The European D&O market has hardened throughout the year with some companies now struggling to find capacity for large or difficult risks, according to Elke Vagenende, head of western Europe for FINEX at Willis Towers Watson (WTW) who expects this trend to continue throughout 2020. This could lead to budget problems for any risk managers that have not yet taken…
The president of Swedish risk management association Swerma has called on the insurance industry to improve product development and boost innovation, while encouraging risk managers to up their game as the market hardens. Swerma president Athina Pehrmantold CRE that innovative product development is the number one area in which risk managers would like insurers to improve and put in more…
Liberty Specialty Markets (LSM) will continue its push into Europe and be a stable partner for risk managers through changing market conditions, according to Kerry McKay, head of distribution in Europe at LSM. LSM has grown significantly in Europe during the past three years, and will continue to expand steadily in the region, despite the retrenchment of some insurers in…
Significant growth in demand for M&A insurance products is being driven by the recent favourable economic environment, according to a new report from Aon. The report, Insurance for M&A: A coming of age and an exciting future ahead, states that M&A activity is being driven by interest rates remaining low, stronger company balance sheets, and significant rises in deal activity…
Nordic risk managers are meeting at the Ferma Forum this week to discuss working more collaboratively and potentially moving towards a regional conference. President of Swedish risk and insurance management association Swerma, Athina Pehrman, told CRE that about 50 Nordic risk managers will attend a networking lunch at the event today. The initiative has been led by Ms Pehrman since…
Political risk is making the world a more unpredictable place to do business, yet many companies are failing to plan adequately for unexpected events, according to research from QBE. The insurer’s analysis of factors that have impacted stability during the past 30 years found the world has demonstrably become a less predictable and more volatile place. In particular, 2010 and…
Norsk Hydro’s insurers have paid out NOK33m towards losses incurred by the aluminium firm when its operations were halted by a cyberattack in March this year. The Norwegian firm has also confirmed total losses of between NOK550m and NOK650m booked to the first half of 2019 accounts, adding that the attack will have limited impact on third-quarter results. Norsk Hydro…
Gallagher has bought specialist Swedish broker Proinova for an undisclosed fee. Proinova specialises in the real estate sector and has a longstanding relationship to deliver insurance, loss prevention and claims management services to trade association members. It also offers risk and insurance services for municipalities, hotels and conferences, and commercial property. The 19-strong team is headquartered in Helsingborg. Gallagher said…
Norway’s Wallenius Wilhelmsen Ocean is the latest international shipping firm to be charged with being involved in a cartel operation that fixed prices on the transportation of cars, trucks and buses to Australia between 2009 and 2012. In July 2015, the Australian Competition and Consumer Commission (ACCC), started an investigation into alleged anti-competitive practices in the car-carrying industry during 2009-2012.…
Marsh reports that warranty and indemnity (W&I) claim notifications are up 293% across Europe, the Middle East and Africa (EMEA) between 2016 and 2018, with the cover gaining in popularity and notifications as a proportion of policies placed rises. In its Transactional Risk Insurance Claims Study, Marsh also finds a reduction in the time taken to settle W&I claims. In…