New York is still the leading financial centre in the world, followed by London and Hong Kong, according to the 25th Global Financial Centres Index, published by Z/Yen Partners and the China Development Institute. According to the index, New York remains in first place, just seven points ahead of London, with Hong Kong four points behind London in third. Singapore…
Andreas Berger, the incoming CEO of Swiss Re Corporate Solutions who starts his new job on 1 March, is possibly facing a bigger challenge than expected as the primary arm of the reinsurance group reported a $400m loss for the final quarter of 2018…
More than 59,000 personal data breaches have been reported across Europe since the introduction of the General Data Protection Regulation (GDPR), with the Netherlands, Germany and UK most affected, according to new analysis from DLA Piper. Despite this, only 91 GDPR fines have been imposed, but the law firm expects higher numbers in 2019…
Insurers are less trusted by consumers than banks and credit card companies to protect against cyber risk, according to a new survey from Europ Assistance conducted by LEXIS. In Europe, 62% of respondents trusted insurers in the fight against cybercrime, behind credit card providers at 65% and banks at 71%. Across all European countries surveyed – Italy, France, Spain, Switzerland,…
An agreement between the UK and Switzerland signed at the World Economic Forum (WEF) this week will allow buyers in both countries to access insurance cover from providers in each other’s jurisdictions after Brexit…
Swiss Re Corporate Solutions has launched parametric water-level insurance for companies at risk of business interruption following changes in river water levels…
European businesses recorded a further increase in the number of overdue invoices in 2018 with 41.8% of payments outstanding, according to trade credit insurer Atradius. The average pushed up from 40.7% in 2017 after all of 14 European countries surveyed except Germany, Ireland and the UK recorded deterioration in B2B receivables…
Third-quarter natural catastrophe losses will cost Swiss Re $1.1bn, net of retrocession and before tax. Although high for a single quarter, Swiss Re said overall losses are in line with expectations for the year to date. Claims from Typhoon Jebi in Japan account for almost half of Swiss Re’s total bill at $500m, while Hurricane Florence in the US is…
Liberty Specialty Markets (LSM) has appointed Markus Hefel as deputy country manager for Switzerland. Mr Hefel will be based in Zurich and report to LSM’s general manager for Switzerland Felix Böni. Mr Hefel joins LSM from Ironshore, where he was country manager for Switzerland and senior underwriter for liability and accident. He has previously served as country manager for Switzerland…
Swiss Re Corporate Solutions’ CEO Agostino Galvagni has stepped down and will be replaced by Allianz Global Corporate & Specialty’s (AGCS) Andreas Berger…