Enoizi makes case for expanding Pool Re to cover pandemic risk

Enoizi makes case for expanding Pool Re to cover pandemic risk

Enoizi makes case for expanding Pool Re to cover pandemic risk

CEO Julian Enoizi believes it makes sense for Pool Re to expand its remit and be the vehicle for any state-backed pandemic or wider systemic risk financing solution in the UK, but stressed the decision is ultimately for government and the insurance industry to make. There are currently several initiatives underway in the UK to find a risk transfer solution…

Buyers need to check broker compliance as Brexit looms

Buyers need to check broker compliance as Brexit looms

Buyers need to check broker compliance as Brexit looms

Buyers need to start a dialogue with their brokers over post-Brexit compliance, because market access will not be guaranteed when the transition period expires at the end of this year, according to speakers at Airmic Fest. The Brexit transition period – which allowed UK firms continued access to the EU single market – ends on 31 December 2020. Hopes are…

Insurance offers solutions to pandemic’s financial fallout, says Marsh

Insurance offers solutions to pandemic’s financial fallout, says Marsh

Insurance offers solutions to pandemic’s financial fallout, says Marsh

Insurance may not have initially responded well to the pandemic, but it can help organisations deal with its financial consequences, according to a Marsh-hosted session at Airmic Fest. James Crask, resilience advisory lead at Marsh Risk Consulting, said the financial impact of the coronavirus pandemic will be the next phase of the crisis. Financial challenges will be reflected in cash…

Airmic members and Lloyd’s working on reputational risk solutions

Airmic members and Lloyd’s working on reputational risk solutions

Airmic members and Lloyd’s working on reputational risk solutions

Airmic members are working with Lloyd’s to try and develop products and services for reputational risk, aided by recent developments in data sciences and insurance market innovation. Matthew McEwan, director of risk management at Coca Cola, told CRE that a number of UK risk managers and Airmic members, including himself, are taking part in a Lloyd’s product innovation initiative. “The…

Ludlow says buyers must ‘co-create’ with market to break harsh conditions

Ludlow says buyers must ‘co-create’ with market to break harsh conditions

Ludlow says buyers must ‘co-create’ with market to break harsh conditions

Airmic members are being urged to share data and “co-create” with brokers and insurers to break out from the hard market. The “call to action” came during a panel debate on the topic of co-creation in risk financing at Airmic Fest. Having chided the insurance market earlier this week for its conduct during the pandemic and hardening market, Airmic chief…

Airmic calls for urgent work on wordings to remove ambiguity

Airmic calls for urgent work on wordings to remove ambiguity

Airmic calls for urgent work on wordings to remove ambiguity

The Airmic leadership has called for urgent work to be carried out by all parties in the commercial risk transfer chain to deliver greater certainty and consistency in policy wordings, as policyholders grapple with big questions over what is covered under key coverages such as business interruption (BI) and cyber. John Ludlow, CEO of Airmic, yesterday focused on the increasingly…

Risk managers fare well in pandemic but fell short on risk identification

Risk managers fare well in pandemic but fell short on risk identification

Risk managers fare well in pandemic but fell short on risk identification

Risk managers have generally fared well in the pandemic and boosted their reputation but many were found wanting when it came to identifying the risk in the first place, according to Airmic board members. Airmic’s new chair Tracey Skinner said that with hindsight, risk managers could have done a better job of identifying pandemics as a threat before Covid-19 hit.…

UK rate increases may accelerate into 2021: Marsh

UK rate increases may accelerate into 2021: Marsh

UK rate increases may accelerate into 2021: Marsh

The UK commercial insurance sector continues to get tougher for buyers and hardening could accelerate into 2021, warns Marsh in its latest market update. UK property pricing increased by 16% in the second quarter of 2020, while casualty rates increased by 5%, according to Marsh. This is the sixth consecutive quarter of pricing increases and represents acceleration on previous quarters.…

Pandemic fraud on the rise

Pandemic fraud on the rise

Pandemic fraud on the rise

Risk managers must take steps to protect their businesses from a rising tide of fraud during the pandemic, according to expert speakers at Airmic Fest. The current environment is ripe for fraudsters and likely to lead to an increase in cybercrime and fraudulent personal injury claims, as well as supply chain and employee-related fraud, panellists said on a fraud session…

Reputational risk management gaps leave corporates exposed

Reputational risk management gaps leave corporates exposed

Reputational risk management gaps leave corporates exposed

Risk professionals have identified six major challenges that are creating gaps in reputational risk management and leaving organisations exposed to unwanted headline news. A joint report by Airmic, RIMS and RepTrak Company, based on interviews with more than 40 risk professionals in Europe and the US, finds that organisations are leaving themselves exposed by failing to address and mitigate reputational…

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