Skiers sue Austrian government for Covid-19 cases

Skiers sue Austrian government for Covid-19 cases

Skiers sue Austrian government for Covid-19 cases

The Austrian government is facing four civil lawsuits and a potential class action over an outbreak of Covid-19 at a popular ski resort in March, as the virus spread across Europe ahead of lockdowns. Austrian consumer rights group Verbrauchschutz Verein (VSV) has filed the test cases on behalf of visitors to the Ischgl ski village in the Tyrol region who…

Coronavirus hastens need for reputational risk management and insurance

Coronavirus hastens need for reputational risk management and insurance

Coronavirus hastens need for reputational risk management and insurance

Companies must focus on reputational risk management and require better insurance products to manage threats such as a pandemic and future crises, according to a panel debate at Airmic Fest. Integrating data on reputational risk into an organisation’s enterprise risk management (ERM) can result in better decision making by executives and help stimulate a wider discussion on reputational threats, according…

AMRAE reports extremely tough market for French buyers and warns of ‘bitter’ renewals

AMRAE reports extremely tough market for French buyers and warns of ‘bitter’ renewals

AMRAE reports extremely tough market for French buyers and warns of ‘bitter’ renewals

A new AMRAE report finds that the French insurance market is now hard pretty much across the board and warns of “rising tensions” as we enter what it predicts will be a “bitter” renewal season. A graphic included in the association’s annual State of the Market provides a worrying illustration of how gloomy the picture looks right now for French buyers. The graphic’s…

Van der Waart warns Narim members to ‘prepare for battle’ with insurers

Van der Waart warns Narim members to ‘prepare for battle’ with insurers

Van der Waart warns Narim members to ‘prepare for battle’ with insurers

Adri van der Waart, president of the Dutch risk and insurance management association Narim, has advised members to “prepare for battle” with the rapidly hardening insurance market. He also advised them to use this pandemic crisis to push forward and show they need to be the first point of contact, as organisations in the Netherlands and worldwide reassess their strategy…

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…

Willis Re survey predicts cost of cyber cover to rise in pandemic alongside demand

Willis Re survey predicts cost of cyber cover to rise in pandemic alongside demand

Willis Re survey predicts cost of cyber cover to rise in pandemic alongside demand

Cyber insurance rates are expected to harden in line with increased demand as buyers respond to new risks linked to Covid-19, according to a new survey by Willis Re. It found that 74% of 1,000 insurance buyers, risk managers, underwriters, claims staff, actuaries and brokers polled worldwide think the costs of cyber cover will rise. Some 75% said there will…

World’s top reinsurers record $1.1bn H1 2020 loss, says Aon

World’s top reinsurers record $1.1bn H1 2020 loss, says Aon

World’s top reinsurers record $1.1bn H1 2020 loss, says Aon

The world’s largest 23 reinsurers recorded a net loss of $1.1bn in the first half of 2020, according to Aon’s Reinsurance Aggregate (ARA) report, with Covid-19 losses of $8.2bn adding 9.7 percentage points to the group’s combined ratio of 104.1%. Aon adds that the reinsurers’ capital base remained strong and stable at $255bn, but Covid-19 hit financial results during the…

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…

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