Financial services firms are at risk of “Brexit fatigue” but must be prepared for the UK to leave the European Union without a deal on 31 October and have activate contingency plans in place before then, warns a new report on current risks in the EU financial system by the Joint Committee of European Supervisory Authorities. It also warns of…
People are becoming more aware of the increasing frequency and intensity of climate events, and corporations are slowly responding to this increased awareness among customers. However, it may not have reached the point where such risks start to significantly influence how organisations do business. Hence, the question is: when will action on climate change reach a tipping point, ie when…
Independent specialist (re)insurance broker BMS Group has appointed Neil Prior as director in BMS’s global risks division, with effect from16 September 2019. BMS said Mr Prior will support the global risks division by developing market relationships and exploring new distribution channels. He will report to Ian Gormley, managing director at BMS. Mr Prior joins BMS with more than 33 years’…
A French railway services firm has been held liable for the death of an employee in unusual circumstances while on a business trip. The case went to court after it emerged the employee had a cardiac arrest on a work trip to central France after engaging in sexual activity with a stranger at her home. The Paris court ruled the…
Demand for multinational insurance programmes continues to rise despite mounting anti-globalisation sentiment and protectionism, with captives, mid-sized companies and firms from emerging markets driving growth. Some companies in mature markets have scaled back programmes as they reduce their global footprint, but are generally looking at covering a wider range of risks in international programmes. According to brokers and insurers, demand…
The Australian mining industry continues to be a significant contributor to global mining insurance losses that reached an “atrocious” $1.3bn in 2018 after a pretty awful loss total of more than $1bn in 2017, according to Willis Towers Watson’s (WTW) latest market analysis. WTW’s Mining Industry Review finds that the loss trend continued into this year. Total losses incurred by the…
Kenyan brokers are due back in court on 26 September to continue their fight against changing regulations, which they claim will seriously impact their survival. Nelson Omolo, chair of the Association of Kenyan Brokers, explained that legal changes would ensure premiums are paid directly to insurers without passing through intermediaries. However, he said the change in the law would seriously…
The Kenyan insurance industry’s performance slowed in 2018 but still recorded 3% growth, compared to 6.5% in 2017. The Association of Kenya Insurers’ (AKI) consolidated industry report for the year ending 31 December 2018 shows the industry’s gross written premium (GWP) grew to KSH216.11bn in 2018, from KSH209.70bn in 2017. Overall insurance penetration dropped to 2.43% in 2018, from 2.71…
African Risk Capacity (ARC) and the Africa Centre for Disease Control (Africa CDC) have signed a partnership agreement to establish a collaborative framework to help African Union member states strengthen preparedness and emergency response against infectious diseases. ARC and Africa CDC have been working together, in collaboration with other stakeholders, on establishing the Africa Epidemic Preparedness Index, which is designed…
Credit insurer Coface South Africa has been named overall Gender Mainstreaming Champion at the 2019 Awards. In all, the insurer scooped four awards: The award for a non-Johannesburg Stock Exchange-listed company in the category Women Empowerment in the Workplace The Women on Boards Award and Women on Executive Committees in Multinationals award Third finalist award for Equal Representation and Participation.…