Zurich Insurance Group will roll out its new marine insurance platform for small and medium cargo, after a successful introduction last year in markets including Spain, Germany, Singapore and Mexico. The platform will now to be extended to North America, the Nordics and further countries in Latin America later this year. The Zurich Swift Insurance Platform offers web-based access to…
A class action lawsuit has been filed on behalf of Miami-based Norwegian Cruise Line Holdings (NCL) shareholders, claiming that the company violated securities laws by making “blatantly false” statements about Covid-19 to entice customers to book cruises, thus endangering the lives of both their customers and crew members. Rosen Law Firm, a Florida-based global investor rights law firm, has announced…
Europe’s data protection regulators have shown wide differences in General Data Protection Regulation (GDPR) fines and been inconsistent in dealing with cyber incidents, according to analysis from Beazley. In its latest Breach Insights article, Beazley says there has been little consistency so far even though the same rules apply across Europe. Beazley notes that although GDPR regulatory activity has picked up,…
The first insured loss estimate for European Storm Ciara/Sabine from AIR Worldwide ranges between €1.1bn and €1.9bn, with the majority falling in the UK, France and Germany. The storm also affected a wide area of mainland Europe including the Netherlands, Poland, Belgium, the Czech Republic, Slovenia, Sweden, Denmark and Norway, where it was named Elsa. It caused wind damage and…
Year-end insurance renewals were challenging for many European buyers as the market hardening accelerated in the last few weeks of 2019, according to brokers and leading risk managers. Tough conditions are expected to continue through 2020, but there is hope that things will begin to settle down and the rate of change will slow. Latest figures from Marsh show that…
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…