Risk management lags increasing unpredictability, finds QBE

Risk management lags increasing unpredictability, finds QBE

Risk management lags increasing unpredictability, finds QBE

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 books first payment from cyberattack claim

Norsk Hydro books first payment from cyberattack claim

Norsk Hydro books first payment from cyberattack claim

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 buys Swedish broker Proinova as it targets Scandinavia

Gallagher buys Swedish broker Proinova as it targets Scandinavia

Gallagher buys Swedish broker Proinova as it targets Scandinavia

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…

Norwegian shipping firm latest to be dragged into Australian cartel scandal

Norwegian shipping firm latest to be dragged into Australian cartel scandal

Norwegian shipping firm latest to be dragged into Australian cartel scandal

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 figures show jump in W&I claims across EMEA

Marsh figures show jump in W&I claims across EMEA

Marsh figures show jump in W&I claims across EMEA

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…

Norsk Hydro adds to cyberattack losses in Q2 as total approaches €80m

Norsk Hydro adds to cyberattack losses in Q2 as total approaches €80m

Norsk Hydro adds to cyberattack losses in Q2 as total approaches €80m

The cyberattack that halted production at aluminium producer Norsk Hydro in March is estimated to have cost the firm a further NOK250m-NOK300m (€26m-€31m) in Q2, adding to the NOK400m-NOK450m (€41m-€47m) already booked in the first quarter. Norsk Hydro’s combined losses from the cyberattack for Q1 and Q2 total up to €78m. Disclosed as part of its second-quarter results, Hydro said…

Europe dominates FM Global’s resilience risk index

Europe dominates FM Global’s resilience risk index

Europe dominates FM Global’s resilience risk index

European countries dominate FM Global’s 2019 Resilience Index, taking nine of the top ten positions, led by Norway as the most resilient business environment. FM Global said the top ten was “reshuffled” for 2019, with Norway up from fourth place in 2018. Demark came second, with Switzerland – last year’s most risk-resilient country – in third. The UK was a…

Focus, focus, focus on specialty risks

Focus, focus, focus on specialty risks

Focus, focus, focus on specialty risks

HDI Global Specialty SE launched in January with an expected gross annual premium level of €1.2bn at year-end 2019, after merging the specialty lines activities of Talanx-owned HDI Global and Hannover Re. We spoke to Richard Taylor – the company’s chief marketing officer, chief underwriting officer of short-tail classes and former UK managing director at HDI Global – about the…

Denmark updates terrorism insurance pool

Denmark updates terrorism insurance pool

Denmark updates terrorism insurance pool

There has been an update to the Danish terrorism insurance pool for non-life insurance, according to insurance premium tax specialists Impendulo. The ‘Act on a terror insurance scheme in the non-life insurance area’ will come into force on 1 July 2019. The reinsurance pool now has a total limit of DKK13.4bn. Impendulo said the scheme provides insurance coverage for property…

Chubb boosts major account client executive team in Europe

Chubb boosts major account client executive team in Europe

Chubb boosts major account client executive team in Europe

Chubb has appointed Karine Paul and Brigitte Vorrath as global client executives within its major accounts team for continental Europe. In the newly created roles, Ms Paul will manage France and the Nordic region, in addition to international accounts in the UAE and India. Ms Vorrath will manage accounts in Germany, Austria, Poland, Czech Republic, Hungary and Russia. Switzerland will…

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