Risk Management
Willis warns others as it settles JLT fine arts and specie team defection for £22m
International broker Willis Towers Watson today reaffirmed it is “committed to protecting its business” and “will always seek legal redress where appropriate”.
Oil price shocks could drive insurers out of energy sector
Cost-cutting in the energy market as oil prices fall could see insurers consider exiting the sector, according to Willis Towers Watson’s annual energy market review.
Flood Re gets PRA and FCA authorisation
Regulators have confirmed Flood Re will be authorised from tomorrow ahead of the scheme’s 4 April start date.
FM Global blames dollar strength for premium decline as combined ratio rises
FM Global said its financial results for 2015 were ‘outstanding’ despite a drop in its gross in-force premium and an increase in its combined ratio.
Saga partners with New Re to 'reduce exposure' underwriting risk
Saga has signed a quota share agreement to cover 75% of the motor policies risks of its in-house underwriter AICL from 1 February.
Expertise from A-Z: Casualty - Into the unknown
The casualty landscape is ever-changing. Insurers and brokers must be aware of all developments when giving advice
Trade Voice: Airmic's John Hurrell - The value of insurance
It is more important than ever for the market and its customers to work together to demonstrate the value of commercial insurance
Kane to sell ILS administration and captive management business Artex
Global insurance management firm Kane will sell its captive management and insurance linked securities administration business, Artex Risk Solutions.
SMEs split on Brexit according to Zurich risk poll
Just under 40% of SMEs would back Brexit according to Zurich’s latest SME Risk Index.
Broker teams up with Australian Rugby Union for club risk management app
Sydney-based insurance broker Gow Gates has created a rugby club risk management app with the Australian Rugby Union.
Ex-Marsh executive Julie Page returns to Aon
Julie Page will take up the UK national managing director role at Aon Risk Solutions, following her departure as CEO of consumer and commercial at Marsh last year.
Two 'manageable' issues holding up Flood Re PRA authorisation three weeks from launch, CEO McCafferty admits
Flood Re still has two obstacles to overcome before it is granted authorisation by the Prudential Regulation Authority - despite only being three weeks away from its proposed launch date (4 April).
Cyber criminals increasingly moving from privacy breaches to extortion
Increasingly sophisticated malware and ransomware attacks are rising to the top of the cyber threat list, with industry cyber experts predicting a surge in ransomware incidents in 2016.
CFC hires Matt Taylor to head emerging risks business
CFC has hired Matt Taylor as its head of emerging risks, as the underwriting agency continues the growth of the business.
Vicarious liability broadening unlikely to impact policy wordings
Insurers are unlikely to tighten policy wordings in light of a Supreme Court ruling relating to the vicarious liability doctrine, as lawyers warn the industry to expect further widening of the principle in the future.
Risk management must improve as some slavery reporting falls short
Companies must step up their risk management activities as reporting requirements around the new Modern Slavery Act come into force this year, with lobby groups claiming some of those already reporting are falling short.
Concerns raised on effectiveness of FCA’s general insurance scorecards
Issues with the Financial Conduct Authority’s pilot of general insurance scorecards have been highlighted by industry players who remain unconvinced a focus on claims data and a ‘one size fits all’ approach is what is required.
Eight countries see reduction in political risk, Aon finds
For the first time in three years, more countries have experienced a reduction in political risk than an increase, Aon's 2016 political risk map shows.
Cash-for-Crash Fraud: Beating the fraudsters
The Welsh Police have done a sterling job breaking a large car insurance fraud ring in South Wales – but there are fears such scams will go undetected unless the British insurance industry improves its detection powers
Editor's Comment: The gloves are off
Mayor of London Boris Johnson’s relationship with London’s corporate sector has featured both highs and lows during his tenure so far.
Litigation likely to test limitation clauses in data breach cases
Litigation will test the effectiveness of companies seeking to absolve themselves of data protection and data security responsibilities via clauses in contracts as companies increasingly believe it's "worth a go", according to cyber insurance experts.
FCA to draw up strategy on older consumers
The Financial Conduct Authority has released a paper to spark debate on how to better address the needs of the UK’s ageing population.
Former Towergate CRO joins Aon
Former Towergate group chief risk officer Keith Jackson has joined Aon UK as CRO.
Europe: Talking Turkey on cyber risks
Following recent cyber attacks - purportedly carried out by hacktivist group Anonymous, there is growing understanding of the value of covering cyber liabilities.