Capacity shrinks as insurers pressured to make coal uninsurable

Capacity shrinks as insurers pressured to make coal uninsurable

Capacity shrinks as insurers pressured to make coal uninsurable

Insurance capacity for coal mining and power generation risks is shrinking rapidly as environmental groups put insurers and brokers under increasing pressure to make thermal coal uninsurable. In July, Chubb said it would no longer provide insurance for thermal coal. It was the first major US insurer to adopt such a policy. Chubb said it will not underwrite new risks…

Growing demand for multinational insurance despite headwinds

Growing demand for multinational insurance despite headwinds

Growing demand for multinational insurance despite headwinds

Demand for multinational insurance programmes continues to rise despite mounting anti-globalisation sentiment and protectionism, with captives, mid-sized companies and firms from emerging markets driving growth. Some companies in mature markets have scaled back programmes as they reduce their global footprint, but are generally looking at covering a wider range of risks in international programmes. According to brokers and insurers, demand…

Cyber risk management improving in Europe

Cyber risk management improving in Europe

Cyber risk management improving in Europe

CRE spoke to James Tuplin, head of international cyber at AXA XL, about some of the trends in cyber risk and insurance management to find out the current state of play. He discussed areas in which risk and insurance managers are improving, as well as where and how they can up their game. Ben Norris: What is the state of…

Artificial intelligence offers big improvement in supply chain risk management

Artificial intelligence offers big improvement in supply chain risk management

Artificial intelligence offers big improvement in supply chain risk management

Earlier this year, Zurich Insurance announced that it had entered a strategic agreement with riskmethods GmbH, a Munich-based company that uses artificial intelligence and big data to identify and manage supply chain risk worldwide. This provides Zurich’s commercial customers with an exciting new tool to help manage a complex and rapidly rising corporate risk. The new service has initially been…

Business interruption creating new challenges

Business interruption creating new challenges

Business interruption creating new challenges

The cost of replacing physical assets is being dwarfed by subsequent business interruption costs, as Florence Louppe from Risk Frontiers Europe sponsor HDI Global in France explained to Commercial Risk Europe. Business interruption has revealed new types of risks for corporates and their insurers, throwing up unexpected challenges and demanding innovative insurance solutions. Florence Louppe, managing director at HDI Global…

Australian risk managers in mining sector must prepare for tough renewal: WTW

Australian risk managers in mining sector must prepare for tough renewal: WTW

Australian risk managers in mining sector must prepare for tough renewal: WTW

The Australian mining industry continues to be a significant contributor to global mining insurance losses that reached an “atrocious” $1.3bn in 2018 after a pretty awful loss total of more than $1bn in 2017, according to Willis Towers Watson’s (WTW) latest market analysis. WTW’s Mining Industry Review finds that the loss trend continued into this year. Total losses incurred by the…

Clashes over silent cyber likely at 1 January renewals

Clashes over silent cyber likely at 1 January renewals

Clashes over silent cyber likely at 1 January renewals

Risk managers and brokers will have to work doubly hard during the coming months, as a concerted effort by the insurance market to tackle silent cyber will lead to heated discussions at the year-end renewals, potentially leaving some customers with serious coverage gaps. Despite buyer representatives welcoming the clarity that work to tackle silent cover will bring, a leading broker…

Hardening market accelerates for mining risks as renewals approach, says Willis report

Hardening market accelerates for mining risks as renewals approach, says Willis report

Hardening market accelerates for mining risks as renewals approach, says Willis report

Hardening in the mining insurance market is accelerating, as large losses and capacity withdrawals make for challenging renewals, according to Willis Towers Watson (WTW). While not yet a true hard market, the tide has turned for property and casualty mining risks, making it harder for some mining companies to purchase the cover they desire, according to the broker’s Mining Risk…

RIMS paper says risk managers and IT must boost collaboration

RIMS paper says risk managers and IT must boost collaboration

RIMS paper says risk managers and IT must boost collaboration

A new whitepaper from RIMS says risk managers and IT professionals still struggle to communicate on digital risks. It lays out ways for the two functions to better collaborate and speak the same language to close the protection gap. The Bridging the Digital Risk Gap paper by RIMS and ISACA, an international association focused on IT governance, says risk management and…

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