Buyer associations urge market to change behaviour as ‘long-term’ hardening sets in

Buyer associations urge market to change behaviour as ‘long-term’ hardening sets in

Buyer associations urge market to change behaviour as ‘long-term’ hardening sets in

GVNW and Airmic have warned that the hardening insurance market will be a long-term, seismic shift, after recent membership surveys revealed big changes in the price, scope and availability of cover. The surveys also showed widespread dissatisfaction in the way insurers and brokers are handling the changing conditions, with the associations keen to let the market know it could lose…

Airmic and GVNW watching insurers closely over claims

Airmic and GVNW watching insurers closely over claims

Airmic and GVNW watching insurers closely over claims

Airmic and GVNW have told CRE they will be a keeping a very close eye on insurers to make sure early signs of changing claims behaviour in the hardening market do not become a problem for members. As the two associations released membership surveys that suggest the hardening insurance market will be a long-term, seismic shift, and revealed widespread dissatisfaction…

GDPR has created regulatory patchwork in Europe: Beazley

GDPR has created regulatory patchwork in Europe: Beazley

GDPR has created regulatory patchwork in Europe: Beazley

Europe’s data protection regulators have shown wide differences in General Data Protection Regulation (GDPR) fines and been inconsistent in dealing with cyber incidents, according to analysis from Beazley. In its latest Breach Insights article, Beazley says there has been little consistency so far even though the same rules apply across Europe. Beazley notes that although GDPR regulatory activity has picked up,…

Zurich teams with cybersecurity firm to offer new cyber service

Zurich teams with cybersecurity firm to offer new cyber service

Zurich teams with cybersecurity firm to offer new cyber service

Zurich has teamed with cybersecurity expert CYE to offer a new global cyber risk management service. Available across the world, Zurich Cyber Security Services combines the insurer’s specialist cyber insurance and risk engineering capabilities with CYE’s artificial intelligence-based technology, services and expertise. Zurich said the service addresses the full spectrum of cyber risks by helping businesses define and deploy effective…

Firms ill prepared for prolonged coronavirus impact: Marsh

Firms ill prepared for prolonged coronavirus impact: Marsh

Firms ill prepared for prolonged coronavirus impact: Marsh

Marsh Risk Consulting has warned that most businesses are not prepared for any prolonged impacts from a globally-spreading infectious disease such as the coronavirus (Covid-19) on staff welfare, operations, supply chains and the economy. In an advice sheet, it urged organisations to review resilience and response strategies to mitigate the risk. Marsh said that being reactive to events will delay…

Financial services risk $1trn from failure to respond to climate change: Oliver Wyman

Financial services risk $1trn from failure to respond to climate change: Oliver Wyman

Financial services risk $1trn from failure to respond to climate change: Oliver Wyman

Financial services firms that are slow to move to a low-carbon economy risk costing the industry up to $1trn, according to a new report from management consultancy Oliver Wyman, which is owned by Marsh & McLennan Companies. Should major policy shifts to slow climate change introduce a carbon tax and precede initiatives from banks, insurers and asset managers, the industry…

Coronavirus spikes in Europe as Italy places northern towns on lockdown and global pandemic fears mount

Coronavirus spikes in Europe as Italy places northern towns on lockdown and global pandemic fears mount

Coronavirus spikes in Europe as Italy places northern towns on lockdown and global pandemic fears mount

The impact of Covid-19 hit Europe hard over the weekend, as the Italian government in particular took drastic action to try and halt a fast-rising number of cases in the country. The Italian authorities placed several northern towns on lockdown as there were reports of up to 150 cases in the country by Sunday evening, up from the World Health…

EU returns Bermuda to white list of fully cooperative tax jurisdictions

EU returns Bermuda to white list of fully cooperative tax jurisdictions

EU returns Bermuda to white list of fully cooperative tax jurisdictions

Bermuda has been removed from the European Union’s (EU) so-called tax ‘grey list’ and returned to the ‘white list’ of fully cooperative tax jurisdictions. Bermuda was placed on the grey list in May last year, having been put on the list of non-cooperative tax jurisdictions earlier in 2019. The EU had some concerns over collective investment funds but the Bermuda…

Maritime industry faces multibillion-dollar bill for coronavirus with insurance cover limited, warns DWF

Maritime industry faces multibillion-dollar bill for coronavirus with insurance cover limited, warns DWF

Maritime industry faces multibillion-dollar bill for coronavirus with insurance cover limited, warns DWF

With insurance cover limited, many companies in the maritime industry will be forced to take a financial hit from the coronavirus outbreak, law firm DWF has warned, adding that the bill is likely to run into “billions of dollars”. In a comment on the impact of the virus outbreak on maritime and trade, Jonathan Moss, head of marine and trade…

French risk managers urged to help build new social contract as the world transforms

French risk managers urged to help build new social contract as the world transforms

French risk managers urged to help build new social contract as the world transforms

French risk and insurance managers must step up their efforts to explain the value they offer to the c-suite in simple terms, as the global economy enters a new phase of volatility that demands a much more cohesive and socially inclusive approach to business than the past, according to Brigitte Bouquot, president of French risk management association AMRAE. Ms Bouquot…

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