Most UK risk managers will be relieved to hear that the UK government has confirmed that it has ordered a review of wide-ranging anti-bribery laws that are planned for April of this year.
An unexpected rise in the UK’s inflation figure on the back of energy and fuel price hikes has brought into sharp focus warnings made last week in the World Economic Forums Global Risk 2011 report that business and governments alike face a new age of commodity price volatility, which will have serious consequences for both.
Despite the world economy broadly on the road to recovery, the level of political risk has risen in more countries than it has declined over the past year, according to Aon’s 18th annual Political Risk Map.
The number of hostages taken at sea in 2010 rose to an all time high, the International Chamber of Commerce (ICC) International Maritime Bureau’s (IMB) global piracy report revealed yesterday.
The latest offer of a ‘permanent ceasefire’ from ETA, the Basque separatist group, has been greeted with scepticism by Spanish companies, as the terrorists have not explicitly committed themselves to put an end to activities that target businesses in the Basque Country.
Reinsurance brokers Guy Carpenter and Willis Re have confirmed that they are working alongside Aon Benfield as placement advisors for a new sudden oil spill consortium, that aims to deliver larger liability limit coverage for deepwater drilling in US waters.
The European Commission (EC) has published the first comprehensive overview of the problem of shipping emissions as debate around regulatory intervention hots up.
Spanish companies might have their option to buy civil liability protection for managers restricted as the new Insurance Contract Act, which is currently being drafted by the Spanish Parliament, could forbid insurers to include coverage for monetary sanctions imposed on executives for penal and administrative reasons in their policies.
The US Justice Department yesterday filed a suit against oil giant BP, and eight other companies, including Lloyd’s of London insurer QBE as it attempts to recover billions of dollars under the Oil Pollution and Clean Water Acts following the Deepwater Horizon Gulf oil spill.
Despite good underwriting results in the Protection and Indemnity (P&I) market, record claims levels and a continuing gap in the performance of individual P&I Clubs could present challenges for the market in 2011, according to Willis.