Car manufacturer Fiat Chrysler will pay $9.5m to settle charges with the US Securities & Exchange Commission (SEC), which alleged disclosures on its emissions control systems were misleading. Fiat Chrysler agreed to the settlement without admitting or denying the SEC’s findings. In 2016, Fiat Chrysler published the results of an internal audit that it said showed compliance with emissions regulations…
Commercial insurance products are too standardised for today’s buyers and risks, while policy wordings are overcomplicated and often contradictory, according to a new report from Mactavish. It warns this risks disputed claims, as highlighted by recent high-profile business interruption (BI) Covid-19 losses. “Insurers’ refusal to cover Covid-19 impacts – against the context of ambiguously worded business interruption policies – echoes…
The German risk and insurance management association GVNW and the Federal Association of German Insurance Brokers (BDVM) have asked their government for a “rapid” extension of the state-backed credit insurance protective shield that is due to expire at the end of this year. The protective shield was introduced in April as German companies faced up to a sudden loss of…
A coalition of financial institutions and investors, including companies from the insurance industry, has warned world leaders against “parking” the threat of climate risk while they deal with Covid-19. The move comes after the COP26 UN Climate Change Conference, due to take place in November, was postponed to next year, raising fears among the coalition that climate risk issues will…
The Austrian government is facing four civil lawsuits and a potential class action over an outbreak of Covid-19 at a popular ski resort in March, as the virus spread across Europe ahead of lockdowns. Austrian consumer rights group Verbrauchschutz Verein (VSV) has filed the test cases on behalf of visitors to the Ischgl ski village in the Tyrol region who…
The Covid-19 pandemic has raised the profile of risk management and risk managers, but also shown that important lessons must be learnt if the profession wants to make the most of its chance to shine. Risk managers have told Commercial Risk Europe that the pandemic has, above all, shown the need for companies to boost resilience and embrace strategic, enterprise…
Companies must focus on reputational risk management and require better insurance products to manage threats such as a pandemic and future crises, according to a panel debate at Airmic Fest. Integrating data on reputational risk into an organisation’s enterprise risk management (ERM) can result in better decision making by executives and help stimulate a wider discussion on reputational threats, according…
Covid-19 has exposed weaknesses in insurers’ risk management, according to a new AM Best report that warns enterprise risk management (ERM) programmes are still able to miss the “unknown unknowns”. It adds that how (re)insurers strengthen ERM frameworks in response to the pandemic “will be a key area of interest” for the ratings agency during the next few months. “Weaknesses…
Airmic members are working with Lloyd’s to try and develop products and services for reputational risk, aided by recent developments in data sciences and insurance market innovation. Matthew McEwan, director of risk management at Coca Cola, told CRE that a number of UK risk managers and Airmic members, including himself, are taking part in a Lloyd’s product innovation initiative. “The…
Airmic members are being urged to share data and “co-create” with brokers and insurers to break out from the hard market. The “call to action” came during a panel debate on the topic of co-creation in risk financing at Airmic Fest. Having chided the insurance market earlier this week for its conduct during the pandemic and hardening market, Airmic chief…