AMRAE president Brigitte Bouquot has urged risk managers to take up leading positions as organisations deal with the challenges brought about by the digital revolution and other new technologies.
Ferma will publish groundbreaking recommendations for Europe's risk managers on how to best manage cyber risk at an operational and strategic level in June this year.
AMRAE, France's risk management association, will intensify efforts to agree a common framework, and management approach, for cyber risk with insurance market players in 2017, to deliver more robust, comprehensive and easily understood cyber coverage.
Lloyd’s believes that Brexit will create opportunities to expand its business in France, according to Guy-Antoine de la Rochefoucauld, the market's representative in the country.
Airmic CEO John Hurrell is to leave his post after nine years at the helm of the UK risk and insurance managers' association.
Insurance buyers are increasingly concerned by poor claims experience, according to Thierry van Santen, chief executive of Allianz Global Corporate & Specialty (AGCS) in France.
From June, French firms must meet tougher and costlier compliance rules as the new Sapin II law kicks in and places similar levels of anti-corruption measures on French firms as those in the US and UK.
Deutsche Bank has been fined £503m by UK and US authorities for a “serious” failure to put adequate control systems in place to prevent money laundering. The total includes the biggest ever fine handed out by the UK’s Financial Conduct Authority (FCA), or its predecessor, for anti-money laundering (AML) practices.
The Chartered Institute of Management Accountants (CIMA) and Airmic have published a guide to help boards comply with the UK Corporate Governance Code (UK Code). The FTSE board members and senior executives interviewed for the guide make it clear that companies must take risk management seriously and ensure it moves beyond a compliance exercise.
The growing political protectionist trend that began in 2016 with the UK’s decision to leave the EU and US election of Donald Trump, ends “peak globalisation” and could stifle economic trade for multinational businesses this year and beyond, said Marsh on publishing its Political Risk Map 2017.
Rating agencies AM Best and Fitch have placed AIG’s financial strength ratings under review ahead of the company’s 2016 fourth quarter result statement, which is expected to reveal further adverse reserve development for long-tail liabilities and a charge for its recent reinsurance deal with Berkshire Hathaway.
French authorities believe they have a real opportunity to attract UK-based financial firms to Paris, as companies consider moving their headquarters to, or opening a subsidiary in, the EU post-Brexit.
Data breaches handled by Beazley’s specialist response team increased by 56% last year to almost 2,000 and ransomware attacks rose four-fold, according to Beazley Breach Insights. Beazley said ransomware attacks are expected to rise again and could double in 2017 given the “ease and effectiveness” of the attacks.
Mergers and acquisitions (M&A) and enhancements to risk management were the key drivers for financial strength upgrades for western European insurers and reinsurers in 2016, according to analysis of AM Best’s rating actions during the year.
Steve McGill has left his post as group president of Aon after 10 years at the broker to “pursue new opportunities”.
AIG will pay Berkshire Hathaway’s National Indemnity $9.8bn to reinsure its US commercial liabilities and protect its reserves from further adverse developments.