Business must better engage with politics to mitigate risks such as Brexit

Business must better engage with politics to mitigate risks such as Brexit

Business must better engage with politics to mitigate risks such as Brexit

Businesses in Britain are having to face up to political risk and need to learn to engage with politics and politicians to mitigate growing threats, according to Sir Mark Boleat, former policy chairman at the City of London Corporation. But he warned many companies are failing to step up to the mark. Speaking at the Institute of Risk Management’s (IRMs)…

Belgian firms say world becoming more unstable

Belgian firms say world becoming more unstable

Belgian firms say world becoming more unstable

Some 80% of Belgian corporates believe the world is becoming increasingly unstable, according to a new poll by business magazine Trends for the Credendo Trade Forum, and 85% said the European Union should take measures to protect its businesses, up from 75% last year. At the same time, the poll by trade credit insurer Credendo found 79% believe protectionist measures…

AIG exits Iran as US sanctions take effect

AIG exits Iran as US sanctions take effect

AIG exits Iran as US sanctions take effect

American International Group (AIG) is shuttering all underwriting activity in Iran due to the reimposition of US sanctions by the Trump administration. The majority of the US insurer’s Iranian activities were inherited from its acquisition of Bermuda-based reinsurer Validus Holdings for $5.56bn in July. Validus’s non-US subsidiaries provide marine hull, war and cargo insurance to shipping companies that transport cargo…

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

The risk of a cyberattack is the biggest concern among business leaders in east Asia and the Pacific, according to the Regional Risks for Doing Business report from the World Economic Forum (WEF). The prominence of cyber risk reflects the rapid pace of digitalisation and the increasing sophistication of the region’s economies, according to the report. Southeast Asia also boasts…

Cyber tops risk ranking in Europe and North America: WEF report

Cyber tops risk ranking in Europe and North America: WEF report

Cyber tops risk ranking in Europe and North America: WEF report

Cyber security is the top threat facing European businesses in 2018, followed by asset bubble and failure of national governance, according to a new report and survey from the World Economic Forum (WEF). Globally, cyberattack recorded a rise from eighth position to fifth place in 2018, but of the 19 countries where businesses ranked cyberattack as their number one risk over the next 10 years, 12 were in Europe…

North American liability rates to harden further in surprise turn of market: Willis

North American liability rates to harden further in surprise turn of market: Willis

North American liability rates to harden further in surprise turn of market: Willis

Insurance buyers in North America will pay higher commercial insurance rates next year with some lines reaching double-digit increases, according to Willis Towers Watson’s Marketplace Realities 2019 report. Willis says hype about property rate increases following heavy catastrophe losses in 2017 masked where the real increases have pushed through – casualty and professional liability lines…

Myanmar’s EU trade status at risk from genocide inquiry

Myanmar’s EU trade status at risk from genocide inquiry

Myanmar’s EU trade status at risk from genocide inquiry

The preferential trade status granted to Myanmar by the European Union (EU) could be at risk pending an investigation into allegations of genocide. Such a move could be a serious setback for any Myanmar-based corporates exporting or importing goods to or from the EU. Myanmar is one of several countries that are included in the EU’s Everything But Arms (EBA)…

Asia-Pacific sees rise in political risk

Asia-Pacific sees rise in political risk

Asia-Pacific sees rise in political risk

Social fragilities and a proliferation of autocratic governance in Asia have led to a rise in political risk that could cloud the continent’s dynamic economic growth, according to credit insurer Coface. Asia scored 45% on Coface’s latest political risk ranking, which put the continent behind Sub Saharan Africa, the Middle East and North Africa, and Latin America, but well ahead…

BPL names new director of French subsidiary

BPL names new director of French subsidiary

BPL names new director of French subsidiary

Credit and political risk broker BPL Global has named Lucia Petry director of its French subsidiary Berry Palmer & Lyle SA. Ms Petry has worked at the Paris office since 2014. As director, Ms Petry will take on managerial responsibility, while also maintaining links with French-speaking corporate clients. BPL said Ms Petry has played key roles in developing new covers…

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