European firms name cyber as top risk for 2021 in AGCS poll

European firms name cyber as top risk for 2021 in AGCS poll

European firms name cyber as top risk for 2021 in AGCS poll

Cyber incidents have retained their position as the number one risk facing businesses in Europe during 2021, with business interruption (BI) in second place and pandemic outbreak third, finds a poll of risk experts and business leaders by Allianz Global Corporate & Specialty (AGCS). BI’s position is unchanged from last year, while pandemics are a new entry in the top…

Zurich surpasses environmental and social impact investment target

Zurich surpasses environmental and social impact investment target

Zurich surpasses environmental and social impact investment target

Zurich has exceeded its three-year $5bn target for investment in environmental and social projects, and said it has become the first large institutional investor to manage its impact investment portfolio solely on impact rather than monetary targets. The insurer added that it will grow its impact investment portfolio further in the years ahead. Zurich said it has avoided the equivalent…

Kleiterp says IPs not up to scratch and in need of rebooting

Kleiterp says IPs not up to scratch and in need of rebooting

Kleiterp says IPs not up to scratch and in need of rebooting

Fred Kleiterp, regional CEO, EMEA at Swiss Re Corporate Solutions, says the existing customer experience with global programmes is still not “up to scratch” and needs to be rebooted to help risk managers deal with the currently highly volatile and uncertain modern global economy. In a recent blog post, Mr Kleiterp argues that technology provides the answer to tackling the…

Where was the coordinated approach to Covid-19?

Where was the coordinated approach to Covid-19?

Where was the coordinated approach to Covid-19?

One of the challenges of the Covid-19 pandemic was the speed with which it happened, but the different approaches and reactions from governments around the world caused huge challenges for business, according to a group of risk managers in Switzerland, meeting as part of our Risk Frontiers Europe 2020 survey. David Howells, director, group risk management at Tetra Laval, summed…

Insurance cannot pick up pandemic bill, so risk managers must step up

Insurance cannot pick up pandemic bill, so risk managers must step up

Insurance cannot pick up pandemic bill, so risk managers must step up

While many around the world have looked to their insurance policies to cover the costs of the Covid-19 pandemic, a group of Swiss risk managers taking part in our Risk Frontiers Europe 2020 survey agreed that it was completely unreasonable to expect insurers to foot the entire bill. But work was needed to determine exactly how insurance may respond and,…

Market to harden further

Market to harden further

Market to harden further

wiss insureds will continue to see insurance premiums rise for the foreseeable future, warns Edoardo Leusciatti, partner at SRB Assekuranz Broker AG, a Brokerslink partner in Switzerland. There have only been a few lines of business (LOB) where coverage applied for Covid-19, Edoardo Leusciatti, partner at SRB Assekuranz Broker AG, Brokerslink Partner in Switzerland tells Commercial Risk Europe. “This includes…

Swiss Re Corporate Solutions’ IPA platform gives access to German insurer

Swiss Re Corporate Solutions’ IPA platform gives access to German insurer

Swiss Re Corporate Solutions’ IPA platform gives access to German insurer

Swiss Re Corporate Solutions is set to provide access to its International Programme Administration (IPA) platform and network services to German insurer Württembergische Versicherung. Swiss Re Corporate Solutions has signed a memorandum of understanding with Württembergische Versicherung to configure its IPA platform for its first insurer in Germany. Swiss Re Corporate Solutions said the collaboration enables Württembergische Versicherung to pursue…

Risk managers unlikely to forget insurers that fail to deliver at renewals

Risk managers unlikely to forget insurers that fail to deliver at renewals

Risk managers unlikely to forget insurers that fail to deliver at renewals

The approach being taken by many insurers in the hard market is proving challenging, threatening long-term relationships and likely to cost insurers dear in the longer term, warned a group of Swiss risk managers taking part in our Risk Frontiers Europe survey. Insurers across the world have been crystal clear that they want to increase the cost of commercial insurance,…

P&C insurers deliver 2019 underwriting profit and 97.4% combined ratio

P&C insurers deliver 2019 underwriting profit and 97.4% combined ratio

P&C insurers deliver 2019 underwriting profit and 97.4% combined ratio

The global P&C insurance industry produced another underwriting profit last year and a combined ratio of 97.4%, according to Aon’s 15th annual Insurance Risk Study. The figure is a slight improvement on the 98% combined ratio in 2018 and was buoyed by an overall 95.5% combined ratio in Europe. Asia-Pacific and the Americas each averaged 98%. The combined ratio was…

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