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…
Some 28 million malware attacks and 102 million detections of potentially unwanted programs (pornware, adware and others) have been found across Africa in the first seven months of 2020. Kaspersky security solutions reported: “These numbers show that it’s not only the malware that attacks users but also the ‘grey zone’ programs that grow in popularity and disturb their experiences, while…
Adri van der Waart, president of the Dutch risk and insurance management association Narim, has advised members to “prepare for battle” with the rapidly hardening insurance market. He also advised them to use this pandemic crisis to push forward and show they need to be the first point of contact, as organisations in the Netherlands and worldwide reassess their strategy…
Narim members must focus on loss prevention and risk management more than ever before as they face up to what will be the toughest renewals for a long time, with the market reeling from the impact of Covid-19, said Guido Verheijden, director global and specialty at Amsterdam-based independent intermediary Meijers Insurance Brokers. Mr Verheijden spoke to Commercial Risk Europe as the Dutch risk and…
The Airmic leadership has called for urgent work to be carried out by all parties in the commercial risk transfer chain to deliver greater certainty and consistency in policy wordings, as policyholders grapple with big questions over what is covered under key coverages such as business interruption (BI) and cyber. John Ludlow, CEO of Airmic, yesterday focused on the increasingly…