Continuity, Insurance & Risk

PwC: EC clarity on equivalence good news for insurers

03 Feb 2012, 15:00:55

The European Commission has today set out which countries it has asked EIOPA to assess for transitional equivalence during 2012. This process will ultimately determine which countries are deemed to have a regulatory system which provides enough policyholder protection that companies will not have to comply with both Solvency II and local regulations. It is likely that these countries will have five years to embed any identified changes to their regulatory system from the point Solvency II becomes effective.

Xchanging hires director of change

01 Feb 2012, 17:51:22

Global business processor Xchanging has appointed John Niblett as insurance change director for Xchanging’s insurance business.

Evolution secures Allianz capacity

01 Feb 2012, 17:21:40

Commercial underwriting specialist Evolution Underwriting has announced the extension of its capacity arrangements with Allianz for a further five years. The deal covers property, casualty, excess of loss and motor lines and ensures continued support for Evolution until at least 2016.

London 2012: Countdown to business preparedness

01 Feb 2012, 15:55:44

With the start of events just less than six months away, businesses that have not already done so are being urged to prepare now to avoid any potential disruption caused by the UK-hosted Olympic Games.

KPMG: 2011 record year for fraud at £35bn

31 Jan 2012, 19:02:29

The total amount of fraud in 2011 topped £3.5 billion – a record year – according to KPMG’s Fraud Barometer, as Britons across the country continue to struggle with tough economic conditions.

Vocal launches managed services

31 Jan 2012, 18:47:57

Vocal is to launch managed services for its iModus product.

Constant regulatory change hampering City’s performance

31 Jan 2012, 17:57:54

Businesses in the City are concerned about the impact of regulatory uncertainty on their business operations, according to a new report by international law firm Eversheds.

Eurozone crisis continues to drive credit outlook

26 Jan 2012, 14:50:21

Fitch Ratings says in its latest bi-annual global credit outlook report that the intensification of the eurozone crisis in H211 triggered an overall rise in the proportion of negative rating outlooks assigned by the agency.

EU data protection proposals published

26 Jan 2012, 14:30:15

The European Commission published its proposed reforms to the EU 1995 data protection rules today. Under the changes, organisations would be operating under a tougher regime where they would face increased accountability and heavier fines.

Fraud levels surge

26 Jan 2012, 12:29:50

Analysis of fraud trends during 2011 reveals a 9% increase in the overall level of fraud when compared with the previous year.

Product recalls reach record high

23 Jan 2012, 15:39:19

UK product recalls have jumped by 27% from 229 in 2010 to a record 291 in 2011, the second year in a row to see record breaking increases, according to law firm Reynolds Porter Chamberlain.

Cyber Security Challenge names Hine as CEO

20 Jan 2012, 10:49:50

Cyber Security Challenge UK has appointed its first CEO less than two years after its launch. Duncan Hine was previously head of security, resilience and information assurance for NATS.

Cavanagh appointed Willis Re CEO

19 Jan 2012, 18:31:52

John Cavanagh has been appointed as CEO of Willis Re.Cavanagh succeeds Steve Hearn, who was appointed chairman and CEO, Willis Global in December.

Political risks on the rise

18 Jan 2012, 18:19:21

Following a year of heightened global political unrest, a new report has identified some of the most significant political risks and investment picks for business and investors.

Salamanca appointed CEO of XL's Mexico operations

18 Jan 2012, 18:07:33

XL has announced the appointment of Alvaro Salamanca as CEO of its operation in Mexico, effective immediately. He will report to Bruno Laval, XL’s insurance segment’s regional manager for Iberia & Latin America.

Travelers launches new PI cover

18 Jan 2012, 18:03:24

Travelers has announced the launch of a new professional indemnity product offering aimed at the publishing and general media sectors.

BIBA manifesto focuses on regulation and growth

12 Jan 2012, 14:33:17

BIBA has launched its 2012 Manifesto outlining its priority lobbying issues for the year ahead. Its main focus will be on achieving appropriate, proportionate and cost effective regulation and working with government, businesses, regulators and consumers to help ensure a sustainable recovery and support growth.

KPMG sees 43% increase in risk consulting revenues

10 Jan 2012, 12:33:57

KPMG’s UK Risk Consulting practice has posted an increase in revenues from £158m to £226m for the financial year ending 30 September 2011. KPMG announced its ELLP network annual results today, Monday.

Etna prompts ash cloud concern

10 Jan 2012, 12:23:39

Europe’s highest volcano, Mount Etna, in Sicily, began erupting over the weekend, sending lava and ash up to five kilometres high.

Caution remains in UK FS sector, says CBI/PwC report

09 Jan 2012, 18:20:14

The volume of business in UK financial services grew for the seventh quarter running and at the fastest pace since June 2007, in the three months to December, according to the latest CBI/PwC Financial Services Survey published today, Monday. The level of business was also seen as being normal, after being regarded as below normal since September 2007

Winter storms: disruption and insurance impacts

09 Jan 2012, 18:04:43

Windstorm Andrea brought strong winds to the UK late Wednesday and early Thursday causing transportation disruption, power outages and tree fall across central and southern UK.

Chubb launches cyber security insurance

09 Jan 2012, 17:49:01

Chubb has launched a new cyber security insurance product for companies in the UK, Ireland and Europe that own or control confidential, personal, sensitive financial information or private health data or that transact business via the internet.

BIBA launches sanctions checking facility

04 Jan 2012, 16:34:27

BIBA has launched a sanctions checking facility to help members comply with their obligations under the Terrorism Act and the FSA financial crime requirements.

Amlin closes £150m cat bond

04 Jan 2012, 12:59:42

Amlin has acquired coverage for US hurricane, US earthquake and European windstorm perils of up to US$150m from Bermudian insurer Tramline Re, which in turn is placing a catastrophe bond for this amount into the capital markets.

Knight: 'Toxic mix' of confidence and competition crisis in banking

03 Jan 2012, 17:53:07

Ushering in the new year on a well-earned downer, British Bankers’ Association (BBA) chief Angela Knight's message examined the unsettling developments of the past 12 months, and looked ahead at yet more uncertainty – particularly in the eurozone.

Willis Re: Nat cats dominate 01/12 renewals

03 Jan 2012, 15:40:06

With the majority of this year’s catastrophe losses arising from unmodelled or inadequately modeled perils or territories, reinsurers are being more forceful in their demand for greater transparency of data, or looking to sub limit their exposures to manageable levels.