Tokio Marine Kiln (TMK), the UK arm of Japanese insurer Tokio Marine Holdings, has placed its UK insurance business – Tokio Marine Kiln Insurance (TMKI) – into run-off. It also stated that its sister company, Tokio Marine HCC (TMHCC), will write UK-based Japanese business from 1 January 2020. The decision comes on the back of a string of poor results…
Proposals for a collection compensation system for Europe’s consumers could open the floodgates to other disputes, putting businesses more at risk from the measures than at first glance, warns Kevin LaCroix, attorney at management liability insurance intermediary RT ProExec. Writing in law journal D&O Diary, Mr LaCroix fears that the EU’s planned class-action style system for consumer redress could be…
Having too little saved for retirement is the top financially worry for workers globally as safety nets and financial protection fail to keep up with changes in how people work, finds a new study by Zurich and the University of Oxford. The survey of more than 17,000 individuals across 15 countries provides food for thought for risk and insurance managers…
EIOPA’s 2020 Solvency II review will look to improve proportionality for captives and could, for the first time, see some companies excluded entirely from certain aspects of the regime under the principle, Ana Teresa Moutinho, the regulator’s head of supervisory processes department, told a Ferma webinar. A consultation on the review that will check whether captives are being treated proportionally under…
Theft from trucks continues to account for the highest proportion of cargo thefts worldwide and the threat from insiders – employees, contractors and even business partners – continues to rise, according to analysis carried out by transport insurer TT Club and supply chain intelligence firm BSI. The Global Cargo Theft Intelligence Report for 2018 found that thefts from trucks accounted for 84%…
BGC Insurance Group, part of global brokerage BGC Partners, has launched a specialist global aviation and aerospace insurance and reinsurance brokerage to take on the big three market players. Marcel Chad has joined from JLT Aerospace, where he was a partner, to head up the new business. BGC Insurance said its client-focused approach and use of advanced technology to keep…
Environmental, social and governance (ESG) risks and reporting continue to rise up the corporate agenda, as a group of 88 global investors has accused more than 700 companies with $15.3trn market capitalisation of not adequately disclosing their environmental impact. The investors, with nearly $10trn of assets, said the global firms – including Exxon Mobil, Amazon, Volvo, BP, Chevron, Qantas Airways…
Risk managers need to pay urgent attention to rising sea levels, after scientific research suggested the risk could be much greater than previously thought, according to Zurich Insurance. Sea levels around the world have been rising with global warming. They have been increasing during the past century, and the rate has accelerated in recent decades. Sea levels rose almost twice…
Two further torpedo attacks on oil tankers in the Gulf of Oman that left one vessel ablaze and both adrift are likely to drive insurance rates up and persuade marine and energy insurers to tighten conditions, according to international law firm DWF. The likely total value of goods involved in the latest attacks is about $65m, according to risk management…