Ferma calls on EU to create framework for pan-European NDBI pooling system

Ferma calls on EU to create framework for pan-European NDBI pooling system

Ferma calls on EU to create framework for pan-European NDBI pooling system

Ferma has called on the EU to create a resilience framework that would include member state insurance pools and coordination between national governments to address the severe shortage of non-damage business interruption insurance (NDBI) for a range of catastrophic risks. In a letter to the EC, Ferma sets out its vision for a multi-layered and graduated public-private partnership to ensure…

Surge in US retirement fund litigation, finds Chubb report

Surge in US retirement fund litigation, finds Chubb report

Surge in US retirement fund litigation, finds Chubb report

Litigation against fiduciaries of US company retirement schemes have “surged” in the past few years, with legal suits filed against schemes of all sizes, warns Chubb in a new whitepaper written with Groom Law Group. The research identified retirement plan features that could make the schemes more exposed to excessive fee lawsuits, and alleges plan sponsors have failed to ensure…

EasyJet reveals cyberattack breach of nine million customers’ details

EasyJet reveals cyberattack breach of nine million customers’ details

EasyJet reveals cyberattack breach of nine million customers’ details

Email addresses and travel details of around 9 million easyJet customers were exposed in a “highly sophisticated” cyberattack, the firm has disclosed. The airline and travel company first became aware of the attack in January and informed authorities. But the the complexity of the attack means it has taken time to unravel and identify affected customers, the firm added. Speaking…

EC approves French export guarantee scheme for SMEs hit by virus

EC approves French export guarantee scheme for SMEs hit by virus

EC approves French export guarantee scheme for SMEs hit by virus

The European Commission has approved, under EU state aid rules, a French guarantee scheme for small and midsize companies with export activities that are affected by the coronavirus outbreak. It is thought the scheme will mobilise some €200m. This follows approval given by the EC for a guarantee scheme that will be managed by the Czech export credit agency EGAP,…

Parima opposes retroactively opening up BI policies to pandemic risks

Parima opposes retroactively opening up BI policies to pandemic risks

Parima opposes retroactively opening up BI policies to pandemic risks

The Pan-Asia Risk and Insurance Management Association (Parima) has joined the fast-growing body of opposition to legislative efforts in the US and elsewhere to try and open up business interruption (BI) coverage retroactively to pandemic risks that were excluded when originally underwritten. The association has called on insurers and brokers across the Asia-Pacific region to rise to the huge challenge…

US hands more than $311m of stolen assets back to Nigeria

US hands more than $311m of stolen assets back to Nigeria

US hands more than $311m of stolen assets back to Nigeria

The US Department of Justice has transferred $311,797,876.11 of stolen assets to the Nigerian government, forfeited from former Nigerian dictator Sani Abacha and his co-conspirators. In 2014, US District Judge John D Bates for the District of Columbia entered judgment forfeiting approximately $500m located in accounts around the world, as the result of money laundering involving the proceeds of General…

German risk managers call for greater flexibility and partnership from insurers as virus bites

German risk managers call for greater flexibility and partnership from insurers as virus bites

German risk managers call for greater flexibility and partnership from insurers as virus bites

German risk managers are becoming increasingly frustrated by the inflexibility of the insurance market in its response to the Covid-19 pandemic and are asking what happened to the promises of long-term partnerships with customers that were used to help gain significant price increases at recent renewals. The leading insurers will find coming renewals discussions with German risk managers increasingly tense…

Climate change risks cannot be ignored through Covid-19 crisis

Climate change risks cannot be ignored through Covid-19 crisis

Climate change risks cannot be ignored through Covid-19 crisis

Risk managers cannot afford to ignore climate change risks, despite the immediate Covid-19 crisis, and should be encouraging their directors and officers to maintain climate change on boardroom agendas if they are to thrive in the coming months. Experts speaking at a webinar organised by Commercial Risk warned climate change activists will be working hard despite the lockdowns, and will be…

GVNW pleads for urgent action on state-backed pandemic risk system

GVNW pleads for urgent action on state-backed pandemic risk system

GVNW pleads for urgent action on state-backed pandemic risk system

The GVNW, Germany’s risk and insurance management association, has issued a call to the German government and wider insurance market, to “urgently” pursue the creation of a state-backed insurance scheme to provide badly needed coverage for future pandemic risks. As elsewhere in Europe and worldwide, German businesses have found that their business interruption (BI) policies generally do not cover the…

ASEAN and Japan to focus on risk management to bolster supply chain resilience

ASEAN and Japan to focus on risk management to bolster supply chain resilience

ASEAN and Japan to focus on risk management to bolster supply chain resilience

Risk management and business continuity plans have been shown by the Covid-19 crisis to be absolutely critical in the effort to maintain supply chains in Asia and on a global basis, and need to be improved to protect Asia’s position as a global trade and investment hub, Japan and the Association of Southeast Asian Nations (ASEAN) have formally agreed. The…

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