There is a distinct whiff of uncertainty and volatility in the air as 2019 gets underway and the big European insurance and reinsurance renewal has completed. As Europe’s risk managers returned to their desks after a short but hopefully relaxing Christmas and New Year break, they will have no doubt looked at their in-trays in a state of mild panic.…
The automotive industry was the most disrupted sector in 2017, as the number of disruption events leapt by 30% from just over 1,300 in 2016 to nearly 1,700, according to recent analysis carried out by JLT and Resilinc, the supply chain analytics and resiliency company. The core problem is that the global automotive sector is dependent upon a highly complex…
With less than 18 months before Regulation 14.1.3 of Annex VI of the International Convention for the Prevention of Pollution from Ships (MARPOL) comes into effect, there are still numerous challenges surrounding compliance and enforcement, which have cast uncertainty over the effect that the regulation will have on the international maritime industry and on individual shipping companies. This three-part series…
On Monday 21 January 2019, French regulator the National Data Protection Commission (CNIL) imposed a fine of €50m against Google LLC, in accordance with the General Data Protection Regulation (GDPR). This sets a higher bar for compliance, which ought to be observed by others and provides some guidance as to what can be expected from future enforcement actions. The fine…
In July 2018, news emerged that between 27 June and 4 July, hackers had infiltrated the IT systems of Singapore Health Services (SingHealth), the largest healthcare group in Singapore. The hackers illegally accessed and copied the non-medical personal particulars of 1,495,367 patients to servers hosted overseas. Approximately 159,000 of the affected group, including Prime Minister Lee Hsien Loong and several…
The long-awaited Australian Senate Inquiry report into the current and future regulatory framework for remotely piloted aircraft (drones) in Australia was released on 31 July 2018. The report was highly anticipated. During the 18-month period of consultation with operators, regulators and businesses, the Senate Inquiry committee heard that Australia is at the forefront of drones. Australia’s aviation regulator, the Civil…
This year’s European Risk Frontiers Survey, sponsored again by HDI Global, is published with this issue of Commercial Risk Europe and once more produces some fascinating insights into the ongoing development of the European risk and insurance management profession. I would pick out the following high-level conclusions based on our discussions with close to 100 of Europe’s leading risk managers…
The world of employee benefits is becoming both increasingly important and complex in the global economy, and risk managers find themselves more and more involved. To investigate these potentially significant opportunities and challenges, Commercial Risk Europe teamed up with MAXIS GBN, the global employee benefits network backed by two of the world’s largest insurance providers – MetLife and AXA, to…
The concept of vicarious liability continues to expand, with implications for corporates and risk managers. A recent UK Court of Appeal decision (Clive Bellman v Northampton Recruitment Limited) in which a company was found vicariously liable for an assault committed by its managing director on an employee at its Christmas party, provides further guidance on the application of the two-stage…
With the world’s leading climate change scientists warning that the world has only 12 years to limit a climate change “catastrophe”, in the UN Intergovernmental Panel on Climate Change, published on 8 October, the focus on climate change has never been higher and regulatory scrutiny of how businesses assess and disclose their climate change risk exposures is set to increase…