The International Union of Marine Insurance (IUMI) has submitted its promised paper to the International Maritime Organisation (IMO), calling for changes to current safety regulations to enhance rules governing containership fires. IUMI said mandatory measures are needed to address the rising risk of fires on large containerships. Current regulations under the International Convention for the Safety of Life at Sea…
Businesses would largely support stronger laws on corporate human rights and the environment, along similar lines to the UK Bribery Act, that provide greater clarity, finds a new study by the British Institute of International Law (BIICL). Published with support from law firms Quinn Emanuel and Hogan Lovells, the study weighs up whether the ‘failure to prevent’ mechanism used in…
The French government plans to make the country a more attractive jurisdiction for captives, as risk managers turn to alternative risk transfer vehicles to mitigate the effects of the hardening insurance market. The announcement was made on the final day of the AMRAE conference. It comes at a time when a growing number of companies are expected to boost alternative…
Robust risk management will be key to protecting businesses, said trade credit insurer Atradius, as it predicted insolvencies will rise 7% or higher in the UK and more modestly in Europe during 2020 as a result of Brexit. If a trade deal is not agreed between the EU and UK by the end of the Brexit transition period on 31…
Aircraft manufacturer Airbus has confirmed it will pay €3.6bn, plus interest and costs, to fraud authorities in France, the UK and the US following court approvals of a settlement agreed in principle last week. The bulk of the payment (€2.1bn) will be paid to French fraud authority Parquet National Financier (PNF), with €984m to the UK’s Serious Fraud Office (SFO).…
Global trade is being tested as geopolitical risks converge to disrupt supply chains, warned the Institute of Export and International Trade (IEIT) on the day the UK leaves the European Union. Marco Forgione, director general of the IEIT, said Brexit will change the rules of trade for business in the UK and Europe, but it is just part of a…
Increased use of digital assets and better regulation are set to boost growth in the cryptocurrency insurance market, according to Marsh. Demand for insurance to cover digital assets and crypto-related liabilities has been growing, according to the broker. In particular, cryptocurrency firms – which include cryptocurrency miners, exchanges, wallet, vault, payment services and blockchain technology providers – are seeking directors…
Airbus has agreed a €3.6bn settlement with fraud authorities in the UK, France and the US following investigations into bribery and corruption at the aircraft manufacturer. The agreement in principle is subject to approvals by the French, UK and US courts. The investigations date back to 2016 when Airbus referred itself to authorities, handing over documents about its use of…
Bermuda has introduced its latest company structure, the incorporated segregated accounts company, which the domicile said offers greater flexibilities and efficiencies. Bermuda’s Incorporated Segregated Accounts Companies Act 2019 (ISAC Act) – a standalone piece of legislation and a companion statute to the Segregated Accounts Companies Act 2000 – came into effect on 15 January 2020. According to the Bermuda Business…
The European Insurance and Occupational Pensions Authority (EIOPA) must use this year’s Solvency II review to recognise that national supervisors have so far failed to apply the principle of proportionality (PoP) to captives and force the issue by issuing clear guidelines, according to risk management federation Ferma and ECIROA, the captive owners body. Ferma’s approach provides a framework for national…