News
Gravity of cyber risk stressed as climate change tops risk list
Failure to act on climate change was named the top global risk by the World Economic Forum today (14 January), as a Marsh leader claimed cyber risk is widely underestimated outside the US.
BLM partner Hughes to chair Foil in Scotland
BLM partner Frank Hughes has been appointed chairman of the Forum of Insurance Lawyers in Scotland replacing fellow BLM partner Tony Murray.
Allianz backs Thatcham stance on fitting AEB as standard
Allianz has backed calls by the motor insures’ research facility Thatcham for automated emergency braking technology to be fitted as standard to all new cars sold in the UK.
Motor premiums see largest hike in five years
Motorists were hit with the highest quarterly rate rise in five years for comprehensive car insurance in Q4 which saw prices rise by 7% to an average of £672, according to the latest Confused car insurance price index.
Bomb blasts rock central Jakarta
At least seven people have died after multiple bomb blasts in central Jakarta.
Pressure building on Hong Kong's CORs, says Swiss Re
Clarence Wong, chief economist Asia at Swiss Re, believes the soft market conditions in Hong Kong are "unsustainable".
Clinton criticises Bermuda "reinsurance loophole"
Democratic presidential hopeful Hillary Clinton has criticised tax law loopholes which allow wealth managers to set-up reinsurance companies in Bermuda to reduce tax bills.
End of marine market cycles, suggests Munich Re's Berg
Dieter Berg, executive general manager at Munich Re, believes the traditional marine market cycle might be over as premiums decline in a prolonged soft market.
NIG puts 71 roles at risk in offshoring move
Commercial insurer NIG is shrinking staff numbers at its Bristol and Manchester underwriting centres as part of an offshoring move, Post can reveal.
Beale challenges Carney on SII investment weightings
Lloyd's CEO Inga Beale has hinted the Bank of England should consider different capital weightings under the Solvency II regime depending on what a company's investment policy is.
Flood Re completes exec team with hires from Pro Sight and Pen
Flood Re has completed its executive team with the appointment Harriet Boughton as its general counsel and Karen Clautour as head of operations.
Hyperion to focus on organic growth in 2016, says Howden
The main focus for Hyperion Insurance Group this year will be primarily on organic growth following a flurry of deal-making in 2015, according to CEO David Howden.
Night-time curfews for young drivers to be introduced in Northern Ireland
A comprehensive package of new measures to improve road safety has been passed by the Northern Ireland Assembly that includes night restrictions on young drivers carrying passengers.
Home insurance fraudster handed suspended sentence
A 37-year-old man who made a fraudulent claim for £34,000 worth of items on his LV home insurance policy has been given a suspended jail sentence following an Insurance Fraud Enforcement Department investigation.
Hyperion eschews 2015 dividend as RKH deal fuels £81.4m accounting loss
Hyperion will report an International Financial Reporting Standards accounting loss of £81.4m for 2015 as a result of expenses such as that associated with the acquisition of RKH.
BI remains top global risk while cyber is UK's biggest threat
Business interruption is the top global risk for the fourth year running, according to the Allianz Risk Barometer 2016, with cyber attacks, geo-political instability and technology failure identified as new possible drivers of BI losses.
Gallagher completes NED line-up with Coldman capture
Arthur J Gallagher has appointed John Coldman as a non-executive director, subject to regulatory approval.
AIG strategy failing to win support among majority of investors
Only a small minority of shareholders back AIG’s present strategy amid pressure from activists such as Carl Icahn for a change to the insurer’s approach, according to a poll by investment management firm Bernstein.
Insurers encouraged to improve claims experience as poll highlights delays
More than two in five (41%) motor and home insurance customers have suffered delays and problems when making claims, according to research by Consumer Intelligence.
Businesses are paying later in China but economy is resilient, says Euler Hermes
Credit insurer Euler Hermes believes domestic consumption in China will support the economy but volatility is delaying business payments.
Ironshore's Pembroke to open in Shanghai
Ironshore is to open an office in Shanghai for its Pembroke Managing Agency to join Lloyd's China platform this month.
Business interruption from cyber attacks a growing concern, says AGCS
Business interruption is the top risk globally for the fourth year in succession according to Allianz's Risk Barometer 2016 - an annual survey of risk managers.
Swiss Re appoints new UK & Ireland CEO
Swiss Re has appointed Frank O'Neill as CEO of its UK and Ireland operations, effective immediately.
Aviva faces Tulloch successor conundrum
With Aviva's well-regarded UK general insurance CEO Maurice Tulloch stepping down to focus on a global role within the insurer, speculation is mounting as to which direction the company will take in naming a successor.