Manuela Zweimueller, head of supervisory practices at the International Association of Insurance Supervisors (IAIS), has told multinational insurance buyers not to expect the supervisory body to magically fix problems with global programme regulations anytime soon, but said it is starting to raise awareness of various issues with regulators. This prompted other experts at our latest conference to urge insurance buying…
A hard insurance market has traditionally been a bellwether for captive growth. Previous hard markets have seen existing captive owners make more use of their risk retention vehicles while also driving the formation of new captive solutions. This hard market is likely to be no different. The challenge for insurance buyers and captive owners is how to best manage increased…
Risk managers can help deliver more efficient global employee benefits (EB) but must overcome potential clashes with human resource professionals (HR) with clear communication, strong cooperation, clearly defined roles and buy-in from the top, according to speakers at our latest conference. Risk and insurance managers are becoming increasingly involved in delivering more cost-effective and efficient group-wide EB programmes by bringing…
Business interruption (BI) losses accounted for 60% of cyber insurance claims in the past five years, according to new analysis from Allianz Global Corporate & Specialty (AGCS). AGCS’s analysis of more than 1,700 cyber insurance claims worth €660m in the past five years also reveals that the average cost of cybercrime for organisations has increased 70% to $13m. Meanwhile, the…
The Pan Asia Risk & Insurance Management Association (Parima) attracted a record number of delegates to its Resilience Week, which was its first major virtual event and replaced its normal annual conference because of the ongoing pandemic. The association hosted an impressive lineup of risk and insurance industry leaders, including Evan Greenberg of Chubb, Greg Case of Aon, Thomas Buberl…
Franck Baron, chairman of Parima, used his closing remarks at the association’s Resilience Week to warn insurers that they cannot expect customers to bolster their profits by accepting higher prices if they are not willing or able to tackle their own bloated cost bases and inefficient systems. Mr Baron accepts that Parima members enjoyed the long soft market along with…
Risk and insurance managers in the Asia-Pacific region and worldwide need to steel themselves for a prolonged hard market, take a good look at their self-retention strategies and prepare colleagues and bosses for higher insurance costs and tighter capacity during the next two annual renewals at least, according to top insurer CEOs and brokers who took part in Parima’s Resilience…
Risk managers worldwide can expect continued consolidation in the commercial and corporate insurance sector, as the market remains remarkably fragmented despite recent M&A activity between major international insurers and brokers, according to Dan Glaser, CEO of Marsh & McLennan. Mr Glaser made his prediction in response to a question posed to him by Franck Baron, chairman of Parima, during the…
The Covid-19 pandemic has underlined how governments around the Asia-Pacific region and worldwide need to adopt proper, long-term risk management strategies, according to Franck Baron, chairman of Parima. During his closing remarks at the association’s Resilience Week virtual annual conference, Mr Baron also said governments need to help companies tackle such catastrophic risks by giving fiscal advantages for those prepared…
Thomas Buberl, CEO of AXA Group, used the closing CEO debate during Parima’s Resilience Week today to call again for the creation of public-private partnerships at national and possibly also regional levels to cope with future systemic risks such as the current Covid-19 pandemic. A number of schemes to help cope with future crises have been mooted since the spring,…
