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 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 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…
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 is launching its first standalone cyber insurance offering for large corporates…
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…
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…
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…
Risk managers have urged insurers to harness the power of technology to streamline the process of placing insurance and receiving claims, while simultaneously allowing skilled staff to spend more time delivering exciting solutions for clients. Nordic participants in our European Risk Frontiers survey were asked how they would slash the operating costs of the traditional insurance market to make it…
Cyber cover has improved, according to Nordic risk managers, and there is enough capacity for the needs of those taking part in our European Risk Frontiers survey. However, there is still room for improvement, which requires insurers to do their bit but also risk managers to better understand their risks and articulate their needs. Most Nordic risk managers we spoke…