Leading insurers set industry benchmark for climate change
by Gill Montia
Story link: Leading insurers set industry benchmark for climate change
A leading group of insurers would appear to have integrated climate change into “business as usual”, according to the latest review of ClimateWise members from PricewaterhouseCoopers (PwC). Over the past five years, the 27 world-leading insurance companies that make up the ClimateWise membership have made significant advances in research and data used for modelling risk. [...]
Zurich discovers what keeps Europeans awake at night
by Gill Montia
Story link: Zurich discovers what keeps Europeans awake at night
New research from Zurich finds that pressure at work/school, the financial crisis and concerns about family are most likely to be keeping Europeans awake at night. In the UK (45%) financial problems rank first for sleepless nights; in Portugal (50%) and Spain (64%) it’s the financial and euro crisis; for the Swiss (42%), Germans (40%), [...]
Guy Carpenter launches ProfitPoint+
by Gill Montia
Story link: Guy Carpenter launches ProfitPoint+
Guy Carpenter has launched ProfitPoint+, an integrated portfolio management solution designed to help insurance companies improve profitability, enhance underwriting performance and drive growth. The solution claims to deliver powerful portfolio planning and point-of-sale capabilities so insurers can set, calibrate and monitor risk management strategy, while enabling line underwriters and agents to make more informed decisions [...]
“Cold Spot” catastrophe losses reveal emerging market risks
by Gill Montia
Story link: “Cold Spot” catastrophe losses reveal emerging market risks
Guy Carpenter has published a new report examining catastrophe risks in developing economies and how they are likely to affect the (re)insurance sector, as companies target growth in new markets. According to the study, “the recent and remarkable clustering” of global natural catastrophes highlight increasing risks in non-peak zones at a time when insurance demand [...]
Risks mount for board directors
by Gill Montia
Story link: Risks mount for board directors
Increased regulatory, shareholder and media scrutiny combined with volatility in the global economy means that serving on the board of a company has never been so risky. So says Willis in its latest boardroom guide to executive risk, while explaining that directors of large firms are facing a backdrop of “almost unparalleled financial instability, corporate [...]
DC pension savers shy away from investment decisions
by Gill Montia
Story link: DC pension savers shy away from investment decisions
According to research from Standard Life, nine out of 10 Defined Contribution (DC) pension investors can’t name or don’t know all the funds in which their pension contributions are invested. However, almost half of those questioned said they felt their investments reflected their attitude to risk. The research also indicates that three quarters of DC [...]
Financial Reporting Council update on country and currency risk
by Gill Montia
Story link: Financial Reporting Council update on country and currency risk
The Financial Reporting Council (FRC) has published an update for directors of listed companies in the UK aimed at helping them respond to increased country and currency risk as they prepare forthcoming annual and half-yearly reports. The watchdog says it is responding to the economic uncertainties facing a number of countries around the world. The [...]
Trade credit insurance alert Europe and US
by Gill Montia
Story link: Trade credit insurance alert Europe and US
Coface has noted a deterioration in the average strength of companies in Europe and the US and has placed on “negative watch”, or removed “positive watch” from, eight developed countries. According to the trade credit insurer, the crisis in confidence responsible for recent volatility in the financial markets has begun its spread to the real [...]
Guy Carpenter reports on terrorism risk transfer
by Gill Montia
Story link: Guy Carpenter reports on terrorism risk transfer
A new report on global terrorism from Guy Carpenter finds that while recorded incidents of terror around the world remain at historically high levels, the reinsurance industry continues to meet current demands for terrorism risk transfer. The number of terrorist attacks peaked at over 14,400 in 2006, with only a slight dip in frequency over [...]
Proposed age-discrimination legislation unveiled
by Gill Montia
Story link: Proposed age-discrimination legislation unveiled
The Government has published plans for making it unlawful to unfairly discriminate against someone because of their age, when providing goods and services. Under the proposals, insurance companies will still be allowed to use age when assessing risk and deciding prices. However, legislation expected to take effect in April 2012 will mean firms have to [...]
PRA to adopt “less intensive” supervisory approach for insurers
by Gill Montia
Story link: PRA to adopt “less intensive” supervisory approach for insurers
In its consultation document on the new regulatory regime published yesterday, the Government has confirmed that the general principle underpinning its model of dual regulation will apply to the insurance industry. That is to say, the conduct of business and consumer protection issues are the preserve of the Financial Conduct Authority (FCA), while the Prudential [...]
Operational mining rates continue decline
by Gill Montia
Story link: Operational mining rates continue decline
Insurance rates for good-quality risks in the operational mining market continued to decline in 2010, according to the latest Mining Market Review from Willis. Rates were down for the second year in a row, due to a surge in demand for mining commodities that attracted $1.8 billion of insurance capacity to the sector. Launching the [...]
FRC: annual reports more than marketing documents
by Gill Montia
Story link: FRC: annual reports more than marketing documents
The Financial Reporting Council (FRC) wants company reports to include clear explanations of how directors identify and manage risk, and of “what keeps them awake at night”. In a set of recommendations aimed at improving the “dialogue” between company boards and their shareholders, the body proposes that annual reports and accounts should be “balanced and [...]
Towers Watson acquires EMB
by Gill Montia
Story link: Towers Watson acquires EMB
Professional services company, Towers Watson, has agreed to acquire the worldwide operations of EMB, the actuarial consultancy and software provider. The transaction is expected to complete over the next 60 to 90 days, subject to customary closing conditions, including regulatory approvals. EMB, which was founded in the UK in 1993, is best known as an [...]
JLT reports steady trading
by Gill Montia
Story link: JLT reports steady trading
In an interim management statement, Jardine Lloyd Thompson (JLT) has reported that the group’s recent overall trading performance is in line expectations. During the period 1st July to 8th November 2010, organic growth has been “encouraging” and the insurer and broker remains on track to make financial progress for the year as a whole. Risk [...]
BCI highlights supply chain risks
by Gill Montia
Story link: BCI highlights supply chain risks
The Business Continuity Institute (BCI) has been updating its research on supply chain issues and their impact on businesses, to find that while awareness of supply chain risks is increasing, many businesses remain exposed to high levels of risk. The study also concludes that outsourcing, in particular in IT and manufacturing, often ultimately reduces cost-benefits [...]
Civil Engineers warn on flood defence spending cuts
by Gill Montia
Story link: Civil Engineers warn on flood defence spending cuts
The impact of reduced public funding for flood defences will demand a more innovative approach to managing flood risk, the Institution of Civil Engineers (ICE) has warned. Only £2 billion has been allocated by the Coalition Government for flood defence investment over the four years from 2011 to 2015, compared with £2.15 billion by the [...]
New technologies change power sector risk profile
by Gill Montia
Story link: New technologies change power sector risk profile
Marsh has reported that new technologies and environmental responsibility emerged as the issues of greatest concern to risk managers attending a power sector conference held recently in Istanbul. The Marsh Power Forum examined how the power sector in Europe, the Middle East and Africa (EMEA) can manage and mitigate risks associated with growing energy demands [...]
CII invites students to “Discover Risk”
by Gill Montia
Story link: CII invites students to “Discover Risk”
The Chartered Insurance Institute (CII) has launched an outreach programme for schools. Discover Risk is aimed at year 12 students and uses a board game, based on the CII’s Discover Risk website, to encourage young people to consider career options within the insurance sector. The game, which lasts around 90 minutes, aims to get students [...]
Willis launches Life Sciences Practice
by Gill Montia
Story link: Willis launches Life Sciences Practice
Willis Group is establishing a new business unit within Willis Global Markets International (GMI), which will insure companies involved in Life Sciences. The broker has appointed Tom Teixeira as practice leader, effective immediately. Based in London, Mr Teixeira will focus on major accounts outside the US, reporting to GMI managing director, Toby Wemyss. According to [...]
