Partnership between risk ‘owners’, brokers and carriers, transparency and how to tackle emerging risks were the dominant themes at this year’s DVS Symposium in Munich as reported on page 3 of this issue. CRE Editor Adrian Ladbury asked Dr. Jürgen Kurth, CEO of AXA Corporate Solutions Germany, for his thoughts on this big topic and its approach to customer relationship management.
Initial results from QIS 5, the crucial fifth Solvency II quantitative impact study, show that solvency capital requirements for captives will be very similar to the findings from QIS 4, according to experts who spoke at the FERMA 2010 Risk Management Seminar.
AIG, parent of leading industrial insurance group Chartis, announced yesterday that it has entered into an agreement-in-principle with the US Treasury, the Federal Reserve Bank of New York [FRBNY] and the AIG Credit Facility Trust that is designed to repay all its obligations to American taxpayers and ‘position AIG as strong, independent, and worthy of investor confidence.’
European insurance buyers are comfortable with current pricing levels but do have concerns over the market hardening, the impact of Solvency II and the identification of and response from the insurance industry to emerging risks, according to FERMA’s European Risk Management Benchmarking Survey 2010.
Insurer financial strength and willingness to pay were cited as the most important factors for European risk managers when choosing and evaluating insurers, according to a study by Standard & Poor’s Insurance Risk Solutions.
The European insurance industry has withstood the adverse economic circumstances with capitalisation improving in 2009, although not to the levels attained just before the onset of the credit crisis, according to A.M. Best Europe – Rating Services Ltd.
The three European Level 3 Committees of national supervisors – CEIOPS (insurance), CESR (securities) and CEBS (banking) – have welcomed the European Parliament’s decision yesterday to endorse the EU financial supervision reform package.
FERMA this week launched a guide for non-executive and executive board directors to help them comply with the risk management requirements of the 8th European Company Law Directive.
The recent kidnapping of workers from the French groups Areva and Vinci in Niger has ignited a debate in France on the management of security risks by French multinational groups that operate in some of the most dangerous parts of the world.
Airlines predict a 13% increase in passenger numbers in 2011 compared to a predicted 9% fall at the same point last year as confidence returns to the market, according to global broker Aon.