London, Moscow and Paris are the most exposed European cities to a set of 22 risks, with a combined $24.6bn of annual GDP – or a third of Europe’s total losses – under threat, according to new research from Lloyd’s and the University of Cambridge. The Lloyd’s City Risk Index finds that market crash, cybercrime and floods are the top…
Business resilience to risk and disruption is highest in Switzerland, followed by Luxembourg and Sweden, finds a global index of 130 countries and jurisdictions published by FM Global. However, European countries have deteriorated when it comes to cyber resilience. Myanmar, Nigeria and Madagascar were the bottom three ranked countries in the overall index. Based on 12 measures of resilience across…
Global commercial insurance rates have risen for the second consecutive quarter, up 0.9% on average, driven by increases in property business and finpro lines, according to Marsh. However, overall pricing continues to fall in continental Europe, even though the rate of decline slowed again, the broker’s global insurance market index shows. The rise in global commercial insurance pricing was driven by…
Fines under the EU’s General Data Protection Regulation (GDPR) will only be insurable in two European countries, according to analysis by Aon and law firm DLA Piper. In 20 of the 30 countries analysed, fines – which could be as high as €20m or 4% of a group’s global turnover – will not be insurable. Only companies in Finland and…
Our annual european risk Frontiers survey of Europe’s leading risk managers, sponsored again by HDI Global, is this year being expanded to include a wider range of risk professionals by adding snap polls at industry events and online Q&As with our readers. This approach has already produced some interesting results that we believe will pose serious questions for the insurance…
The most complex nation in terms of financial compliance is China, according to the latest Financial Complexity Index 2018 from TMF Group, largely driven by the continued embedding of the Golden Tax System, which aims to introduce stricter monitoring and enhanced data sorting and transparency. The Cayman Islands was the least complex jurisdiction out of the 94 jurisdictions covered by…
Insured losses from winter Storm Eleanor, also known as Storm Burglind, will range between €1.1bn and €1.6bn, according to estimates from catastrophe modelling company AIR Worldwide. The fifth named European storm of the winter season, which struck early this month, began in Ireland and the UK with winds of up to 100 mph. It then headed to mainland Europe, where…
Allianz Global Corporate and Specialty (AGCS) has appointed Lars Vissing as head of claims, regional unit, London. From a dual base in London and Copenhagen, Mr Vissing will lead AGCS’s claims teams in the UK, Ireland, Dubai, Russia, the Nordic region, Australia and New Zealand. Mr Vissing will begin the role in February 2018, succeeding Martin Henson who is to…
Allianz Global Corporate and Specialty (AGCS) has announced a shakeup that will see current chief operating officer (COO) Sinéad Browne assume the board-level role of chief regions and markets officer, taking over from the retiring Carsten Scheffel. Ms Browne will take over from Mr Scheffel on 1 July 2018 and be based in London. In her new role, she will…
Nordic insurers face some tough challenges, including prevailing low interest rates and the evolving regulatory landscape, but the Nordic property and casualty (P&C) sector is expected to sustain its very strong focus on underwriting profitability, according to S&P Global Ratings. S&P said its rated P&C insurers are well positioned to cope with prevailing low yields and regulatory requirements, which have…