VW in talks with German consumer group to settle diesel pollution claims

VW in talks with German consumer group to settle diesel pollution claims

German auto manufacturer Volkswagen confirmed yesterday that it is in talks to discuss a settlement with German vehicle owners, who are suing the carmaker over excessive pollution caused by its diesel cars, according to news agency Reuters. VW admitted to using manipulated engine management software to mask excessive pollution levels in its diesel cars back in 2015. This led to…

European D&O market hardening set for 2020 as companies struggle to complete programmes

European D&O market hardening set for 2020 as companies struggle to complete programmes

European D&O market hardening set for 2020 as companies struggle to complete programmes

The European D&O market has hardened throughout the year with some companies now struggling to find capacity for large or difficult risks, according to Elke Vagenende, head of western Europe for FINEX at Willis Towers Watson (WTW) who expects this trend to continue throughout 2020. This could lead to budget problems for any risk managers that have not yet taken…

M&A insurance take-up resilient despite fall in EMEA deals: Aon

M&A insurance take-up resilient despite fall in EMEA deals: Aon

M&A insurance take-up resilient despite fall in EMEA deals: Aon

The value of mergers and acquisitions (M&A) in the EMEA region fell during the first half of this year, yet Aon said insurance bought to cover these transactions has remained resilient. Despite this, the broker has challenged the insurance market to develop more innovative solutions. In a new report with Mergermarket, Aon said 3,962 M&As were reported in the EMEA…

Zurich and German government will meet €287m Thomas Cook Germany claims

Zurich and German government will meet €287m Thomas Cook Germany claims

Zurich and German government will meet €287m Thomas Cook Germany claims

The German government has said it will step in to compensate Thomas Cook Germany holidaymakers after claims from the company’s bankruptcy reached €287.4m and exceeded insurance limits under a contract with Zurich Insurance. Zurich said it is liable for a total of €110m in claims. More than half (€59.6m) has already been spent on repatriating travellers when the firm filed…

Global P&C insurers hold on to stable outlook for 2020

Global P&C insurers hold on to stable outlook for 2020

Global P&C insurers hold on to stable outlook for 2020

The global property and casualty (P&C) industry has retained its stable outlook for 2020, despite increasing claims costs and low investment returns pressuring profits, according to ratings agency Moody’s. Economic growth, though slowing down, coupled with solid levels of capitalisation and “constructive” pricing trends have driven the stable outlook, Moody’s said. The top five markets by premium – the US,…

Fitch predicts premium income and profitability growth for German non-life insurers

Fitch predicts premium income and profitability growth for German non-life insurers

Fitch predicts premium income and profitability growth for German non-life insurers

In the face of dwindling investment returns, German non-life insurers are likely to continue increasing their premium income in 2020 to maintain profitability, according to Fitch Ratings. The ratings agency said the outlook for the German non-life insurance sector remains stable, reflecting its expectation that insurers will achieve premium growth sufficient to maintain good profitability. “However, we expect motor new…

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Company executives are facing five “megatrends” that are set to create a heightened risk environment for D&O liability in 2020 and further challenge the profit margins of D&O insurers, according to Allianz Global Corporate & Specialty (AGCS), which said it has seen double-digit growth in D&O claims in the past five years. ‘Bad news’ or event-based claims have driven a…

EC proposes new collective redress directive as VW faces up to latest action in UK and Germany

EC proposes new collective redress directive as VW faces up to latest action in UK and Germany

EC proposes new collective redress directive as VW faces up to latest action in UK and Germany

The European Council has taken a big step forward in the protection of consumer interests in Europe, by adopting a general approach on the European Commission’s (EC) proposal for a directive on representative actions for the protection of consumers’ collective interest. The EC explained that the new rules will enable consumers to claim their rights not only individually but also…

Tokio Marine Kiln sells European MGA business to Cooper Gay France

Tokio Marine Kiln sells European MGA business to Cooper Gay France

Tokio Marine Kiln sells European MGA business to Cooper Gay France

Cooper Gay France (CGF), part of the London-based Ed broking group that renamed itself in 2016, has revealed that it is expanding its European MGA business through the acquisition of Belgium-based Tokio Marine Kiln Europe SA (TMKE). Tokio Marine confirmed to Commercial Risk Europe that Tokio Marine Europe SA, created in 2018 as part of the Japanese-owned London insurer’s Brexit…