The first major review of Solvency II is an opportunity to make the improvements needed to the design and calibration of the framework, according to Insurance Europe. In the foreword to its Annual Report 2018–2019, Michaela Koller, director general, and Andreas Brandstetter, president, say the coming year will be a crucial one for the EU’s insurance regulatory regime. “Addressing deficiencies…
Ransomware attacks “skyrocketed” by 105% in the first quarter of 2019, according to notifications collated by insurer Beazley’s Breach Response Services team. Beazley said there was also a change in style of ransomware attack, with perpetrators targeting larger organisations and demanding higher ransomware payments to unlock systems. Banking trojans have been “increasingly problematic” for companies in the first quarter of…
Nigeria’s multinational financial service provider Zenith Bank, which includes Zenith Insurance, has announced the appointment of Ebenezer Onyeagwu as group managing director/CEO of the bank effective 1 June 2019, subject to Central Bank of Nigeria approval. The appointment is consistent with the bank’s tradition and succession strategy of grooming leaders from within. Mr Onyeagwu replaces Peter Amangbo, whose tenure expires…
Chile is the lowest-risk country in South America in terms of trading risk, according to a report from trade credit insurer Atradius looking at the five main South American markets. The report provides an update on the political and economic backdrop of the five markets: Argentina, Brazil, Chile, Colombia and Peru. According to Atradius, Chile ranked as the lowest risk…
Aviva, RSA, AXA XL and AIG have been named as additional insurers, along with Zurich Insurance and Liberty, in dispute with British Steel over a £30m claim for a damaged blast furnace at its Scunthorpe, UK premises, as the firm enters insolvency this week. The company’s representative in the claim, Mactavish, told Commercial Risk Europe the case is the most “catastrophic failure…
Leading Dutch risk managers have warned fellow risk and insurance managers across Europe that, in their view, the commercial market is definitely hardening and is likely to continue. There is also rising concern about the appetite of the leading insurers for global programmes business. The risk managers said the best response to the hardening market is to continue in the…
UK risk and insurance managers’ association Airmic has welcomed plans to modernise the Lloyd’s market, which include proposals to create a platform for trading complex risks.
British Steel is in dispute with Zurich Insurance and other insurers about a £30m claim for a damaged blast furnace at its UK, Scunthorpe premises, as it enters insolvency this week. The claim follows an incident in June 2017. The company’s representative Mactavish argues that if the claim been settled sooner it could have helped save the stricken firm, which…
The Korean insurance market saw premium income fall by 0.3% in 2018, from KRW202.31trn in 2017 to KRW201.78trn last year. According to Korean Re: “The market continued to face some headwinds in 2018, as a slowdown in the domestic economy weighed on insurance market growth.” In its latest bulletin, Korean Re says that while the life insurance market remained in…
Allianz Global Specialty Services (AGCS) has expanded its environmental impairment liability cover to boost emergency response to pollution and contamination events worldwide. In partnership with loss adjuster and consultant GM Consultant, AGCS said the cover will offer global clients immediate support on a 24/7 basis as well as claims investigation services. HETI will continue to provide emergency response for clients…