New York is still the leading financial centre in the world, followed by London and Hong Kong, according to the 25th Global Financial Centres Index, published by Z/Yen Partners and the China Development Institute. According to the index, New York remains in first place, just seven points ahead of London, with Hong Kong four points behind London in third. Singapore…
Trade credit insurer Euler Hermes has released its open data platform for anyone to access, use and share its data on international B2B trade. Euler Hermes said the move gives public access to millions of exclusive datasets, and will help users make sense of international trade data, select the right prospects and do business with confidence. The insurer said its…
Marsh has increased its shareholding in Marsh India from 26% to 49%, the maximum permitted foreign direct investment in India-based insurance broking firms, according to The Economic Times. The transaction has been approved by the Indian insurance regulator, the Insurance Regulatory and Development Authority (IRDAI). Marsh India is a joint venture between Marsh International Holdings and its India-based partners, including…
The ongoing uncertainty surrounding Brexit highlights the importance of professional risk management to prepare organisations and ensure business continuity, Ferma said this week after voicing “frustration” at the current deadlock in UK parliament. Following discussions with corporate risk managers, the federation said most risk management plans are working on the assumption of a no-deal Brexit and detailed a range of…
A clear majority of board directors and general counsels (GCs) agree corporate risk has increased significantly in the past two to three years, and 30% fear their business is not prepared to tackle the most serious issues, according to a new report from Clyde & Co and Winmark. The report is based on a survey and compares views of risk…
The US regulator has launched a legal suit against VW, alleging the German car manufacturer defrauded US bond investors in the diesel emission scandal. The case also cites former CEO Marin Winterkorn and two subsidiaries – Volkswagen Group of America Finance and VW Credit. The suit by the Securities and Exchange Commission (SEC) alleges that VW raised $13bn through corporate…
Christian Hinsch will step down from his role as CEO of HDI Global, the industrial lines insurer of Talanx group, after its AGM on 9 May and will be replaced by Edgar Puls. Mr Puls is currently in charge of HDI Global’s property, engineering, marine, multi-risk and European division. Talanx said the move completes a “generational renewal” at board level.…
Cyberspace has become a dangerous source of crime and disruption. Data breaches are increasing both in terms of size and frequency, and companies need to rethink their risk strategies, especially when it comes to cybersecurity and insurance protection. Businesses can no longer simply rely on existing traditional insurance coverages such as general liability or property, and should be looking at…
The Institute of Risk Management (IRM) wants to “kick-start” risk manager skills for the digital age with a relaunched cyber group and new digital risk management certificate. The Cyber Risk Special Interest Group, which held its inaugural meeting last month, will initially focus on cyber risk in the context of enterprise risk management (ERM). The group, which meets again in…
Insured losses from winter Storm Eberhard will range between €900m and €1.5bn, with the majority coming in Germany, according to AIR Worldwide. AIR’s loss estimate includes property damage and business interruption. Eberhard first struck the UK, the Netherlands and Belgium on 9 March. It then moved onto Germany before heading further east to Austria, the Czech Republic and Poland. The…