Saturday, 24 June 2017

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Bouquot encourages risk managers to earn respect

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 to publish cyber recommendations in June

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 urges ownership of cyber risk

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 sees Brexit as opportunity in France

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.

Hurrell to step down as Airmic CEO

Airmic CEO John Hurrell is to leave his post after nine years at the helm of the UK risk and insurance managers' association.

Claims service prompting buyers to switch carriers: Van Santen

Insurance buyers are increasingly concerned by poor claims experience, according to Thierry van Santen, chief executive of Allianz Global Corporate & Specialty (AGCS) in France.

French companies face tougher corruption rules under Sapin II

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 receives record fine for money laundering

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.

Boards extol virtue of risk management in joint CIMA/Airmic guide

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.

Political risk to escalate in 2017 as ‘peak globalisation’ ends: Marsh

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.

AIG ratings under review ahead of reserve announcement

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.

Paris brands itself as post-Brexit HQ

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.

Ransomware attacks forecast to double in 2017: Beazley

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.

M&A drives rating upgrades for western European insurers in 2016: AM Best

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.

Aon group president Steve McGill steps down

Steve McGill has left his post as group president of Aon after 10 years at the broker to “pursue new opportunities”.

AIG pays $9.8bn in Berkshire deal as reserve additions to mount

AIG will pay Berkshire Hathaway’s National Indemnity $9.8bn to reinsure its US commercial liabilities and protect its reserves from further adverse developments.