Report highlights significant tightening of environmental regulation globally

Report highlights significant tightening of environmental regulation globally

Report highlights significant tightening of environmental regulation globally

Recent increases in global legislation have become the biggest change to environmental risk in years, according to a new report from Chubb in collaboration with Clyde & Co. The new environmental risks report, Global Management of Environmental Risk, explores the impact of environmental risk on multinational businesses, and focuses on recent increases in global legislation. Suresh Krishnan, head of global…

Solvency II ‘a highly rules-based exercise’, says Best

Solvency II ‘a highly rules-based exercise’, says Best

Solvency II ‘a highly rules-based exercise’, says Best

Solvency II has moved the European regulatory regime very significantly towards a consistent, rigorous and market value-based system, but along the way it has become a highly rules-based exercise, according to AM Best. The ratings agency said there are differences in its application between countries and companies. “Some of these are more in the nature of differences in approach by…

Ocean Risk Summit calls for better risk data but heralds new transfer solutions

Ocean Risk Summit calls for better risk data but heralds new transfer solutions

Ocean Risk Summit calls for better risk data but heralds new transfer solutions

The risk and insurance industry urgently needs better data and models to deal with ocean risk, Chip Cunliffe, director of sustainable development at XL Catlin, told CRE following his company’s inaugural Ocean Risk Summit. The event discussed and showcased new solutions to tackle a range of ocean risks from blue carbon resilience credits to the Ocean Risk Index and first…

Use hackonomics to ensure your business is less enticing cyber target than competitors, advises Centre for Risk Studies

Use hackonomics to ensure your business is less enticing cyber target than competitors, advises Centre for Risk Studies

Use hackonomics to ensure your business is less enticing cyber target than competitors, advises Centre for Risk Studies

Experts from the University of Cambridge advise corporates to use hackonomics to assess whether they are likely targets for cybercriminals and ensure their own security is at least on par, or preferably better, than protection in place at competitors. Laying out the cyber risk landscape for 2018, the experts said supply chain attacks are the most worrying trend facing companies,…

MIB votes on UK motor-terror liability mutualisation

MIB votes on UK motor-terror liability mutualisation

MIB votes on UK motor-terror liability mutualisation

The Motor Insurers’ Bureau (MIB) has opened a ballot of its members that could result in the mutualisation of third-party motor-terrorism losses in the UK from next year. Last year saw two separate attacks in which terrorists used vehicles to cause death and bodily injury in the UK. The attacks on Westminster Bridge in March and London Bridge in June…

Time runs out for contract certainty as London lobby group calls for grandfathering to resolve ‘crisis’

Time runs out for contract certainty as London lobby group calls for grandfathering to resolve ‘crisis’

Time runs out for contract certainty as London lobby group calls for grandfathering to resolve ‘crisis’

Cross-border insurance contracts and pensions affected by Brexit must be grandfathered after the UK leaves the EU, argues TheCityUK in a new report that finds 30 million EEA and six million UK policyholders are at risk if a solution is not found. Financial services lobby group TheCityUK said £26trn of uncleared derivatives are also at risk, adding that time has…

Average Atlantic hurricane season predicted with insurers well placed to cope: Moody’s

Average Atlantic hurricane season predicted with insurers well placed to cope: Moody’s

Average Atlantic hurricane season predicted with insurers well placed to cope: Moody’s

Weather experts are predicting an average Atlantic hurricane season for 2018, largely based on cooler average sea-surface temperatures and a weak El Niño, according to Moody’s. The ratings agency analysed forecasts from the leading weather organisations and has concluded that cooler than average sea-surface temperatures across the tropical North Atlantic, strong trade winds and sea-level pressures, and a neutral or…

Firms’ cyber resilience fails to learn lessons of past breaches: survey

Firms’ cyber resilience fails to learn lessons of past breaches: survey

Firms’ cyber resilience fails to learn lessons of past breaches: survey

Only 13% of company executives across the world are confident that their firm has acted on lessons learnt from cyber breaches, according to a new survey by The Economist Intelligence Unit (EIU) and Willis Towers Watson. The survey also finds that European respondents believe a dedicated team should oversee cyber risk management, while those in other parts of the world…

Ferma urges new EC group to address AI ethics in underwriting and corporate world

Ferma urges new EC group to address AI ethics in underwriting and corporate world

Ferma urges new EC group to address AI ethics in underwriting and corporate world

Ferma has called on the EC’s new expert group looking into the role of artificial intelligence (AI) to consider the future insurability of commercial organisations if underwriting is left to AI technology and, more broadly, to define ethics surrounding its use in the corporate world. Late last week, the EC appointed 52 experts to its new High Level Group on…

Beazley includes latest cyber threats in updated policy for large firms

Beazley includes latest cyber threats in updated policy for large firms

Beazley includes latest cyber threats in updated policy for large firms

Beazley has revamped its cyber policy for large businesses to cover the latest threats of cyberattack, in a bid to keep pace with the ever-changing methods of cybercriminals. Beazley said the new offering is an enhanced version of its InfoSec policy. InfoSec was first launched in 2006 to address third-party exposures from loss of customers’ personal data, but now covers…

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