Risk managers are not having to deal with loads of new risks but loads of old ones that are being transformed by rapid economic change the world over, according to a group of leading Swiss practitioners who gathered for the Zurich leg of our annual Risk Frontiers Survey, sponsored by XL.
EIOPA’S stakeholder groups elect new Chair and Vice Chair and Catlin Re Switzerland opens Madrid office and adds senior underwriter.
Switzerland is already more affected than many other European countries by climate change because of its melting glaciers. But the Swiss are finding this difficult to accept, which is one reason why SIRM chose the topic as its main subject for this year’s annual conference. Anne-Christin Gröger reports.
Aspen Insurance Holdings Limited has announced that the Swiss Financial Market Supervisory Authority (FINMA) has approved Aspen Insurance UK Limited’s (AIUK) Zurich Insurance Branch as an admitted direct insurer in Switzerland.
Adapting to rapid economic change, the need for a more innovative and supportive approach from insurers to deal with emerging risks and the value of long-term partnerships were key topics of discussion during the Swiss Risk Frontiers roundtable. Commercial Risk Europe Editor Adrian Ladbury reports from another lively discussion in this pan-European project that is sponsored by XL Insurance and will be published and discussed further at the Malta International Risk and Insurance Congress at the end of this month.
As corporate risk and insurance managers try to work out how to help their companies manage their way out of the crisis, risk managers within insurance companies face equally big challenges that are remarkably similar. Adrian Ladbury asked Raj Singh, CRO of Swiss Re, about the impact of the recent crisis on the future of risk management in the insurance industry, regulation and emerging risks.
Bermuda-based insurance company Catlin Group has announced plans to form a reinsurance company in Switzerland, hot on the heels of a similar announcement by rival London-based firm Amlin Group.
The full year 2009 results reported by Swiss Re in mid-February of this year marked a welcome return to relative normality for the Zurich-based group after a terrible 2008 when it was hammered by impairments from its structured products and mark to market losses on corporate bond hedges, saw its share price and shareholders’ equity plummet and was forced to borrow from Berkshire Hathaway to bridge the impasse. Adrian Ladbury discussed what this means for major insurance buyers with Fred Kleiterp, Head of the Group’s growing European primary corporate insurance business.
Swiss insurance buyers agree with colleagues around Europe that pricing conditions for their core lines will remain stable for the foreseeable future as competition between insurers remains at a high level.