Risk managers play crucial role as lockdowns ease

Risk managers play crucial role as lockdowns ease

Risk managers play crucial role as lockdowns ease

While risk managers can play a pivotal role in helping organisations to emerge from lockdowns, they cannot afford to ignore other risks, as risk managers attending two recent webinars in South Africa heard. Liz Booth reports… Risk managers will have a crucial role to play as South Africa emerges from the Covid-19-related lockdown, believes Clem Sunter. Speaking as part of…

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…

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…

Anra and Swiss Re focus on alternative risk financing

Anra and Swiss Re focus on alternative risk financing

Anra and Swiss Re focus on alternative risk financing

The Covid-19 pandemic crisis has clearly shown the limitations of traditional insurance coverage to respond to non-traditional risks, and the market will need to act fast to respond to rising demand from risk managers for solutions as they seek answers for their companies. A number of experts have pointed to the huge opportunity the virus presents for the risk management…

Age of vulnerability will place risk management centre stage: Kessler

Age of vulnerability will place risk management centre stage: Kessler

Age of vulnerability will place risk management centre stage: Kessler

Dennis Kessler, chairman and CEO of SCOR, one of the biggest reinsurers in the Asia-Pacific region, believes that the arrival of the Covid-19 pandemic will usher in a new age of vulnerability and risk aversion that should finally shove the risk management community in private and public sectors to centre stage. Mr Kessler is never shy to give his opinion…

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…

Spanish risk managers say pandemic is boosting market hardening

Spanish risk managers say pandemic is boosting market hardening

Spanish risk managers say pandemic is boosting market hardening

The Covid-19 pandemic is strengthening the hardening insurance market trend, moving underwriters to further restrict capacities and demand rate increases in several insurance lines, according to Spanish risk management association IGREA. IGREA pointed out in a statement, however, that the dramatic economic slowdown triggered by government-mandated measures to stop the virus will result in lower loss ratios, and this should…

US risk managers back the creation of state-backed pandemic insurance scheme

US risk managers back the creation of state-backed pandemic insurance scheme

US risk managers back the creation of state-backed pandemic insurance scheme

US-based risk management society Rims has thrown its weight behind the effort to create a state-backed pandemic risk insurance programme, after a survey of members found that 91% of risk professionals support the concept. The society issued a letter to the US Department of the Treasury, Congress and the office of President Donald Trump requesting the creation of the programme to…

Risk managers warned to prepare for wave of virus-linked D&O claims

Risk managers warned to prepare for wave of virus-linked D&O claims

Risk managers warned to prepare for wave of virus-linked D&O claims

Risk managers in the US and Canada are advised to prepare carefully for an expected rise in directors and officers (D&O) claims as a direct result of the Covid-19 pandemic, according to Dentons Canada, part of the world’s biggest law firm. The firm believes the pandemic will trigger D&O claims in three critical areas: financial losses to shareholders; duty of…

Ferma offers risk expertise to EC and urges it to support state-backed pandemic pools

Ferma offers risk expertise to EC and urges it to support state-backed pandemic pools

Ferma offers risk expertise to EC and urges it to support state-backed pandemic pools

The Federation of European Risk Management Associations (Ferma) has written to the European Commission’s Covid-19 coordinating response team, offering its help with the recovery and re-construction effort. It also suggests a coordinated approach to the creation of state-backed pandemic insurance pools, possibly supported by an EU backup later via the European Stability Mechanism (ESM). Ferma president Dirk Wegener points out…

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