Swiss Re Corporate Solutions develops water-level parametric cover
Swiss Re Corporate Solutions has launched parametric water-level insurance for companies at risk of business interruption following changes in river water levels…
O2 seeks £100m from Ericsson for business interruption: reports
UK mobile operator O2, owned by Spain’s Telefonica, is seeking up to £100m compensation from Swedish firm Ericsson for business interruption and supply chain failure caused by its software, according to media reports…
Payment delays increase for European firms
European businesses recorded a further increase in the number of overdue invoices in 2018 with 41.8% of payments outstanding, according to trade credit insurer Atradius. The average pushed up from 40.7% in 2017 after all of 14 European countries surveyed except Germany, Ireland and the UK recorded deterioration in B2B receivables…
Starr Insurance appoints new head of Europe and opens Norway office
Starr Insurance Companies has opened a new office in Norway, and appointed a new head of Europe. The new office is based in Oslo and opened on 1 October 2018. The insurer said the Oslo office will add to Starr’s significant presence in Europe. The office will initially focus on general aviation but Starr said it expects to expand its…
Risk managers concede industry must work harder to understand supply chain exposures
Risk and insurance managers must work harder to fully understand their supply chain exposures and cannot expect insurers to take on their risk without putting in such work first, said Nordic risk managers taking part in our European Risk Frontiers survey, who warned that obtaining such information is not easy…
Global programme service still falling short, say leading risk managers
Risk managers taking part in our European Risk Frontiers survey are still not satisfied with the time it takes to put a multinational programme together and, in some cases, the quality of claims service delivered. They say further work is needed to improve the way in which data is collected and shared, while better communication is needed across insurers’ global…
RSA launches its first cyber policy for large corporates
RSA is launching its first standalone cyber insurance offering for large corporates…
Little or no sign of market-wide hardening in Nordics
Nordic risk and insurance managers see no sign of a general hardening in the commercial market and can get capacity for most of their risks, but there are some pockets where things are tricky for buyers. According to Tapio Huovinen, director of risk management at renewable wood biomass company UPM, there is still adequate capacity in the Nordic market. “It…
Management and leadership key friends for risk managers
It is vital for risk managers to be best friends – or have good relationships with – many individuals and departments to succeed, but the most important relationship of all is with management, said those taking part in the Nordic leg of our European Risk Frontiers survey. Other important contacts are risk owners or controllers, strategy and internal audit, the…
Risk managers must join the dots to deliver opportunity and value
Joining the dots between critical information at their disposal, breaking down internal silos, boosting compliance for competitive advantage and keeping key business functions abreast of the value insurance can bring, were given as examples by participants in our ERF survey of where risk managers have, and can, deliver value, rather than just reducing the downsides. While risk management often focuses…