Smaller companies more likely to be impacted by insurer mergers, says Anra president

Smaller companies more likely to be impacted by insurer mergers, says Anra president

Smaller companies more likely to be impacted by insurer mergers, says Anra president

Small and medium-sized (SME) companies are most likely to be impacted by the recent swathe of mergers and acquisitions among insurers and brokers, according to Anra’s president. Alessandro De Felice, president of Italian risk management association Anra and chief risk officer at Prysmian Group, said recent consolidation in the insurance market “could impact the level of services offered and limit…

Total cost of risk up 2.1% in North America as insurance rates rise: RIMS

Total cost of risk up 2.1% in North America as insurance rates rise: RIMS

Total cost of risk up 2.1% in North America as insurance rates rise: RIMS

The average total cost of risk (TCOR) for organisations in North America rose by nearly 2.1% in 2018 primarily due to rising insurance rates, according to RIMS. The increase reverses four years of falling costs. The 2019 RIMS Benchmark Survey, produced with Advisen, saw the average TCOR increase to $9.95 per $1,000 of revenue last year, from $9.75 in 2017.…

Airmic says Ogden rate change to -0.25% will disappoint large commercial insurance buyers

Airmic says Ogden rate change to -0.25% will disappoint large commercial insurance buyers

Airmic says Ogden rate change to -0.25% will disappoint large commercial insurance buyers

This week’s change to the UK’s Ogden personal injury compensation rate has taken many by surprise and will disappoint large commercial insurance buyers, Airmic told CRE. It added its voice to those of insurers and other market players that warn the rate change to -0.25% from -0.75% is not enough to prevent overcompensation and will impact the cost of insurance.…

GDPR fines wakeup call for risk managers who must retest plans: Airmic

GDPR fines wakeup call for risk managers who must retest plans: Airmic

GDPR fines wakeup call for risk managers who must retest plans: Airmic

The two record GDPR fines proposed last week prove that companies must take this risk seriously and are a wakeup call for risk managers to test processes and responses, according to Airmic. Julia Graham, the association’s technical director and deputy CEO, also told Commercial Risk Europe that she is not surprised by the size of the intended fines. It was…

Record GDPR fines come as warning to risk managers

Record GDPR fines come as warning to risk managers

Record GDPR fines come as warning to risk managers

Ferma and other observers say the two proposed record General Data Protection Regulation (GDPR) fines announced this week, for British Airways (BA) and Marriott International, confirm that regulators are intensifying their action and serve as a warning to companies and their risk managers to expect stricter enforcement of the rules going forward. The experts say risk managers must make sure…

Ferma warns that record BA GDPR fine is sign of ‘intensifying’ regulatory action

Ferma warns that record BA GDPR fine is sign of ‘intensifying’ regulatory action

Ferma warns that record BA GDPR fine is sign of ‘intensifying’ regulatory action

British Airways’ (BA) proposed record £183.4 (€204.8m) General Data Protection Regulation (GDPR) fine shows that regulators are getting tougher on firms that flout the rules, warns Ferma, which is working on a project with the European auditors association to better evaluate the full impact of the new regime on members. Other commentators also said the size of the fine proves…

Igrea’s president urges insurers not to ‘overreact’ in hardening market

Igrea’s president urges insurers not to ‘overreact’ in hardening market

Igrea’s president urges insurers not to ‘overreact’ in hardening market

The new president of Spanish risk management association Igrea, Daniel San Millán, has urged insurers not to “overreact” to hardening market conditions, while advising risk managers to be ready to retain more risk via their captive if things get rough. Mr San Millán, who was elected for a second stint as president of Igrea in May, also stressed that tougher…

Gérard Lancner passes away

Gérard Lancner passes away

Gérard Lancner passes away

Former AMRAE president Gérard Lancner, who is credited with accelerating the professionalisation of France’s risk management association, has passed away. He died on 25 June, aged 70. AMRAE expressed “great sadness” at Mr Lancner’s death. He led the association between 2008 and 2011 – a period when AMRAE boosted its internationalisation efforts. “Gérard had great ambitions for AMRAE, which has…

Ferma says new EC climate change reporting guidelines stress business case for risk managers

Ferma says new EC climate change reporting guidelines stress business case for risk managers

Ferma says new EC climate change reporting guidelines stress business case for risk managers

Ferma has welcomed the new guidelines on corporate climate-related information reporting published by the European Commission last week. It said the guidelines further state the “strong business case” for the risk management community in this increasingly important area. The guidance advises roughly 6,000 EU-listed firms, banks and insurance companies covered by the EU Non-Financial Reporting Directive (NFRD) on how they…

Ferma names Dirk Wegener as next president

Ferma names Dirk Wegener as next president

Ferma names Dirk Wegener as next president

Ferma has elected GVNW member Dirk Wegener as its next president. Mr Wegener, currently Ferma’s vice-president and global head of corporate insurance for Deutsche Bank Group, will succeed Jo Willaert at the federation’s Risk Management Forum in Berlin this November. He was elected by Ferma’s new board on Tuesday, following the federation’s general assembly. Having started his career in the…

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